posted
Anyone familiar with this gentleman? I've not heard of him before.
Paulson taps bailout chief Treasury also reveals interim guidelines for hiring private-sector firms to help run financial rescue program and for preventing conflicts of interest.
By Jeanne Sahadi, CNNMoney.com senior writer Last Updated: October 6, 2008: 2:11 PM ET NEW YORK (CNNMoney.com) -- The Treasury Department on Monday sought to answer the first of many questions surrounding how it will implement the $700 billion financial rescue plan.
The department announced that Treasury Secretary Henry Paulson had appointed Neel Kashkari to oversee the Troubled Assets Relief Program and the newly created Office of Financial Stability.
Kashkari, a former executive at Goldman Sachs, is currently the assistant secretary of the Treasury for International Economics and Development.
The Treasury also released its guidelines for how it would hire firms to manage assets purchases.
It cited the need to begin the program urgently - purchasing and managing up to $700 billion in troubled assets to unclog the credit market. Asset managers and other private-sector agents involved in running it may be hired "through other than full and open competition," the Treasury said in a statement.
The department will post help wanted notices on its Web site and applicants will be reviewed in a two-stage process after they've expressed interest.
"Given the urgent need to implement the Troubled Assets Relief Program quickly, the selection process for asset managers may involve extremely short deadlines for submitting information" and attending interviews, Treasury noted.
Asset managers hired to conduct transactions on behalf of the Treasury will be considered financial agents of the United States. That means they will have a fiduciary duty and "responsibility for protecting the interests of the United States."
Information on the contracts awarded to private-sector firms will be posted online at the Federal Business Opportunities Web site or at the Federal Procurement Data System site.
Still unclear from the guidelines, however, is how - and how much - the asset managers will be paid.
The interim guidelines also address conflicts of interests for contractors who are hired for the program.
First Published: October 6, 2008: 1:34 PM ET
-------------------- It is impossible to make anything foolproof because fools are so ingenious.
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But, of course, anyone half attentive would understand it was a typo and know it was supposed to be 1994, when the republicans took over Congress.
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