US Treasury Secretary Henry Paulson has picked Neel Kashkari, a fellow veteran of Goldman Sachs, to run the planned $700 billion financial bailout.
Kashkari, like Paulson, is a former Goldman Sachs investment banker - until 2006 he was a vice-president in the bank's San Francisco office, and head of the IT Security Investment Banking operation. In 2006 he joined the Treasury as a senior advisor to Paulson, and subsequently became assistant secretary for international economics and development.
He will now take on the additional role of interim assistant secretary for financial stability, and will run the newly-created Office of Financial Stability. Chief among his responsibilities will be oversight of the $700 billion Troubled Asset Relief Program approved by Congress last week.
His international economics work will be handled by the assistant secretary for international affairs, Clay Lowery.
See also: Bailouts fail to lift markets
Hope for markets as Senate rescues bailout
Interbank lending suffers as $700 billion rescue vehicle breaks down
Failure of $700bn bailout sparks equity slump
Markets dip as bailout drags on
More on People
Michele Foresti officially resigns from role after failing to receive regulatory approval
James Coulson joins Swiss bank after 18 years at SocGen
Job changes in the derivatives, regulation and risk industry throughout Asia
Hoodless and Madaras among those suspended
Sign up for Risk.net email alerts
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
Nominated for two technology awards
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.