seriously, someone called "kashkari" to administer

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seriously, someone called "kashkari" to administer

Postby bigearth » Tue Oct 07, 2008 8:03 am

"...the bail out."

(any news of that thread title length increase, admin?!)

someone called Kashkari? (ex goldman as well, who says corporations don't run america?!)

cash carry!

carry the ca$h!

someone is taking the piss..


Paulson protégé chosen to run bail-out

By James Politi in Washington

Published: October 7 2008 03:00 | Last updated: October 7 2008 03:00

Hank Paulson has appointed Neel Kashkari, a protégé from his days as chief of Goldman Sachs, to run the US government's plan to purchase troubled assets from financial institutions.

Mr Kashkari is one of the US Treasury secretary's closest policy advisers, taking a lead role in developing the department's response to the housing crisis and then emerging as a point-person on the $700bn (€518bn, £402bn) bail-out.


EDITOR’S CHOICE
Full coverage: Global financial crisis - Sep-30
The Short View: Market crash? - Oct-06
Editorial Comment: How to save Europe’s banks - Oct-06
Tony Jackson: New Panic is proof of big league crisis - Oct-06
Lex: Markets and cannon - Oct-06
Overview: Equity markets plunge amid flight from risk - Oct-06

Mr Kashkari was almost invariably at Mr Paulson's side during the frenzied negotiations over the passage of the “troubled asset relief programme” on Capitol Hill during the past two weeks. He arrived at the Treasury in 2006 from the San Francisco office of Goldman Sachs, where he worked as an investment banker focused on information technology security companies, advising on financing and on mergers and acquisitions.

His selection to run the Tarp came as the Treasury asked financial services companies interested in managing the troubled assets in the programme to submit their applications before 5pm on Wednesday. The Treasury is running separate competitions for the management of its portfolio of whole mortgage loans and portfolio of mortgage-backed securities, and is expected to announce the winners next week.

Nevertheless, the core of the Tarp - a reverse-auction mechanism to relieve banks of their ailing mortgage holdings - is not expected to start running until next month.

Mr Kashkari's appointment highlights the extent to which Mr Paulson has entrusted former Goldman executives with important policy portfolios throughout his response to the financial crisis.

Others include Ken Wilson, a veteran financial services banker who joined the Treasury in August, and Edward Forst, Goldman's former head of investment management, who had just moved to Harvard University last month before being brought to the Treasury to advise on the Tarp.

The prominence of Goldman alumni in the administration has raised eyebrows at competing Wall Street banks, which have become concerned about what some privately perceive as the banking group's disproportionate influence over policy.

Copyright The Financial Times Limited 2008

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