TPM:
Last week, Congress's oversight panel for the TARP funds confirmed in a report that the Treasury Department essentially has no idea what banks have done with the astronomical sums they've been handed.
Given this lack of information, we figured it might at least be helpful to know a bit about a few of the people at Treasury who are in charge of administering the massive program, and what their backgrounds might tell us about the way they've gone about it.
As the New York Times reported back in October, many of those people are former execs at Goldman Sachs, the Wall Street behemoth that used to be led by Treasury Secretary Henry Paulson.
Most prominent among those is Neel Kashkari, the 35-year old former Goldman VP who was appointed by Paulson in October as the interim head of the Office of Financial Stability (OFS), which is in charge of implementing the bailout.
Kashkari's role is said by the Times to have "evolved" after Paulson changed the original bailout plan, so that Treasury would invest money directly in troubled banks.
But less attention has been paid to another Goldman alum, Kendrick Wilson, who was brought in -- after a personal call from his old Harvard Business School buddy, George W. Bush -- to advise Paulson on how to fix the financial markets.
On a side note: Goldman Sachs Group Inc.'s most senior financial-institutions banker, Ken Wilson, is temporarily leaving the firm to advise Treasury Secretary Henry Paulson on how to resolve the country's banking crisis, according to people familiar with the matter.
1 comment:
Now Hank is seen for who he really is nothing but a soicalizer for Goldman Sachs with no knowledge of Econmy at all. Great choice Bush made at picking him as US Tresury Secretary. Now Hank has another Goldman Sachs employee as an adviser who's paid millions to tell Hank what to do. Yes we also have other hired Goldman Sachs employees on the bailout payrole spending bailout money. Soon Hank's adviser will hire his adviser. Let's see we'll be paying Hank, an adviser to Hank and an adviser to the adviser. All these paid people and still their messing up. But at lease the adviser was a school friend of GW and got a quick couple of million for free. Looks like G-Rod's brother isn't the only free loader in politics.
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