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Kashkari to Oversee Bailout

Kashkari to Oversee Bailout

EmploymentCrossing.com US Treasury Secretary Henry Paulson is expected to name Neel Kashkari, currently the Assistant Secretary for International Affairs in the Department of Treasury, as the interim head for its new Office of Financial Stability. The OFS will oversee the $700-billion bailout program aimed at arresting the U.S economy's precipitous slide arising from the mortgage crisis. Kashkari is one of nearly half-dozen Indian-Americans, including Louisiana Governor Bobby Jindal, who have served in the Bush administration at Tier Two cabinet levels. But the new job clearly puts Kashkari in a different league altogether. A long-time understudy and associate of Secretary Paulson going back to their days at Goldman Sachs, Kashkari was nominated as assistant secretary and confirmed by the Senate only in July this year. Some in the financial press have expressed concerns over Kashkari’s age and relative inexperience. On a day the Dow tanked 300 points an hour after opening and went below 10,000, a wiseacre on the Market Ticker forum wrote, ''Seriously? The guy overseeing the $700 billion is named 'CashCarry'? You really can't make this stuff up...'' The last time the Dow was below 10,000 was 1999.

LiveVideo | October 11, 2008Watch more videos from LiveVideo

Tags:. .opening. .including. .puts. .office. .going

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