July 30, 1973 |
Akron, Ohio, U.S.
|Alma mater||University of Illinois, Urbana-
University of Pennsylvania
Neel T. Kashkari (born July 30, 1973), employed at PIMCO since 2009, was the Interim Assistant Secretary of the Treasury for Financial Stability in the United States Department of the Treasury 2008-09. While in the Treasury role, he led the Office of Financial Stability, the office set up to buy troubled financial assets from U.S. financial firms under the $700 billion U.S. Government Troubled Asset Relief Program. Kashkari joined Treasury in July 2006 as Senior Adviser to U.S. Treasury Secretary Henry Paulson and was later appointed as the Assistant Secretary for International Economics and Development, a title he held through May 1, 2009, though his international affairs responsibilities were delegated to Assistant Secretary for International Affairs Clay Lowery.
Kashkari was born on July 30, 1973, in Akron, Ohio, and grew up in the Akron suburb of Stow, Ohio. He attended Stow–Munroe Falls schools before transferring to the Western Reserve Academy in Hudson, Ohio, from which he graduated in 1991.
Kashkari earned bachelor’s (1995) and master’s (1997) degrees from the University of Illinois at Urbana-Champaign. Both degrees were in mechanical engineering. As a graduate student, he was the team leader for the mechanical engineering component of a solar-powered car the school entered in the 1997 Sunrayce, a solar-powered vehicle race from Indiana to Colorado.
In July 2006, Kashkari was appointed as a special assistant to Treasury Secretary Henry Paulson. In the summer of 2008, he was appointed assistant secretary for international economics and was confirmed in that post by the U.S. Senate. On October 6, 2008, Paulson named Kashkari interim head of the new Office of Financial Stability. Overseen by the treasury secretary, he is in charge of creating and implementing the United States government's $700 billion financial stabilization program. This was an interim appointment. The Obama transition team asked Kashkari to remain at Treasury after inauguration for a limited period to assist in the transition.
Kashkari has been noted for his calm demeanor before Congress, firm no-nonsense manner with journalists questioning the bailout, and for his modest public style. His performance at the helm of the Treasury's financial rescue operations won praise from Congressional Democrats as well as Treasury Secretary Timothy Geithner of the Obama administration.
Prior to joining the Treasury Department, Kashkari was a Vice President at Goldman, Sachs & Co. in San Francisco, where he led Goldman's Information Technology Security Investment Banking practice, advising public and private companies on mergers and acquisitions and financial transactions.
On December 7, 2009, it was announced that Kashkari would be joining bond house, PIMCO, as a Managing Director in charge of new investment initiatives.
Kashkari's work at TRW
Kashkari worked as a design engineer in the Mechanical Engineering Department at TRW (now Northrop Grumman Space Technology). He left after June 2000. His last technical assignment was to develop precision latching technology for the Space Interferometer Mission (SIM) and the Next Generation Space Telescope (now JWST). Kashkari designed the latches and test setup, integrated the laser distance measuring interferometers, and demonstrated that the latches could retain their precision to the nano-meter level with appropriate pre-load. This result is now being employed in the JWST wing latches, which must ensure that this contributor to primary mirror wavefront remain stable within a few nano-meters of its allocated error budget.
Known to keep a low profile and lead a simple life, Kashkari and his former wife Minal had residences in Silver Spring, Maryland, as well as near San Francisco. Minal Kashkari is employed as an engineer at Lockheed Martin Corporation. The Kashkaris lived in Nevada County, California where Neel was doing what he called a "detox" from Washington. In 2012 Neel and Minal Kashkari divorced. Minal resides in Northern California while Neel resides in Orange County.
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- "Knowledge Centers". TheDeal.com. Retrieved 2010-03-07.
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- Cho, David (April 29, 2009). "After Months on the Hot Seat, Bailout Director Nears Exit". washingtonpost.com. Retrieved 2010-03-07.
- Henry Paulson names former Goldman Sachs banker Neel Kashkari to head Wall St. bailout Daily News
- E-mail This (2009-12-07). "Pimco Hires Ex-Treasury Official Who Led Bailout - DealBook Blog - NYTimes.com". Dealbook.blogs.nytimes.com. Retrieved 2010-03-07.
- Breed, Allan G. (October 9, 2008). "Neel Kashkari: Space engineer to "bailout czar"". The Seattle Times. Associated Press.
- Cruz, Gilbert (October 8, 2008). "Neel Kashkari, the $700 Billion Man". Time.
- Rosenwald, Michael S. (October 9, 2008). "The $700 Billion Man With an Engineer's Mind". Washington, DC: Washington Post.
- "The $700 billion man", Washington Post
- Official Website
- Charlie Rose Show May 7, 2009, 54-minute interview following resignation from government. Via YouTube.
- Feature NYTimes re' joining PIMCO, 2010/01/01.