Neel Kashkari
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| Neel Kashkari | |
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| Born | July 30, 1973 Akron, Ohio |
| Education | Bachelor's degree in Engineering Master's degree in Engineering M.B.A. |
| Alma mater | UIUC Wharton School of the University of Pennsylvania |
| Known for | Serving as Interim U.S. Assistant Secretary of the Treasury for Financial Stability |
Neel T. Kashkari (Hindi/Kashmiri: नील काशकारी) (born July 30, 1973) was the Interim Assistant Secretary of the Treasury for Financial Stability in the United States Department of the Treasury. While in this 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 the Treasury Department in July 2006 as Senior Advisor 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.[1][2][3]
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[edit] Early life
Kashkari, an Indian American of Kashmiri Pandit ethnicity,[4] 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. His parents, Chaman and Sheila Kashkari, are from Srinagar’s Safriyar locality, located by Somyar Mandir, in Kashmir.[5][6]
[edit] Career
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.[1] 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.[7] This was an interim appointment.[4] The Obama transition team asked Kashkari to remain at Treasury after inauguration for a limited period to assist in the transition. [1]
Kashkari has been noted for his calm demeanor before Congress [8], firm no-nonsense manner with journalists questioning the bailout[9], and for his modest public style[10][11]. 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[12].
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. Kashkari has a Bachelor's and Master's degree in engineering from the University of Illinois at Urbana-Champaign and an MBA in 2002 from the Wharton School at the University of Pennsylvania.[2][1] Before enrolling in Wharton's MBA program, Kashkari worked for the aerospace firm TRW, where, amongst other projects, he worked on the James Webb Space Telescope.[13]
On December 7, 2009, it was annouced that Mr. Kashkari would be joining bond house, PIMCO, as a Managing Director in charge of new investment initiatives.[14]
[edit] 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.[15]
[edit] Personal
Kashkari and his wife Minal have residences in Silver Spring, Maryland[16], as well as near San Francisco.[17] Minal Kashkari is employed as an engineer at Lockheed Martin Corporation.[18] The Kashkaris currently live in Nevada County, California where Neel is building a shed and cutting wood: what he calls a "detox" from Washington.[19]
[edit] See also
[edit] References
- ^ a b c "Bailout Role Elevates U.S. Official". The New York Times. October 9, 2008. http://www.nytimes.com/2008/10/09/business/09kashkari.html?partner=permalink&exprod=permalink.
- ^ a b "Biography of Neel Kashkari". U.S. Treasury. October 6, 2008. http://www.treas.gov/organization/bios/kashkari-e.html.
- ^ Rucker, Patrick (October 6, 2008). "Treasury names rescue program chief". Reuters. http://www.reuters.com/article/topNews/idUSTRE4956DL20081006.
- ^ a b "Paulson to name Kashkari to oversee bailout: WSJ". Press Trust of India. October 06, 2008. http://www.business-standard.com/india/storypage.php?tp=on&autono=47585.
- ^ McEwen, Colin (November 27, 2007). "Stow man nominated for U.S. Treasury position". Hudson Hub Times. http://www.hudsonhubtimes.com/news/printer_friendly/2909192.
- ^ Muzamil Jaleel (October 8, 2008). "Kashkari family just memories under a bridge". Indian Express. http://www.indianexpress.com/news/kashkari-family-just-memories-under-a-bridge/370559/.
- ^ Agha, Miles (October 6, 2008). "Paulson to Tap Adviser to Run Rescue Program". New York: Wall Street Journal. http://online.wsj.com/article/SB122325337693906423.html?mod=googlenews_wsj.
- ^ http://www.thedeal.com/dealscape/2008/12/kashkari_takes_congress_tongue.php
- ^ http://www.huffingtonpost.com/2008/11/11/neel-kashkari-bailout-cza_n_142916.html
- ^ http://archives.chicagotribune.com/2008/oct/14/business/chi-tue-kashkari_talkoct14
- ^ http://online.barrons.com/article/SB123154456938669577.html?mod=rss_barrons_this_week_magazine
- ^ http://www.washingtonpost.com/wp-dyn/content/article/2009/04/28/AR2009042803715.html
- ^ Henry Paulson names former Goldman Sachs banker Neel Kashkari to head Wall St. bailout Daily News
- ^ http://dealbook.blogs.nytimes.com/2009/12/07/pimco-hires-3-executives-including-ex-treasury-aide/
- ^ Breed, Allan G. (October 9, 2008). "Neel Kashkari: Space engineer to "bailout czar"". Associated Press. http://seattletimes.nwsource.com/html/businesstechnology/2008242598_kashkari09.html.
- ^ Cruz, Gilbert (October 8, 2008). "Neel Kashkari, the $700 Billion Man". Time. http://www.time.com/time/business/article/0,8599,1848055,00.html?imw=Y.
- ^ Agha, Miles (October 6, 2008). "Paulson to Tap Adviser to Run Rescue Program". New York: Wall Street Journal. http://online.wsj.com/article/SB122325337693906423.html?mod=googlenews_wsj.
- ^ Rosenwald, Michael S. (October 9, 2008). "The $700 Billion Man With an Engineer's Mind". Washington, DC: Washington Post. http://www.washingtonpost.com/wp-dyn/content/article/2008/10/08/AR2008100803536.html.
- ^ "The $700 billion man", Washington Post
[edit] External links
Charley Rose Show May 7, 2009, 54 minute interview following resignation from government. Via YouTube
