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

[w&cheneysuck]

Isn't this like "putting the fox in charge of the henhouse?"

[StephenBarry]

Too much censorship here. When I post something intelligent it does not get through, even though it is considered and polite. What gives ?

[Revolt916]

Sorry to inform everyone but you have all been sold down the river and the sad part is that you like to watch when the wave will wash over the Grand Ole USA. Who said it best. You been had, hoodwink, bamboozed, and you've been taken before your very eyes. In other words, they didn't even have to go in the backdoor of the Treasury. This has to be the greatest heist of all mankind.

[StephenBarry]

Got it !!!!!!!

He looks just like Emperor Ming from the original Buck Rogers television series !!!!!!

Hysterical !!!!!!!!

[StephenBarry]

Well, it seems the Treasury is now a division of Goldman Sachs.

This guy looks like he is on Prozac or something. Scary eyes. Perhaps he and his pals are agog at the hegemonic economic control now in their private hands. Nice job if you can get it. Well done Dubya and Dick. Maestro performance. Everyone just sees the crisis and not the planning behind it. A farewell gift for "the boyz".

[nivek]

Kashkari, really?

[nogimmicks]

The guy looks scary. However, it does not matter. I guess no one can change this corrupt system. The Fed (a private organization that is allowed to print money and put them in their own pockets), must be audited and eventually abolished, with the 1913 act repealed.

[BigMac72]

I am in total agreement nogimmicks, the Federal Reserve needs to disappear ! These are the same guys who create these problems and we are all looking at 21st century slavery !

[veggiequeenmo]

he looks like a wacko! we're in trouble!

[rkimball]

what little is left of our 401k retirements is hosed. this guy will finish bleeding us.

[watchTVgetSTUPID]

Goldman Sachs destroyed Lehman. They were rolling over short term loans to Lehman but then without warning they refused to roll over the loans. Then they went out of their way to destroy Lehman by telling all their Hedge fund investors that Lehman was in financial trouble and that they refused to roll over Lehman loans. In a few days the hedge funds started the avalanch of withdrawn money from Lehman that forced them into bankruptcy. Goldman Sachs moles within the Government did not allow any aid to Lehman and now the Lehman carcass is being dismembered to the benefit of Goldman Sachs associates.

This is the same coven of criminals that concocted the witches brew they fed to our financial infrastructure and are now controling our $700 billion bank vault.

[StephenBarry]

Well said mt friend. This was engineered. All of it. The crisis is a smokescreen for the takeover of essentially all the financial assets in the USA.

[watchTVgetSTUPID]

Golman sachs mole promoes another Goldman Sachs mole to pass the money to Goldman Sachs and friends.

This is keeping it in the family.

[gretcheno]

I hope not!! but I have a feeling that is going to happen.

[hipolitical]

A royal WTF. Look at Iceland's situation and see if you see any similarities to what is happening here.

They nationalized commercial banks and couldn't mitigate a bad credit rating. Once these Goldman Sachs vultures are finished, we will be calling Iceland for a hand up.

13 bank failures so far in 2008:
http://www.bankspiral.com

[alguien]

and gee, ain't it a coincidence that hank paulson was COO of goldman-sachs prior to being secretary of the treasury, hmmm?

[unite4change]

I don't mean to be rude, but maybe it will take someone different to get us out of this mess. Do any of you have any other ideas or someone you know that could help? Age has nothing to do with intelligence.

[Bettysdad]

Actually, age has something to do with experience.

This child was in junior high when the last financial crisis occurred.

[mitaka]

His age is not a problem. Experience is. GOP is taking mediocrity to a new level ("heckuva job Brownie", "can see Russia from my house"). It would be one thing if this guy had been working in the finance industry for 15-20 years, because you need some depth and breadth to oil the gears of a behemoth with $700 billion. It is another thing when he has a total of 6 years (4 of which as a Goldman Sach consulting for Internet security company IPOs and M&A in Silicon Valley) of finance experience. Let me repeat that. 6 years. This is a stunning development. Oh, by the way, this is the same guy who has been in charge of solving the housing crisis for the last year or so. And look at where are now.

[unite4change]

O supporters, keepth faith. Once the credit markets opens in the next week or two, things will start to turn around. Don't forget, if O is elected he can amend the bailout plan. In the interim, check this out and understand how Wall Street got us into this mess and pass it on to everyone you know. O supported have to stay ahead of the curve. Knowledge is king!


http://www.cbsnews.com/stories/2008/10/05/60minutes/main4502454.shtml

Obama/Biden 2008

[Pdubya]

yes, knowledge is king.

www.votepact.org

DREAM ON KEYNESIANS OBAMA WILL SELL YOU THE NEW WORLD ORDER

Bush just prepped the constitution for him.

[InedaName]

Office of Financial Stability. Could that sound any more Orwellian?

[henrymiller212]

looks like he is dexter's best friend