Neel Kashkari



















Neel Kashkari
Neel-kashkari.jpg
President of the Federal Reserve Bank of Minneapolis
Incumbent

Assumed office
January 1, 2016
Preceded byNarayana Kocherlakota

Assistant Secretary of the Treasury for Financial Stability
Acting

In office
October 6, 2008 – May 1, 2009
President
George W. Bush
Barack Obama
Preceded byPosition established
Succeeded byHerbert Allison

Personal details
Born
(1973-07-30) July 30, 1973 (age 45)
Akron, Ohio, U.S.
Political partyRepublican
Spouse(s)Christine Ong
Education
University of Illinois, Urbana-Champaign (BS, MS)
University of Pennsylvania (MBA)

Neel Tushar Kashkari[1] (born July 30, 1973) is an American banker and politician who is President of the Federal Reserve Bank of Minneapolis. As interim Assistant Secretary of the Treasury for Financial Stability from October 2008 to May 2009, he oversaw the Troubled Asset Relief Program (TARP) that was a major component of the U.S. government's response to the financial crisis of 2007–08. A Republican, he unsuccessfully ran for Governor of California in the 2014 election.


Born and raised in Ohio, and educated at the University of Illinois at Urbana–Champaign, Kashkari worked initially as an aerospace engineer. After attending business school at the Wharton School of the University of Pennsylvania, he became an investment banker, covering the information technology security sector for Goldman Sachs.


When Henry Paulson, the former head of Goldman, was appointed Secretary of the Treasury in 2006, he brought Kashkari on as an aide. Kashkari was eventually named Assistant Secretary of the Treasury for International Economics and Development. At Treasury, he played a number of roles in the response to the financial crisis and the subprime mortgage crisis that preceded it, most notably administering the TARP.


Kashkari left government and began working for Pimco in 2009, leading that company's push into the equities market. In January 2013, he resigned from Pimco to explore a run for public office. One year later, he announced his candidacy for Governor of California. He came in second in California's nonpartisan blanket primary but lost the general election to incumbent governor Jerry Brown.


He was named the new president of the Minneapolis Federal Reserve November 10, 2015, succeeding Narayana Kocherlakota who announced his resignation in June. Minneapolis, which was last an FOMC voting member in 2017, will next be a voting member in 2020.




Contents





  • 1 Early life and education


  • 2 Private sector


  • 3 Treasury Department

    • 3.1 A growing crisis


    • 3.2 TARP



  • 4 Return to California


  • 5 Politics

    • 5.1 2014 California gubernatorial campaign

      • 5.1.1 Primary election


      • 5.1.2 General election



    • 5.2 Record of voting


    • 5.3 Political positions



  • 6 Federal Reserve Bank of Minneapolis


  • 7 Personal life


  • 8 Film


  • 9 See also


  • 10 References


  • 11 Works cited


  • 12 External links




Early life and education




Engineering Hall at the University of Illinois at Urbana–Champaign. Kashkari earned two degrees in mechanical engineering from UIUC.


Kashkari was born on July 30, 1973,[2] in Akron, Ohio, to Sheila Kashkari, a pathologist at Akron City Hospital, and Chaman Kashkari, a professor of electrical engineering at the University of Akron.[3][4] His parents are Kashmiri Pandits who were born and raised in Srinagar in the Indian state of Jammu and Kashmir[5] and immigrated to the United States in 1964. They settled in Stow,[3] a suburb of Akron, where Neel Kashkari grew up.[4] His parents were well known within the local community of Indian Hindus.[6] His older sister, Meera Kashkari Kelley,[7] is a physician specializing in infectious diseases.[8] Growing up, Neel's parents and sister were liberal, but his free-market views led him to identify more with the Republican Party.[7]


Kashkari attended Stow–Munroe Falls schools before transferring to the Western Reserve Academy.[9] He graduated in 1991 with honors in Mathematics and was elected graduation speaker.[4] In 2009, he described his high school grades as not good enough to apply to top-tier universities.[10]


