Thread: Indian American to oversee $700bn bailout

Going with the Obama is a terrorist trend....to me this guy looks like the Taliban.....look at those scary beady eyes...





Henry Paulson names former Goldman Sachs banker Neel Kashkari to head Wall St. bailout

NEWS WIRE SERVICES

Updated Monday, October 6th 2008, 5:10 PM

He's a 35-year-old former investment banker whose new job is to dole out $700 billion of taxpayer money until the world banking system is fixed.

Kashkari, an assistant Treasury secretary for international affairs, will head Treasury's new Office of Financial Stability on an interim basis.
It was not clear how long he would serve or if the White House would nominate him officially for the post to be confirmed by the Senate. Kashkari helped draft the legislation as one of Paulson's close advisers on the crisis.

Kashkari, who did not speak to the press, has engineering degrees from the University of Illinois and an MBA from the Wharton School of the University of Pennsylvania.
Before embarking on a finance career, he worked on NASA technology such as the James Webb Space Telescope for TRW, which is now part of Northrop Grumman.He went to work for Goldman Sachs, where he rose to vice president before going to Washington with Paulson in 2006.

Meanwhile, President Bush's top economic advisers also vowed to work with their counterparts around the world to restore confidence and stability to financial markets roiled by tight credit and worries about a global economic slowdown.

Speaking in San Antonio, Bush said the rescue package was designed to unlock the nation's frozen credit markets "to get money moving again" through the economy. But he added, "We don't want to rush into the situation and have the program not be effective."

European governments took steps to limit the damage from the growing global financial crisis. Among other things, the governments of Germany, Ireland, Greece and Denmark said they would guarantee bank deposits.

Over the weekend, governments across Europe rushed to prop up failing banks. The German government and financial industry agreed on a $68 billion bailout for commercial-property lender Hypo Real Estate Holding AG, while France's BNP Paribas agreed to acquire a 75 percent stake in Fortis' Belgium bank after a government rescue failed.

In a fresh effort to loosen dangerous credit clogs, the Federal Reserve said it will significantly expand its loan program to squeezed banks, increasing one program to as much as $900 billion by the end of this year.

The Fed also said it will begin paying interest on commercial banks' reserves, another way to expand the Fed's resources to battle the worst credit crisis in decades.

this guy looks evil says the pretty girl with the *****