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Meet The $700 Billion Bailout Czar

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There is a new Czar in America""the man who will be running the $700 billion budget bailout/rescue program-- assistant secretary of the Treasury for International Affairs-- Neel Kashkari.

Henry Paulson tapped the company he ran, Goldman Sachs, to hire 35 year old Kashkari, who started as a senior advisor.   George W. Bush nominated him as assistant secretary of the Treasury for International Affairs. The appointment was evaluated by the senate banking committee in early June 2008 and approved by the senate on June 27., 2008.

The Wall Street Journal reports that Khashkari's position as czar of the $700 bailout is "interim, pending Senate confirmation. It isn't likely the Senate will move on the matter before the November elections. Mr. Kashkari isn't expected to remain in the post after January, when the Bush administration comes to an end, and,

"Mr. Kashkari was part of the Treasury team that negotiated the asset-repurchase program with Congress, putting in marathon sessions along with Robert Hoyt, Treasury's general counsel, and Kevin Fromer, the head of legislative affairs. He was also one of the originators of the plan. Last year, he and Phillip Swagel, assistant secretary for economic policy, crafted a proposal called "break the glass" -- referring to the emergency nature of using such a tool -- which envisioned Treasury buying bad loans and other assets.

Treasury is trying to get the program running as quickly as possible. It is expected to begin soliciting bids from asset managers this week and could hire several managers before the week is over, according to people familiar with the matter. The department plans to hire managers with expertise in the types of securities the government likely will buy, in particular mortgage-backed securities and residential mortgages.

On the US Treasury  site, the following profile is provided, which, it seems, has provided the bulk of material several dozen other articles have used to cover who Kashkari is:

Neel Kashkari
Senior Advisor

Neel Kashkari is Senior Advisor to U.S. Treasury Secretary Henry M. Paulson, Jr. He provides counsel to the Secretary on key policy matters.

 

Prior to joining the Treasury Department, Mr. Kashkari was a Vice President at Goldman, Sachs & Co. in San Francisco, where he led Goldman's IT Security Investment Banking practice, advising public and private companies on mergers and acquisitions and financial transactions. Prior to his career in finance, Mr. Kashkari was a R&D Principal Investigator at TRW in Redondo Beach, California where he developed technology for NASA space science missions such as the James Webb Space Telescope.

 

Originally from Stow, Ohio, Mr. Kashkari graduated from the University of Illinois at Urbana-Champaign with a Bachelor's and Master's degree in Engineering. He also received an M.B.A. in Finance from the Wharton School. Mr. Kashkari and his wife Minal maintain residences in Maryland and California.

 

There's not much to be found about Mr. Kashkari beyond the Treasury's brief two paragraph description. Calls to the senate banking committee and the treasury yielded almost no new information, just promises of callbacks from press people who were not available. One spokesperson did say that the announcement of Kashkari's appointment had just occurred today. While not confirming that the senate banking committee did not know who would be doing this job, with its huge responsibilities, the indication that the announcement had occurred today was in response to a question as to whether the committee had known BEFORE approving the bill, who would be managing the bailout.

Here's a link to a Cspan video, where he talks about a new kind of mortgage for the US. He comes off as a bright, techo-geek economist kind of man""smart, articulate, knowledgeable. But he is introduced as being strictly a speaker on "covered mortgages"- and the audience is instructed not to ask him questions on other topics. 
In June 2007, he spoke on the Bush energy policy, and it was reported  "he sidestepped most of the prickly issues."-

The Washington Post reports that Kashkari is a former vice president at Goldman Sachs, where he led the firm's security investment banking practice. Apparently, Kashkari was still a student at Wharton in February, 2002, when the Philadelphia Inquirer reported on his participation in a leadership class exercise. That would put him at no more than six years out of school.

In 2006, Neel Tushar Kashkari of Stow Ohio was reported to be selected as one of the regional finalists for the White House Fellows Program.  A final listing of the actual recipients for 2006-2007 does not include Kashkari.

Kashkari is a 1991 graduate of Western Reserve Academy, a private college prep boarding and day school.

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Rob Kall is executive editor, publisher and website architect of OpEdNews.com, Host of the Rob Kall Bottom Up Radio Show (WNJC 1360 AM), and publisher of Storycon.org, President of Futurehealth, Inc, and an inventor . He is also published regularly on the Huffingtonpost.com

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It's almost as though the web has been scrubbe... by Rob Kall on Monday, Oct 6, 2008 at 10:03:50 AM
Isn't giving 30 something MBA's too much p... by Mary Callaghan on Monday, Oct 6, 2008 at 11:06:24 AM
On a non-serious note, let's hope it is not Pa... by Jim Grant on Monday, Oct 6, 2008 at 11:25:30 AM
It goes from bad to worse. I am sorry I don't ... by E. Nelson on Monday, Oct 6, 2008 at 11:26:18 AM
Yes - I have nothing against bright young people t... by Stefan Thiesen on Tuesday, Oct 7, 2008 at 5:10:28 AM
I'm more concerned by his position in Internat... by UncleSim on Monday, Oct 6, 2008 at 12:20:34 PM
I say let's see. Remember this is temporary as... by Paul Kruger on Monday, Oct 6, 2008 at 1:19:18 PM
According to articles in Zoom Info, Mr. Kashkari i... by Douglas Drenkow on Monday, Oct 6, 2008 at 11:21:32 AM
he may have worked for Nasa but according to some ... by Michael Shaw on Monday, Oct 6, 2008 at 11:22:56 AM
But I don't want a rocket scientist trying to ... by E. Nelson on Monday, Oct 6, 2008 at 11:36:37 AM
Mr. Nelson but by all accounts this guy made a mos... by Michael Shaw on Monday, Oct 6, 2008 at 12:34:52 PM
He doesn't exactly have a deep resume in finan... by E. Nelson on Monday, Oct 6, 2008 at 2:58:20 PM
The recent Wall Street bailout legislation contai... by Steuart Knox on Monday, Oct 6, 2008 at 11:44:13 AM
And I think Neel was recently promoted to Assistan... by E. Nelson on Monday, Oct 6, 2008 at 11:55:31 AM
Neel has been navigating and Paulson has been driv... by E. Nelson on Monday, Oct 6, 2008 at 12:03:20 PM
E. Nelson writes:Man what a complete disaster. If ... by Mark E. Smith on Tuesday, Oct 7, 2008 at 2:00:48 AM
In no way am I intending to sound crass, but ... by Munich on Monday, Oct 6, 2008 at 12:17:31 PM
is a complete investigation into the remarks made ... by Paul Magill Smith on Monday, Oct 6, 2008 at 3:47:44 PM
check out hiddenmysteries.com , click on Headlines... by Linda Bailey on Monday, Oct 6, 2008 at 5:31:51 PM
Why would anyone link to an article that they &quo... by Leep on Monday, Oct 6, 2008 at 7:50:26 PM
Who in the heck is Sorcha Faal ?Top Area 51 'S... by Munich on Monday, Oct 6, 2008 at 8:14:22 PM
Does this guy write for Hollywood?... by Gallaher on Tuesday, Oct 7, 2008 at 1:16:10 AM
I wish someone would bail me out!... by Gallaher on Tuesday, Oct 7, 2008 at 1:10:54 AM
Might as well appoint Barney Frank... by Robert Woodburn on Tuesday, Oct 7, 2008 at 2:16:01 PM
http://www.youtube.com/watch?v=_MGT_cSi7Rs... by CW Blanchett on Tuesday, Oct 7, 2008 at 3:25:26 PM