Bush picks federal prosecutor to oversee bailout - WKOW 27: Madison, WI Breaking News, Weather and Sports

Bush picks federal prosecutor to oversee bailout

WASHINGTON (AP) -- President George W. Bush has nominated a federal prosecutor in New York to be special inspector general to oversee the government's $700 billion financial rescue plan.

  If confirmed by Senate, Neil Barofsky, an asssistant U.S. attorney in the Southern District of New York, will be the point person at the Treasury Department to oversee the government's effort to solve the financial crisis.

  The establishment of a special inspect general dedicated to the program was one of the provisions added to the bailout legislation to secure its passage.

  Other provisions intended to boost oversight of the massive program included a special oversight board and regular government audits.

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