Kashkari earned bachelor’s (1995) and master’s (1998) degrees in mechanical engineering from the University of Illinois at Urbana–Champaign.[11] He was the team leader for the mechanical engineering component of the school's entry in the 1997 Sunrayce, a solar-powered vehicle race.[4]



Private sector


After completing his master's degree, Kashkari moved to Redondo Beach, California, and worked as an engineer for TRW Inc., a contractor for NASA. There he worked on a stabilizing component for the James Webb Space Telescope.[4]


Kashkari left TRW to enter the Wharton School of the University of Pennsylvania,[4] earning an MBA in 2002. At Wharton he was president of the Finance Club[12] and organized the annual Wharton Finance Conference.[13]


Kashkari interned at the investment bank Goldman Sachs during the summer between his two academic years at Wharton.[6] After graduating from Wharton he joined Goldman's San Francisco office[14] covering software companies in the investment banking division.[6] In this role he advised clients on mergers and acquisitions and other financial matters. He eventually rose to lead Goldman's information technology security practice.[15]


In early 2006, Kashkari first met with Hank Paulson, then chairman and CEO of Goldman Sachs. Kashkari was seeking a recommendation letter for the White House Fellows program. He was a Regional Finalist for the fellowship but was ultimately rejected.[1][7][10]



Treasury Department




Kashkari left the private sector to work at the U.S. Department of the Treasury.


In May 2006 President George W. Bush announced his intention to appoint Paulson as Secretary of the Treasury.[16] Kashkari contacted Paulson and asked to join him at Treasury. Despite not knowing Kashkari well,[17] Paulson had him flown to Washington, D.C., and offered him a job as a policy generalist shortly after Kashkari had begun his pitch. Kashkari accepted, and then Paulson remembered to confirm that Kashkari was a Republican.[18] After the U.S. Senate confirmed Paulson, he and Kashkari started at Treasury on the same day.[17] Kashkari was one of several Goldman employees who followed Paulson to Treasury.[19]


Kashkari began as a special assistant to Paulson working on energy policy. He and Allan B. Hubbard developed Bush's "Twenty in Ten" plan to promote energy conservation.[20] He also worked on issues related to India, particularly infrastructure development.[15] In November 2007, Bush nominated Kashkari to be Assistant Secretary of the Treasury for International Economics and Development. The U.S. Senate confirmed the nomination in June 2008, and Kashkari was sworn in the following month.[21]



A growing crisis


Beginning in summer 2007, the value of some financial instruments backed by U.S. subprime mortgages declined sharply as it became clear that many of the borrowers would default on the mortgages. This caused a crisis as the banks holding the mortgages saw their assets decline in value and rushed to foreclose the loans. This ultimately intensified into a global financial crisis with broad implications.[22]


Kashkari played important roles in several episodes of the crisis. He led Treasury's participation in the Hope Now Alliance, a mortgage industry initiative coordinated by the federal government that aimed to reduce foreclosures by modifying loan terms on a loan-by-loan basis.[20][23] In March 2008 he represented Treasury at negotiations that led ultimately to the federally sponsored takeover and rescue of the investment bank Bear Stearns by JPMorgan Chase.[24] He was in charge of Treasury's (ultimately unsuccessful) efforts to create a market in the U.S. for covered bonds, whose value would continue to be guaranteed by the issuing bank after the bank had sold them.[21][25][26] He also worked closely with Paulson on Treasury's takeover of the government-sponsored enterprises Fannie Mae and Freddie Mac on September 6, 2008, and the federal bailout of American International Group on September 16.[7]


In March 2008, Kashkari began to worry that, if the Bush administration never received the authority it needed to deal with the growing crisis, the next administration would blame them for everything wrong in the economy. Paulson scoffed at this idea, particularly Kashkari's speculation that Barack Obama, then a candidate in that year's presidential election, would win the presidency and use the crisis to ride to popularity just as former President Ronald Reagan had following the Iran hostage crisis.[27]



