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Neil Barofsky is called the TARP cop because he is the regulator responsible for investigating the "money trail" of the TARP money: where it went, which banks got some, and what they did with it. All but about $134 billion of the original $700 billion of TARP money has been spent. The TARP money was given to banks to help them shore up their balance sheets.
It seems that one condition for receiving TARP money was proof that the banks receiving it were sound. Barofsky believes that some banks "cooked the books" to get TARP money. He is quoted as saying: "I hope we don't find a single bank that has cooked their books to try and get the money but I don't think that's going to be the case." Barofsky declined to discuss specific charges but did say that they could include securities fraud, wire fraud and false statements.
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