Neel Kashkari "With a $700 Billion Dollar Wallet"

Events & Community Members in news
From Washington, USA, October 6, 2008
Neel Kashkari
"With a $700 Billion Dollar Wallet"
Neel Kashkari a 35-year-old former Goldman Sachs banker will head up the US Treasury's $700 billion bailout fund. Neel was designated as the Interim Assistant Secretary of the Treasury for Financial Stability on October 6, 2008. In this capacity, Mr. Kashkari oversees the Office of Financial Stability including the Troubled Asset Relief Program.
Mr. Kashkari also continues to hold the position of Assistant Secretary of the Treasury for International Economics and Development, but his International Affairs responsibilities are delegated to Assistant Secretary for International Affairs Clay Lowery while Mr. Kashkari serves as Interim Assistant Secretary for Financial Stability.
Mr. Kashkari joined the Treasury Department in July 2006 as Senior Advisor to U.S. Treasury Secretary Henry M. Paulson, Jr. In that role, he was responsible for developing the President’s Twenty in Ten energy security plan, enhancing Treasury’s engagement with India, particularly in the area of infrastructure development, and developing and executing the Department’s response to the housing crisis, including the formation of the HOPE NOW Alliance, the development of the subprime fast-track loan modification plan, and Treasury’s initiative to kick-start a covered bond market in the United States.

Prior to joining the Treasury Department, Mr. Kashkari was a Vice President at Goldman, Sachs & Co. in San Francisco, where he led Goldman's IT Security Investment Banking practice, advising public and private companies on mergers and acquisitions and financial transactions. Prior to his career in finance, Mr. Kashkari was a R&D Principal Investigator at TRW in Redondo Beach, California where he developed technology for NASA space science missions such as the James Webb Space Telescope.

Mr. Kashkari, who grew up near Akron, Ohio, is a first-generation Indian-American. His parents had grown up in poverty in the Kashmir region of India before becoming an engineer and a doctor and coming to the United States.

Mr. Kashkari’s older sister, Meera Kashkari Kelley, said in an interview that the experiences of their parents shaped their childhoods.

“They ingrained in us the perspective that our origins were relatively poor,” she said. “I think that gave us a great appreciation for the opportunities that people have in this country.”

Mr. Kashkari stood out in his family. While everyone else leaned liberal, his sister said, he gravitated toward free-market Republican views.

As a high school student at the Western Reserve Academy in Hudson, Ohio, Mr. Kashkari excelled in math and was chosen by his classmates to be the graduation speaker.

After high school, Mr. Kashkari initially opted for an engineering career, earning an undergraduate and master’s degree from the University of Illinois at Urbana-Champaign. He also met his wife, Minal, a mechanical engineer who works on NASA projects, on campus.

Mr. Kashkari worked for several years as a satellite engineer for TRW before earning an M.B.A. from the Wharton School.

“Neel was one of the strongest students in my class,” said Anjani Jain, the vice dean and director of the graduate division. “I remember him fondly as a gentle but persuasive student. He got a lot done.”

After graduating in 2002, Mr. Kashkari joined Goldman Sachs, where he specialized in helping start-up computer security companies get financing or sell themselves to larger companies.

One was FrontBridge Technologies, an e-mail security company that Mr. Kashkari worked with for several years. He helped the company with its acquisition by Microsoft in August 2005 for several hundred million dollars, according to Steve Jillings, its former chief executive. (The terms of the deal were not publicly disclosed.)

Bradford Koenig, now retired, who ran Mr. Kashkari’s technology banking group at Goldman Sachs, said their interaction was “a very positive experience.” But, he added, they had relatively little contact because Mr. Kashkari was a junior banker.

Now, Mr. Kashkari’s skills in working with powerful people will be tested. David Smith, chief economist for the House Financial Services Committee, said that despite concerns over his age, Mr. Kashkari is “a serious guy.” Still, he said, Congress will watch his decisions very closely.

“It’s not simply that he’s never done it before — no one has ever done it before,” he said. “So scrutiny will be and should be intense.”

Source: US Department of Treasury and Times reporter, Julie Creswell, and a researcher, Kitty Bennett, contributed to this article.

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Amasing personality at this young age. You have made United States and your community proud.Keep it up
Added By ramesh bahlla
Kashiri pandit have all along been recognized as very intligent community. However because of contineous suppression at their native place for last few decades, they had lost that sheen in recent past. Now that they are free from clutches of their tormentors, I am sure we will hear many scuh KP names at international level. God bless our community
Added By Chaman Lal Razdan
Neel can do it as he belongs to the family where education has been the prorty. His parrents did excel in their proffession. His grand father sudarshan Kashkari was a writer and authored several books. His grand uncle Srikanth Kashkari was expert in vedic knowledge and astrology, earning name of a saint. Women educationwas priorty for the family.His grand mother and grand aunties were all literate and empowered with confidence to women liberty.
Added By Vijay Kashkari