Neil Barofsky, a frequent critic of Wall Street and government bailouts, has been tapped to monitor Credit Suisse after the bank admitted to helping Americans evade taxes, a person familiar with the matter said.
Bloomberg News reports that Barofsky, the former inspector general of the Troubled Asset Relief Program who is now a partner at law firm Jenner & Block, was chosen for the job last week by the New York Department of Financial Services, said the person, who asked not to be named because the selection hasn’t been publicly announced.
Credit Suisse agreed to two years of oversight by New York’s financial regulator as part of its $2.6bn resolution with the U.S. Barofsky previously worked as a federal prosecutor in Manhattan with Benjamin Lawsky, head of the New York regulator. Lawsky is recused from the selection process.
Anthony Barkow, a partner of Barofsky’s at Jenner & Block, will also be part of the oversight team, the person said.
To access the complete Bloomberg News article hit the link below: