Neel Kashkari
Encyclopedia
Neel T. Kashkari (born July 30, 1973) was the Interim Assistant Secretary of the Treasury for Financial Stability in the United States Department of the Treasury
. While in this role, he led the Office of Financial Stability
, the office set up to buy troubled financial assets from U.S. financial firms under the $700 billion U.S. Government Troubled Asset Relief Program. Kashkari joined the Treasury Department in July 2006 as Senior Advisor to U.S. Treasury Secretary Henry Paulson
and was later appointed as the Assistant Secretary for International Economics and Development, a title he held through May 1, 2009, though his international affairs responsibilities were delegated to Assistant Secretary for International Affairs Clay Lowery.
, and grew up in the Akron suburb of Stow, Ohio
. He attended Stow–Munroe Falls schools
before transferring to the Western Reserve Academy
in Hudson, Ohio
, from which he graduated in 1991.
Kashkari earned bachelor’s (1995) and master’s (1997) degrees from the University of Illinois at Urbana-Champaign
. Both degrees were in aeronautical engineering. As a graduate student, he was the team leader for the mechanical engineering component of a solar-powered car the school entered in the 1997 Sunrayce, a solar-powered vehicle race from Indiana to Colorado.
Kashkari earned an MBA from the Wharton School at the University of Pennsylvania
in 2002.
His parents, Chaman and Sheila Kashkari, are from Kashmir
, India
.
. In the summer of 2008, he was appointed assistant secretary for international economics and was confirmed in that post by the U.S. Senate. On October 6, 2008, Paulson named Kashkari interim head of the new Office of Financial Stability. Overseen by the treasury secretary, he is in charge of creating and implementing the United States government's $700 billion financial stabilization program
. This was an interim appointment. The Obama transition team asked Kashkari to remain at Treasury after inauguration for a limited period to assist in the transition.
Kashkari has been noted for his calm demeanor before Congress, firm no-nonsense manner with journalists questioning the bailout, and for his modest public style. His performance at the helm of the Treasury's financial rescue operations won praise from Congressional Democrats as well as Treasury Secretary Timothy Geithner of the Obama administration.
Prior to joining the Treasury Department, Kashkari was a Vice President at Goldman, Sachs & Co. in San Francisco, where he led Goldman's Information Technology Security Investment Banking practice, advising public and private companies on mergers and acquisitions and financial transactions.
Before enrolling in Wharton's MBA program, Kashkari worked for the aerospace firm TRW
, where, amongst other projects, he worked on the James Webb Space Telescope
.
On December 7, 2009, it was announced that Mr. Kashkari would be joining bond house, PIMCO, as a Managing Director in charge of new investment initiatives.
Space Technology). He left after June 2000. His last technical assignment was to develop precision latching technology for the Space Interferometer Mission (SIM) and the Next Generation Space Telescope (now JWST
). Kashkari designed the latches and test setup, integrated the laser distance measuring interferometers, and demonstrated that the latches could retain their precision to the nano-meter level with appropriate pre-load. This result is now being employed in the JWST wing latches, which must ensure that this contributor to primary mirror wavefront remain stable within a few nano-meters of its allocated error budget.
, as well as near San Francisco. Minal Kashkari is employed as an engineer at Lockheed Martin
Corporation. The Kashkaris currently live in Nevada County, California
where Neel is doing what he calls a "detox" from Washington.
54 minute interview following resignation from government. Via YouTube
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
. While in this role, he led the Office of Financial Stability
Office of Financial Stability
The Office of Financial Stability is a new office within the Office of Domestic Finance of the United States Treasury created by theEmergency Economic Stabilization Act of 2008 to operate the Troubled Assets Relief Program....
, the office set up to buy troubled financial assets from U.S. financial firms under the $700 billion U.S. Government Troubled Asset Relief Program. Kashkari joined the Treasury Department in July 2006 as Senior Advisor to U.S. Treasury Secretary Henry Paulson
Henry Paulson
Henry Merritt "Hank" Paulson, Jr. is an American banker who served as the 74th United States Secretary of the Treasury. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs.-Early life and family:...
and was later appointed as the Assistant Secretary for International Economics and Development, a title he held through May 1, 2009, though his international affairs responsibilities were delegated to Assistant Secretary for International Affairs Clay Lowery.
Early life
Kashkari was born on July 30, 1973, in Akron, OhioAkron, Ohio
Akron , is the fifth largest city in the U.S. state of Ohio and the county seat of Summit County. It is located in the Great Lakes region approximately south of Lake Erie along the Little Cuyahoga River. As of the 2010 census, the city had a population of 199,110. The Akron Metropolitan...
, and grew up in the Akron suburb of Stow, Ohio
Stow, Ohio
Stow is a city in Summit County, Ohio, United States. The population was 32,139 at the 2000 census and 33,899 as of 2008. It is a suburban community that is part of the Akron metropolitan area. Stow is located adjacent to several other suburban communities in Summit and Portage Counties...
. He attended Stow–Munroe Falls schools
Stow-Munroe Falls City School District
The Stow-Munroe Falls City School District is a public primary and secondary school district with administrative offices in Stow, Ohio. Located in eastern Summit County, the district serves more than 5,500 students—primarily from the cities of Stow and Munroe Falls—but also from neighboring...
before transferring to the Western Reserve Academy
Western Reserve Academy
Western Reserve Academy is a private, mid-sized, coeducational boarding and day college preparatory school located in Hudson, Ohio.-History:...
in Hudson, Ohio
Hudson, Ohio
Hudson is a city in Summit County, Ohio, United States. The population was 22,262 at the 2010 census. It is an affluent exurban community and is part of the Akron, Ohio Metropolitan Statistical Area...
, from which he graduated in 1991.
