www.bloomberg.com/apps/news?pid=newsarchive&sid=aQdenm7JAur8
Neel Kashkari to oversee the US government's $700 billion financial stabilization program, the Wall Street Journal reported, citing people familiar with the matter.
Phillip Swagel, the assistant secretary for economic policy, the paper said. The stabilization bill authorizes the government to buy troubled assets from financial institutions reeling from record home foreclosures. The Treasury Department still needs to decide on the hiring of asset managers, securities that need to be bought and ways to purchase them, the Wall Street Journal said. Kashkari's position as interim head of the Office of Financial Stability is expected to end when Bush leaves office, the paper said. before joining the Treasury, and his role there included advising public and private companies on mergers, acquisitions and financial transactions.
Ben S Bernanke proposed last month the largest intervention in financial markets since the Great Depression. They said it was needed to prevent the spread of economic turmoil sparked by home foreclosures. Paulson had urged Congress to immediately give him almost unchecked legislative authority to take action. Lawmakers responded by demanding increased oversight, more aid to prevent foreclosures and limits on executive compensation at companies that benefit from the program. The government's new office for handling the financial bailout plans to hire five to 10 asset-management firms, and will add about two dozen new employees, a mix of bankers, lawyers, accountants and others, a Treasury official said on Oct.
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