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Oct

6

Paulson’s bailout chief: 35 yo from Stow, OH, who, w/wife, gave $4K to Bush


From Bloomberg:

The U.S. Treasury will name Neel Kashkari, assistant secretary at the department, to run the $700 billion Wall Street rescue program on an interim basis, according to a Treasury official.Kashkari will be designated the interim head of the new office of financial stability, created in the bailout legislation Congress passed last week. The Treasury aims to buy troubled assets such as home loans and mortgage-backed securities from banks and other financial institutions in an effort to shore up global credit markets.

…

Senate confirmation is required to fill the position for which Kashkari will be nominated. The Treasury hasn’t specified the length of Kashkari’s tenure, or whether the White House would nominate him officially. The Bush administration remains in office until January.

For now, Kashkari will play a lead role in setting up the new office and organizing its first operations. The Treasury has said it plans to hire about two dozen staff to manage the program, along with five to 10 asset management firms. The first asset-buying operations are not expected for at least four weeks.

Kashkari, a former vice president at Goldman Sachs Group Inc., is currently assistant secretary for international economics and development. He has been one of Treasury Secretary Henry Paulson‘s key advisers on housing issues.

There’s no mention in the Bloomberg piece that Kashkari is 35 years old. More from Neel Kashkari’s official bio:

Neel Kashkari was sworn in as Assistant Secretary of the Treasury for International Economics and Development on July 9, 2008. He was nominated by President Bush on November 15, 2007 and confirmed by the Senate on June 27, 2008. In this role, Mr. Kashkari is responsible for developing and executing policies for the Department to foster a more conducive investment climate for the U.S., as well as to support global economic growth.

Mr. Kashkari joined the Treasury Department in July 2006 as Senior Advisor to U.S. Treasury Secretary Henry M. Paulson, Jr. In that role, he was responsible for developing the President’s Twenty in Ten energy security plan, enhancing Treasury’s engagement with India, particularly in the area of infrastructure development, and developing and executing the Department’s response to the housing crisis, including the formation of the HOPE NOW Alliance, the development of the subprime fast-track loan modification plan, and Treasury’s initiative to kick-start a covered bond market in the United States.

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 reside in Maryland.

You know, experience really does seem to be the watchword for this election cycle, doesn’t it?

Okay – seriously – I’m just googling his name and his wife’s name? Here’s what else comes up:

KASHKARI, MINAL MRS. REDWOOD CITY, CA 94062 LOCKHEED MARTIN/ENGINEER $2,000 10/14/2003 P BUSH-CHENEY ’04 (PRIMARY) INC – Republican

I don’t know the age of Mrs. Kashkari in 10/2003, but Neel would have been 30, yes? Mr. Kashkari also gave:

KASHKARI, NEEL T MR. REDWOOD CITY, CA 94062 GOLDMAN SACHS & COMPANY/INVESTMENT $2,000 10/14/2003 P BUSH-CHENEY ’04 (PRIMARY) INC – Republican

More here:

Neel Kashkari

Neel KashkariNeel Kashkari is Senior Advisor to U.S. Treasury Secretary Henry M. Paulson, Jr. He provides counsel to the Secretary on key policy matters and was one of the architects of President Bush’s “Twenty in Ten” energy security plan.

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 BachelorA’s and Master’s degree in Engineering. He also received an M.B.A. in Finance from the Wharton School.

Paulson is joking, right?

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By Jill Miller Zimon at 10:20 am October 6th, 2008 in Business, Economy, Government, Politics 

Comments

5 Responses to “Paulson’s bailout chief: 35 yo from Stow, OH, who, w/wife, gave $4K to Bush”

  1. 1 Thank you, Josh Marshall for asking about Kashkari | Writes Like She Talks on October 6th, 2008 2:14 pm

    [...] Paulsen’s bailout chief: 35 yo from Stow, OH, who, w/wife, gave $4K to Bush [...]

  2. 2 John Maszka on October 6th, 2008 4:12 pm

    This bailout is just one more example of the [edited] irresponsible CEOs and CFOs with billions so that they can run the American economy even further into the ground. So much for Keynesian economics. If the goal is to stimulate the economy, why not give the money directly to the American taxpayer? A bird in the hand is worth two in the bush administration.

  3. 3 Reason #30 to VOTE FOR Obama/Biden | Writes Like She Talks on October 6th, 2008 11:59 pm

    [...] Paulson’s bailout chief: 35 yo from Stow, OH, who, w/wife, gave $4K to Bush [...]