Kashkari earned bachelor’s (1995) and master’s (1997) degrees from the University of Illinois at Urbana-Champaign
University of Illinois at Urbana-Champaign
The University of Illinois at Urbana–Champaign is a large public research-intensive university in the state of Illinois, United States. It is the flagship campus of the University of Illinois system...
. Both degrees were in aeronautical engineering. As a graduate student, he was the team leader for the mechanical engineering component of a solar-powered car the school entered in the 1997 Sunrayce, a solar-powered vehicle race from Indiana to Colorado.
Kashkari earned an MBA from the Wharton School at the University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
in 2002.
His parents, Chaman and Sheila Kashkari, are from Kashmir
Kashmir
Kashmir is the northwestern region of the Indian subcontinent. Until the mid-19th century, the term Kashmir geographically denoted only the valley between the Great Himalayas and the Pir Panjal mountain range...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
.
Career
In July 2006, Kashkari was appointed as a special assistant to Treasury Secretary Henry PaulsonHenry Paulson
Henry Merritt "Hank" Paulson, Jr. is an American banker who served as the 74th United States Secretary of the Treasury. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs.-Early life and family:...
. In the summer of 2008, he was appointed assistant secretary for international economics and was confirmed in that post by the U.S. Senate. On October 6, 2008, Paulson named Kashkari interim head of the new Office of Financial Stability. Overseen by the treasury secretary, he is in charge of creating and implementing the United States government's $700 billion financial stabilization program
Emergency Economic Stabilization Act of 2008
The Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008 (Division A of , commonly referred to as a bailout of the U.S. financial system, is a law enacted in response to the subprime mortgage crisis...
. This was an interim appointment. The Obama transition team asked Kashkari to remain at Treasury after inauguration for a limited period to assist in the transition.
Kashkari has been noted for his calm demeanor before Congress, firm no-nonsense manner with journalists questioning the bailout, and for his modest public style. His performance at the helm of the Treasury's financial rescue operations won praise from Congressional Democrats as well as Treasury Secretary Timothy Geithner of the Obama administration.
Prior to joining the Treasury Department, Kashkari was a Vice President at Goldman, Sachs & Co. in San Francisco, where he led Goldman's Information Technology Security Investment Banking practice, advising public and private companies on mergers and acquisitions and financial transactions.
Before enrolling in Wharton's MBA program, Kashkari worked for the aerospace firm TRW
TRW
TRW Inc. was an American corporation involved in a variety of businesses, mainly aerospace, automotive, and credit reporting. It was a pioneer in multiple fields including electronic components, integrated circuits, computers, software and systems engineering. TRW built many spacecraft,...
, where, amongst other projects, he worked on the James Webb Space Telescope
James Webb Space Telescope
The James Webb Space Telescope , previously known as Next Generation Space Telescope , is a planned next-generation space telescope, optimized for observations in the infrared. The main technical features are a large and very cold 6.5 meter diameter mirror, an observing position far from Earth,...
.
On December 7, 2009, it was announced that Mr. Kashkari would be joining bond house, PIMCO, as a Managing Director in charge of new investment initiatives.
Kashkari's work at TRW
Kashkari worked as a design engineer in the Mechanical Engineering Department at TRW (now Northrop GrummanNorthrop Grumman
Northrop Grumman Corporation is an American global aerospace and defense technology company formed by the 1994 purchase of Grumman by Northrop. The company was the fourth-largest defense contractor in the world as of 2010, and the largest builder of naval vessels. Northrop Grumman employs over...
Space Technology). He left after June 2000. His last technical assignment was to develop precision latching technology for the Space Interferometer Mission (SIM) and the Next Generation Space Telescope (now JWST
James Webb Space Telescope
The James Webb Space Telescope , previously known as Next Generation Space Telescope , is a planned next-generation space telescope, optimized for observations in the infrared. The main technical features are a large and very cold 6.5 meter diameter mirror, an observing position far from Earth,...
). Kashkari designed the latches and test setup, integrated the laser distance measuring interferometers, and demonstrated that the latches could retain their precision to the nano-meter level with appropriate pre-load. This result is now being employed in the JWST wing latches, which must ensure that this contributor to primary mirror wavefront remain stable within a few nano-meters of its allocated error budget.
Personal
Kashkari and his wife Minal have residences in Silver Spring, MarylandSilver Spring, Maryland
Silver Spring is an unincorporated area and census-designated place in Montgomery County, Maryland, United States. It had a population of 71,452 at the 2010 census, making it the fourth most populous place in Maryland, after Baltimore, Columbia, and Germantown.The urbanized, oldest, and...
, as well as near San Francisco. Minal Kashkari is employed as an engineer at Lockheed Martin
Lockheed Martin
Lockheed Martin is an American global aerospace, defense, security, and advanced technology company with worldwide interests. It was formed by the merger of Lockheed Corporation with Martin Marietta in March 1995. It is headquartered in Bethesda, Maryland, in the Washington Metropolitan Area....
Corporation. The Kashkaris currently live in Nevada County, California
Nevada County, California
Nevada County is a county located in the Sierra Nevada of California, in the Mother Lode country. As of 2010 its population was 98,764. The county seat is Nevada City.-History:Nevada County was created in 1851 from parts of Yuba County....
where Neel is doing what he calls a "detox" from Washington.
See also
- Feature NYTimes re' joining PIMCO
- Emergency Economic Stabilization Act of 2008Emergency Economic Stabilization Act of 2008The Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008 (Division A of , commonly referred to as a bailout of the U.S. financial system, is a law enacted in response to the subprime mortgage crisis...
- List of U.S. executive branch 'czars'
External links
- Charlie Rose Show May 7, 2009,
54 minute interview following resignation from government. Via YouTube