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

[mitaka]

Let me get this straight. According to wikipedia, this guy got his MBA from Wharton in 2002. Before that he was a rocket scientist. So, his total experience in the field of finance is 6 years!!! Whaaaat?

I don't know but what is sure is that his career is skyrocketing like nothing else. It is the height of irresponsibility to entrust 700 billion dollars to someone with a mere 6 years of experience, only 18 months of which was actually in a governmental function.

This is a farce!

[Firbolg]

Are we seeing here the Monica Goodling approach being applied in the Treasury department?
Never mind his financial experience, what are his views on evolution?

[henrymiller212]

how about this idea. pick someone that has not destroyed and looted some company.

[Kanashi]

*off topic*

No offense, but why is the vast majority of those economic 'gurus' seem to lose their hair rather young?

[Bettysdad]

If you look around, there's an astounding number of young men losing their hair. Most of the shaved heads are a baldness disguise.

There's something in the environment.

There weren't so many young bald men a generation ago.

[henrymiller212]

that guy looks creepy

[rockyersocksoff]

This just in:

John Mark Karr named Kiddie-Porn Czar...

[xrepublican]

Nice to know Paulson's staying with the crooks he knows...........

[Ozarks]

And our elected democratic House and Senate are sitting on their thumbs. They are no better than the repugs-- Bring on term limits or a parliamentary government where we can throw these clowns out on a moment's notice.

[bluekatz]

WTF? This guy is a former Goldman Sachs player just like Paulson, who approved thsi fiasco? I say write these pr*cks and say no this gold digger.

[Bettysdad]

Hom many other children are involved in this?

[GiannaX]

I swear everyday's news makes me more convinced I'm living in the Twilight Zone.

[ErnestineBass]

No shazbot!!!

[revko]

Report to the cornfield immediately

[spillersgirl]

I have a bad feeling about this selection -- why pick someone with such banking ties ?-- wouldn't it be better to pick someone not so attached to the whole banking and Wall Street garbage -- I don't know much about this stuff -- something just doesn't feel right to me --

[DickTater]

Didn't this guy play Xerxes The Persian in "300"?
No way he is qualified.

[SteveMDFP]

I was thinking the evil Egyptian guy in The Mummy. Same actor?

[gifu]

Why are they all chrome-domes?? Why not hire the Cone Head family? They couldn't do much worse than the Kojak Fetish Freak Force!!

[Rule Of Law]

I'd bet their "senso-rings" would be made of dollar bills.

[ErnestineBass]

you...are...out...of...touch...earthling......our...pleasure....rings...are...composed...of...
a...one...dimensional...cellulouse...cotton...rag....composite....embossed...with...
petroleum-based...ink...applied...in...various...colors...and....bearing...likenesses...
of...deceased...human...leaders.......................................errrrrrrrrgh

[ExxonMcBushCo]

That guy looks like someone who I'd trust with 700 Billion dollars. He doesn't look like a psychopath at all.

[Rule Of Law]

"Look, deep into my eyes! I can give you eternal life with just one bite...Well, maybe not you. You'll just end up a sycophantic, bootlicking sub-vampire dependent on sucking the blood out of others--kind of like me. Or dead. But my bosses on Wall Street will be eternally grateful! Hey that's gotta count for something, right?'

[Rule Of Law]

Google who was complicit in the First Great Depression and you find the house of Goldman-Sachs, allied with its puppet the so called Federal Reserve.

Follow the lineage of top level Executive Branch jobs at Treasury, the FED, and elsewhere over the intervening years and how many originated at Goldman, or went there soon after their stint in "public service."

Now, look at who is benefiting most from this economic robbery today, who will be one of the perhaps two investment houses left standing, and who has on the Federal Governments payroll the greatest number of ummm....insiders--perhaps the best description. And the answer to all the above is Goldman-Sachs.

And for a real historical education on the creation of our modern federal reserve banking system and the 12 banking families that forced it down the throat of Congress and the American People, read, "The Creature From Jekyll Island." This has been a long long time in the making, and none of what we are seeing today is by accident or ineptitude.

http://www.amazon.com/Creature-Jekyll-Island-Federal-Reserve/dp/0912986212