WASHINGTON (AP) – An official says the administration has decided to pick a key Treasury Department official to be the interim head of its $700 billion rescue effort for financial institutions.
The official said Monday that Neel Kashkari, Treasury’s assistant secretary for international affairs, will soon be announced as the interim head of Treasury’s new Office of Financial Stability. The official asked not to be identified by name because the selection has not been announced publicly.
The 35-year-old Kashkari is a former Goldman Sachs Inc. banker, the investment giant once headed by Treasury Secretary Henry Paulson. The new office was created by the emergency legislation enacted Friday to fund the largest government bailout in history.
• Wall Street tumbles below 10,000
• Congress: Lehman sought millions for execs
• World markets plunge as fears spread
• Fed to loan up to $900 billion to banks