Ex-Goldman Sachs Exec To Run Bailout Effort

[OhioChick]

Source: AP

Bush Says Effects Of Rescue To 'Take Awhile'

POSTED: 6:33 am EDT October 6, 2008
UPDATED: 2:13 pm EDT October 6, 2008

The administration has chosen a former Goldman Sachs executive to be the interim head of its $700 billion rescue effort for financial institutions.

Neel Kashkari, the Treasury's assistant secretary for international affairs, was selected Monday to be the interim head of the Treasury's new Office of Financial Stability.

The designation was made by Treasury Secretary Henry Paulson, who was the head of Goldman Sachs before he joined the Bush administration in 2006.

Kashkari, 35, will head the office created by the emergency legislation enacted Friday to fund the largest government bailout in history.

Earlier Monday, President George W. Bush told the nation that "it's going to take awhile" for the recently passed financial rescue plan to work.

His comments came on the heels of news that days before becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue.

Read more: http://www.newsnet5.com/save-money/17631785/detail.html

[Dogmudgeon]

1. Neel Kashkari? Kneel, Cash and Carry?

What an "eptomym" that is!

--p!

[rosesaylavee]

2. wow.

Just pinch me that this is our reality. It reads like a bad novel.

[whistle]

3. V for Vendetta

[snooper2]

4. 35?

Only 35 years old?

[Piewhacket]

7. He'll do what he is told.

Kneel, Cash and Carry????
That is too much!

[MannyGoldstein]

5. Which Is Why The Dow's Down 700 Points

The smart money knows the $700 B isn't going to be used to unfreeze credit markets - it's going into the pockets of a selected few: Paulson and other senior Goldman Sachs people, Carlyle Group, and so forth.

The credit markets will have to fend for themselves.

[LeftHander]

6. Sachs of Gold for Goldman Sachs...Kash and Carry....

unfuckingbeleivable.

[GoesTo11]

8. This guy's six years out of his MBA. Another Monica Goodling?

Why are we entrusting 700B to someone 6 years out of their MBA? I'm sure he's smart but that's not enough time to gain any wisdom. This is a joke. Paulsen is laughing at us.

[JerseygirlCT]

9. Yeah well, there's a great huge surprise. And he's 35???

Is he even old enough to have had the experience to deal with that kind of money? Seriously. He's been at this conceivably what, 13 years? Less if he has an MBA, I suppose.

Sheesh.

Hand the whole deal to Warren Buffet and we'll all sleep easier at night.

[NashVegas]

10. God Save Us All From 35 Year Old MBAs

I don't care if it looks ageist - my personal experience of these types is they have no fucking foresight whatsoever, and few scruples to go with their 80/80 hindsight.

[mbperrin]

12. aMEN! Years ago, I worked for a rebuilding company that netted about 70%

after taxes on gross revenues, and a small manufacturing plant made about 3%. They hired a 37 year old MBA who announced in a manager's meeting, "Everybody knows there's no money in rebuilding! We'll go strictly with new manufacturing.!

Took 2 years to liquidate a company that had been in business 54 years.

And this guy was from the Wharton School!

[cottonseed]

11. This is what I was afraid of with this "bailout".

I wanted an independent head for the bailout, preferably approved by both houses of congress (read: dem approved).