Paulson Picks Goldman Alum to Oversee Bailout Fund

35-year-old to keep seat warm until Jan.
By Jim O'Neill,  Newser User
Posted Oct 6, 2008 9:59 AM CDT
Treasury Secretary Henry Paulson.   (AP Photo/Charles Dharapak)
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(Newser) – Treasury Secretary Henry Paulson will name former Goldman Sachs banker Neel Kashkari to oversee the $700 billion bailout fund approved last week, reports the Wall Street Journal. The appointment is an interim one for Kashkari, 35, currently an assistant Treasury secretary; a new administration would almost certainly appoint its own official to the post in January.

Kashkari has been a key adviser to Paulson amid the housing crisis, and one of the early proponents of the plan to buy financial institutions’ bad debts. He’ll also oversee the hammering-out of details on how the fund will operate, including conflicts of interest in the hiring of asset managers.