Kashkari to Take Onus of Bailout

The Washington Times (Washington, DC), October 7, 2008 | Go to article overview

Kashkari to Take Onus of Bailout


Byline: David R. Sands, THE WASHINGTON TIMES

At Neel Kashkari's confirmation hearing in June, Senate banking committee Chairman Christopher J. Dodd stumbled over both the nominee's first and last name.

It's unlikely Mr. Dodd will repeat his mistake now that the 35-year-old Treasury Department official and former Goldman Sachs Group Inc. investment banker has been tapped to set up and start spending the government's $700 billion fund to rescue Wall Street and prevent a global economic implosion.

Just three days after Congress approved the bailout plan, the Treasury Department, as expected, named Mr. Kashkari interim head of the new Office of Financial Stability. Mr. Kashkari, a close aide to Treasury Secretary Henry M. Paulson Jr., has been assistant secretary for international affairs.

The son of Indian immigrants with a master's degree in aerospace engineering, Mr. Kashkari faces a major challenge just filling in the spaces on the sketchy blueprint approved by Congress last week. The first purchases are not expected until mid-November.

Anthony Ryan, acting undersecretary for domestic finance, said the program's first priority is to hire private financial analysts and asset managers to oversee the program, designed to buy up huge numbers of bad mortgages and mortgage-based securities now burdening the books of the nation's lenders.

We're going to need people and we're also going to need to tap into the services of financial institutions and other advisers to ensure that we assess this appropriately, we think through some of the challenges, and we implement it appropriately, Mr. Ryan said in an interview on Bloomberg Television.

The Treasury Department on Monday released a set of 14 preliminary guidelines for selecting asset management contractors and avoiding conflicts of interest. Many of the firms eligible to assist already have links to the thousands of banks and financial institutions that could be part of the government buyout.

The department set a Wednesday afternoon deadline for applications for the first three contracts - to manage mortgage securities, whole loans and the auction of investments. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Kashkari to Take Onus of Bailout
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.