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Monday
Feb142011

Bailout Watchdog Neil Barofsky Resigns as TARP Inspector General

Photo Courtesy - Getty Images(WASHINGTON) -- Neil Barofsky, the top watchdog for the government’s controversial $700 billion bailout program, announced Monday he plans to resign next month.

In a letter to President Obama, Barofsky said he will step down on March 30 as the Special Inspector General for the Troubled Asset Relief Program, known as SIGTARP. Barofsky touted his office’s oversight work over the past several years, but said now it was time to move on.

“I am very pleased to report that SIGTARP has had a truly remarkable positive impact for an office of such a small size and recent creation,” he said. “With my initial goals met and with these particular accomplishments in mind, and after more than 10 years in continuous Government service, I believe that it is the right time for me to step down and pursue other opportunities.”

Barofsky claimed the bailout “stands in a far better and more transparent place today than anyone could have reasonably hoped in December 2008.” The program is now set to cost taxpayers far less than previously projected, in part, Barofsky said, because the Treasury Department had adopted SIGTARP’s recommendations about the program’s design against fraud vulnerabilities.

A source told ABC News that Barofsky simply decided that it was a good time to move on amidst a desire to return to leading a normal life.

For now the bailout oversight work will fall to Barofsky’s deputy, Christy Romero.

Copyright 2011 ABC News Radio







ABC News Radio