Kashkari to head office for $700 billion bailout rescue
Treasury Secretary Henry Paulson announced Monday that Neel Kashkari, Treasury’s assistant secretary for international affairs and a former Goldman Sachs Inc. banker, will act as the interim head of the new Office of Financial Stability, a new office within the Treasury, according to an unnamed official the Associated Press reported.
The new office was created by the emergency legislation enacted Friday to implement the Troubled Asset Relief Program, which will oversee Treasury’s effort to buy bad loans and other distressed securities of financial institutions.
The 35-year-old Kashkari is a former Goldman Sachs Inc. banker in San Francisco, the investment giant once headed by Treasury Secretary Henry Paulson. to fund the largest government bailout in history.
Rat Says: I hate videos like this and may remove it this afternoon or evening. I just want to make one comment since the world markets are selling off and the Dow just dipped below 10,000. If you are going to commit a crime of huge magnitudes you are going to set someone else up to take the fall.
Update:10:30 am ET The Dow is down 400 pts (9924) and went through 10,000 easily. That’s not normal, 10,000 is huge support we should have bounced off of this number hard. The tone on CNBC is very morose.
Update:04:17 pm ET Closed down 369 … Looks like a big buy program came in @ 2:46 when we were down appx 800, and they brought it back to just under 10,000 going into the close.
VIDEO of Jim Cramer ‘uncaged’ and fear mongering the non savvy masses on the Today Show. This is a very bad sign. rattube.com
Trading was suspended on Russia’s main stock markets twice Monday as shares went into free fall on the back of falling oil prices and deepening fears about the global economy. (UPDATED)hurriyet.com.tr
A wave of selling has again engulfed the worlds equities markets on Monday. Russia’s RTS and Micex were both down more than 15% in afternoon trade after being halted for an hour at about 14.00 Moscow time. Thats after Tokyo and Hong Kong closed more than 4% lower, and with London, Frankfurt and Paris down more than 5% in lunchtime trade in Europe. RussiaToday
