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Barofsky tapped to oversee Credit Suisse

  • As part of its $2.6B deal with the U.S., Credit Suisse (CS +0.3%) agreed to two years of oversight by the New York Department of Financial Services, and that agency has picked former TARP inspector general Neil Barofsky for the job.
  • A frequent critic of prosecutors for being too lenient on Wall Street post-crisis, Barofsky - now a partner at law firm Jenner & Block - has said Credit Suisse's criminal plea and fine. if just perceived as another cost of doing business, will have a minimal deterrent effect.
  • In his new job, Barofsky will report on whether Credit Suisse has implemented the necessary internal controls to prevent misconduct from happening again.
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