Paulson picks GS alumnus to run bailout

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here