Greg Bacon's blog
Paulson to Name Kashkari to Oversee Bailout, WSJ Says
Why does his last name sound like "Cash and Carry?"
As in grab the cash and carry it out of the country ASAP before the rubes catch on?
Kashkari, just last Fall, was lobbying against taxing venture capitalists profits, like these astronomical sums
The council wants to deflect attention from the huge sums paid to industry titans such as Blackstone co-founder Stephen Schwarzman, who earned about $684 million when the firm sold shares to the public in June. Schwarzman's 234 million remaining shares are worth about $5.38 billion.
Ol' Cash and Carry came to the Treasury Department from GOLDMAN SACHS...... small world, eh?
Cash and Carry said during his Senate Assistant Secretary nomination hearing, that he had been working for years to prevent the mortgage crisis from spilling out into the general economy....Oops.
By Shamim Adam and Steven McPherson
Oct. 6 (Bloomberg) -- Treasury Secretary Henry Paulson is expected to name Neel Kashkari to oversee the U.S. government's $700 billion financial stabilization program, the Wall Street Journal reported, citing people familiar with the matter.
As assistant secretary for international economics and development at the Treasury, Kashkari is a senior adviser to Paulson and counsels him on key policy matters, according to the department's Web site. The decision for Kashkari, 35, to run the new department known as the Office of Financial Stability, may be announced as early as today, the newspaper said.
U.S. President George W. Bush signed a $700 billion financial-market rescue plan into law last week, calling it a ``decisive action to ease the credit crunch that is now threatening our economy.''
Kashkari was one of the Treasury officials who negotiated the proposal to buy bad mortgage investments from financial companies with Congress after last year envisaging the possibility of such a plan with Phillip Swagel, the assistant secretary for economic policy, the paper said.
The stabilization bill authorizes the government to buy troubled assets from financial institutions reeling from record home foreclosures. The Treasury Department still needs to decide on the hiring of asset managers, securities that need to be bought and ways to purchase them, the Wall Street Journal said.
Kashkari's position as interim head of the Office of Financial Stability is expected to end when Bush leaves office, the paper said. He was a vice president at Goldman Sachs & Co. before joining the Treasury, and his role there included advising public and private companies on mergers, acquisitions and financial transactions.