Word: paulson
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...position this important, Kashkari, the American-born son of Kashmiri immigrants, may seem an unlikely pick: he's been in finance for only eight years, two as a student at the Wharton School and four as an executive in the San Francisco office of Paulson's old firm, Goldman Sachs. At Goldman, Kashkari was so low on the food chain that he only got to know Paulson well after they both moved to the Treasury...
...Kashkari, who grew up outside Akron, Ohio, has been neck deep in the mortgage mess for the past year. In the summer of 2007, Paulson tasked him with assessing plans to untangle the housing mess, and this year he launched a program to funnel money to struggling mortgage holders facing foreclosure. Though Kashkari is a Republican who gave $2,000 to George W. Bush's 2004 re-election campaign, a spokesman for Congressman Barney Frank, the liberal head of the House Financial Services Committee, calls him "very knowledgeable and very smart...
Kashkari is part of a little-known boarding party Paulson brought to Washington two years ago. It included Kashkari's boss, Anthony Ryan, 45, the acting Under Secretary for Domestic Finance, who's been in charge of keeping track of all the new debt taxpayers have assumed recently, including open-ended loans to financial institutions and companies. They joined Kashkari's counterpart at the Office of Financial Institutions, David Nason, 38, who has been overseeing the titanic nationalization of Fannie Mae and Freddie Mac, as well as the broad new program insuring money-market funds announced Sept...
...even Paulson's team of whiz kids is struggling to keep up with the biggest financial crisis the U.S. has faced in more than 75 years. Kashkari must quickly figure out how to spend the first chunk of the $700 billion to maximum effect. He's looking at devices like a reverse auction, where holders of bad loans will compete to sell them to Treasury at the lowest cost to taxpayers. And he has to figure out how to extract from sellers not just complex debt vehicles like mortgage-backed securities but also plain old faltering home loans with local...
...Goldman's talent--managing partners like the brilliant and charming seventh-grade dropout from Brooklyn, Sidney Weinberg (a.k.a. "Mr. Wall Street"); the worldly, turbocharged Gus Levy; and John Whitehead, whose prescience helped shape the firm into a master of the financial universe in the 1980s. U.S. Treasury Secretary Henry Paulson, now a flummoxed bureaucrat in the hot seat, also ran the show after forcing out Jon Corzine...