  4. 4 oengus on October 9th, 2008 12:57 am

    44102 – 930 foreclosures
    44107 – 463
    44111 – 628
    44135 – 480
    44144 – 210
    44109 – 804
    44105 – 1,764
    44104 – 617
    44120 –1,093
    44106- 351

    This is not all of them, Nearly 6,000 in just Cleveland?

    Could we go through these and see everyhting?

    How many household in the city? 100,000?

    We are foreclosing at about 10% of all households,find the group(s)that claim they put the most poor familes into a home and you will find the predators.

    Estimate of home value of owner-occupied houses in 2000 in Cleveland, OH:

    Less than $10,000: 362
    $10,000 to $14,999: 443
    $15,000 to $19,999: 708
    $20,000 to $24,999: 1007
    $25,000 to $29,999: 1405
    $30,000 to $34,999: 1770
    $35,000 to $39,999: 2439
    $40,000 to $49,999: 6706
    $50,000 to $59,999: 8392
    $60,000 to $69,999: 11920
    $70,000 to $79,999: 11683
    $80,000 to $89,999: 10614
    $90,000 to $99,999: 6237
    $100,000 to $124,999: 6598
    $125,000 to $149,999: 2513
    $150,000 to $174,999: 925
    $175,000 to $199,999: 545
    $200,000 to $249,999: 490
    $250,000 to $299,999: 151
    $300,000 to $399,999: 193
    $400,000 to $499,999: 70
    $500,000 to $749,999: 34
    $750,000 to $999,999: 32
    $1,000,000 or more: 48

    Household income:

    Less than $10,000: 40118
    $10,000 to $14,999: 18446
    $15,000 to $19,999: 16954
    $20,000 to $24,999: 16771
    $25,000 to $29,999: 15040
    $30,000 to $34,999: 13188
    $35,000 to $39,999: 11057
    $40,000 to $44,999: 9860
    $45,000 to $49,999: 7897
    $50,000 to $59,999: 13273
    $60,000 to $74,999: 12319
    $75,000 to $99,999: 9328
    $100,000 to $124,999: 3158
    $125,000 to $149,999: 1178
    $150,000 to $199,999: 820
    $200,000 or more: 1318

    It takes hard work and dedication to own a home, it takes time and sacrifices to save for the down payment. This ten percent is not all at faults, some are victims…in every sense of the word. Believe me there is a whole new set of predators ready and waiting in the wings, and some are posing as matriarchs.

    If they are poor then they file bankruptcy and the poor get a clean slate, but please do not attempt to sell them another home. They will learn nothing and by word of mouth they will all think it is the way to go…stop rewarding the derelicts, they do not care or appreciate it.

    Offer them a clean and safe rental, and if you can security cameras on every corner. I have owned rentals in the city, your lucky to get the rent lucky to keep a tenant for a year. They also will trash your place…they simply do not care.

    You have to teach people these basics in high school, they have not a clue. I hate this but some of these people that were sold these homes…may be functionally illiterate. For the past twenty years the city schools had less than a 40% graduation rates.

    Ignorance is no excuse for the law, care to venture what percentage of these loans had applicants that had defaults on their credit report prior to the loan apps. No such thing as debtors prison and also you get clean slate if you file bankruptcy if you are below the state average income. Why do you think there is so many check cashing stores…dumb as a box of rocks, not really they have no respect for the system.

    Do not reward the derelicts they are only ten percent, reward those that did not default or none of will ever learn.

  5. 5 Donna Urban on January 27th, 2009 1:43 am

    Perhaps you should look up the word “derelict” before you toss it around so smugly. How dare you presume to know the cost of losing one’s home? My husband and I lost our home over two years ago due to his losing his job because of his declining health. Our savings was depleted taking care of our mothers prior to their deaths. I’m sure with a heart as big as yours, you probably would keep your money earning interest instead of helping your mother. I lost my job last June and haven’t been able to find another one, even though I am quite qualified and have sent out hundreds of resumes. The loss, for us “derelicts”, was not only losing our physical home, but the heart and soul of our family memories.

    So, “walk a mile in my shoes” before you pontificate from your lofty position (whatever that is, I’m quite sure you are a fat cat without a heart).

    By the way, we are both in our late fifties and respected and paid into the “system” for many years.

    Good God, how do you people sleep at night?

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