Neel Kashkari, Former Goldman Sachs Executive, To Head $700 Billion Bailout

WASHINGTON — The administration has selected a former Goldman Sachs executive to be the interim head of its $700 billion rescue effort for financial institutions.

Neel Kashkari, the Treasury's assistant secretary for international affairs, was selected Monday to be the interim head of Treasury's new Office of Financial Stability.

The designation was made by Treasury Secretary Henry Paulson, who was the head of Goldman Sachs before he joined the Bush administration in 2006. Kashkari, 35, will head the office created by the emergency legislation enacted Friday to fund the largest government bailout in history.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP) _ An official says the administration has decided to pick a key Treasury Department official to be the interim head of its $700 billion rescue effort for financial institutions.

The official said Monday that Neel Kashkari, Treasury's assistant secretary for international affairs, will soon be announced as the interim head of Treasury's new Office of Financial Stability. The official asked not to be identified by name because the selection has not been announced publicly.

The 35-year-old Kashkari is a former Goldman Sachs Inc. banker, the investment giant once headed by Treasury Secretary Henry Paulson. The new office was created by the emergency legislation enacted Friday to fund the largest government bailout in history.

Comments

[AcitizenNJ]

i have only one question. Where's the oversight ?

Neel Kashkari has been picked because of his close ties to Henry Paulson period. Regardless of his capabilities this obviously looks like the good ole boys team is being put together that puts the appearance that the same corporate minds that failed to react to the financial crisis is in charge of the massive investment to save the taxpayers. This to me adds more weight to the already lack of confidence the taxpayer has towards the government that has pledged to resolve this mess. I would feel better if there was a team being put together filled with some real economists that are out in front of this instead of just some business guy that happens to be a corporate friend.

[cherrycreekdoc]

This smacks of insanity.

[Kindheart]

I do not believe that Paulson should have had any choice in naming the person to lead this. The connection is way too close. But then again, why would I be surprised!!

[iamjoneskeepupwithme]

the house is going up in flames and they put one of the arsonists in charge of putting out the fire. brill.

[irishgawdess]

"Let's just keep it all in the family..."

[jdw1981]

Look into my eyes, look into my eyes, the eyes, the eyes, not around the eyes, don't look around the eyes, look into my eyes! [Snaps fingers] You're under!

[KillBillV2]

Lmao!

[Harrier]

There needs to be someone to sit over gathering evidence and prosecuting and identifying all the people involved and throwing them in prison. I would hate to have criminal running and in charge of all that money. I smell a skunk

[jdw1981]

There's been almost no mention in the media that many of these failed institutions are under investigation by the FBI. Wachovia, for example, is being investigated for money-laundering in connection with the Mexican and Columbian drug cartels.

http://www.marketwatch.com/news/story/wachovia-faces-money-laundering-probe-report/story.aspx?guid=%7BE1E1437A-47A1-4CF2-95B6-D54C3416C89E%7D&dist=msr_4

There's a lot more to this "Bailout" than meets the eye.

[WIpatriot]

Always is....

[LibRS]

Anyone mad about the mortgage mess? If so, watch this.

http://www.youtube.com/watch?v=Yj3YezuNuQo

[WIpatriot]

Livin' large on Wiki, I see....who needs to pay attention or go to school?

[dadw5boys]

JUST LIKE ANY PROGAM YOU CAN USE IT OR ABUSE IT.

The Community Reinevestment Program never said make bad loans or make STUPID LOANS!!!!!!

It requested that investments be made to keep communities from falling into squalor and decline where crime and disease rule.

It is cheaper to prevent a problem than to deal with it or try to cure it.

What don;t you see here?

COUNTRY WIDE AND OTHERS EXPLOITIED THIS PROGAM TO GET AWAY WITH COLLUSION, FRUAD AND BREAK THE RICO ACT !!!!!!!!!!

[LRM216]

Why the heck is everyone from Goldman Sachs - this is really beginning to smell even worse.

[Myrell002]

WHY?!!

[gretcheno]

Wow I wonder how much they will try to swin.dle opps I mean steal before he is booted when BO becomes Pres. and put in his own person?

[rkimball]

the fox watching the hen house.

kashkari can finish where he left off,stealing the rest of what's left.

[ugmold]

Kneel down, cash and carry only.

[JimMan35]

Meet Paulson's Puppet!

[TrooAmerican]

The Picture of that guy Epitomizes the look of a nutcase thats just seen the City of Gold in his hands for the taking.