AGENCY TESTIMONY
NYCHA co-monitors Neil Barofsky and Matthew Cipolla introduce themselves and their approach to the monitorship
0:02:48
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105 sec
Neil Barofsky, one of the NYCHA co-monitors, introduces himself and his colleague Matthew Cipolla to the City Council committee. He provides background on their experience with monitorships and outlines their approach to overseeing NYCHA.
- Barofsky and Cipolla were appointed as NYCHA co-monitors in February of the current year
- They have experience monitoring various institutions, including Credit Suisse, United Auto Workers Union, and Glencore
- The co-monitors issued their first report on the NYCHA monitorship in August, providing an overview of NYCHA's performance and their approach to the monitorship
Neil Barofsky
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Thank you, Chairman Banks, and it is a privilege to appear before you and the committee today, and we look forward to working with you and your staff over over the next 5 years during the term of our our monitorship.
0:03:02
My name is Neil Borowski, and with me is of my co monitor, Matt Sapola.
0:03:06
And we were appointed, as you noted, back in February of this year, the end of February to serve this term.
0:03:13
Just wanted to start by giving you a little bit of background on us.
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Matt and I are partners at Generin Block Law Firm, where we are cochairs of the firm's monitorship practice group.
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We have a lot of experience doing monitorships.
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We've been appointed to be monitor from by the United States Department of Justice, by US attorney's offices, and include and also the New York State Department of Financial Services.
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We've monitored a variety of different types of institutions, including Credit Suisse, the Financial Services Giant, the United Auto Workers Union, and the mining and training company Glencore.
0:03:49
For me, oversight began back in 2008 when I was appointed and confirmed as the 1st special inspector general for the troubled asset relief program, the tarp, the $700,000,000,000 bank out bank bailout, that occurred to the financial industry during the financial crisis.
0:04:06
In August of this year, we issued our first report for the Nitro Monitorship.
0:04:10
This report gives an overall overview of Nitro's performance and also reflects our overall approach to the monitorship and the core values that we intend to prioritize over the next 5 years.
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We'd like to briefly use the rest of our our testimony to summarize those values and what we think our priorities will be going forward.
0:04:30
And for that, I'd like to turn it over to my my colleague, Matsoprola.