TARP


In early 2008, Paulson directed Kashkari and fellow Treasury aide Phillip Swagel to write a plan to recapitalize the banking system in case the crisis worsened.[28] The plan called for Congress to authorize Treasury to spend $500 billion to buy mortgage-backed securities from troubled banks, replacing them on banks' balance sheets with safe, liquid Treasury bills. This would prevent runs on the banks and encourage them to lend. The plan was conceived as an alternative to proposals from the staff of the House Financial Services Committee, then led by Democratic Representative Barney Frank.[29]


Following the collapse of the investment bank Lehman Brothers on September 15, 2008, the Emergency Economic Stabilization Act of 2008 (EESA) was enacted on October 3. Both Democrats and Republicans in Congress voted for the law. Kashkari was one of several Paulson aides who was heavily involved in the crafting the legislation.[30] Based in large part on Kashkari and Swagel's recapitalization plan, the EESA created the Troubled Asset Relief Program (TARP), a $700 billion bailout fund for financial institutions threatened with collapse.[31] Kashkari initially proposed a $1 trillion fund, but Paulson vetoed that number as too large. Kashkari came up with the lesser figure of $700 billion by taking 5% of the $14 trillion in then-outstanding mortgages in the United States.[32]


To administer TARP, the EESA created within the Treasury Department a new Office of Financial Stability to be headed by an Assistant Secretary of the Treasury for Financial Stability, who would be nominated by the President and confirmed by the Senate. However, it also specified that the Treasury Secretary could designate an interim Assistant Secretary to run the office. Kashkari first came to widespread public attention on October 6, 2008, when Paulson named him to this position.[33] During his time running TARP he retained his title as Assistant Secretary for International Economics and Development, but his international affairs responsibilities were delegated to another Treasury official.[15]


Noticing a lack of necessary expertise in investment within Treasury, Kashkari recruited new staff for the program, some from government and others from industry, ultimately hiring about 100 people by January 2009.[17][34][35] Kashkari also chaired the five-member investment committee within Treasury that decided which banks would receive TARP money.[36]


With Bush scheduled to leave office on January 20, 2009, following the November 2008 election, Kashkari's appointment was initially viewed as temporary. There were even plans to replace him before Bush left office.[37] However, after Obama won the election, his transition team asked Kashkari to remain at Treasury after the inauguration for a limited period.[38] He left the Treasury Department on May 1, 2009, replaced at the helm of TARP by Herbert M. Allison.[39]


During his time heading TARP, Kashkari was frequently called to testify before Congressional oversight panels. The House members would often question him hostilely over the politically unpopular program, but at least one, Representative Dennis Kucinich, assured Kashkari privately that he thought Kashkari was doing a great job.[17] Another public critic, Representative Gregory Meeks, later thanked Kashkari for his service.[31] Kashkari also won praise from Paulson and Timothy Geithner, Paulson's successor as Treasury Secretary and Kashkari's boss under the Obama administration.[17]Neil Barofsky, who oversaw TARP within Treasury as a special inspector general, commended Kashkari's commitment to the job but criticized his actions.[40]Elizabeth Warren, who headed TARP's Congressional Oversight Panel, later criticized Kashkari for allegedly promising to focus on smaller banks shortly before Treasury announced additional measures to bail out Citigroup.[41] Kashkari later said that Bush not running for reelection allowed the government to "do things that were deeply unpopular but we knew were the right thing."[42]



Return to California


One week after his resignation, he and his wife moved to a cabin in rural Northern California near Lake Tahoe as part of what he called a "detox" from Washington. He worked on home improvement projects and helped Paulson write a memoir.[31]


In December 2009 Kashkari was named a managing director at the investment firm Pimco, in charge of new investment initiatives.[43] Pimco, which had traditionally focused on bonds, hired him to broaden its focus into equities;[44] Pimco later named him global head of equities.[45] Kashkari had met Bill Gross, Pimco's co-founder, in December 2007 as part of his work at Treasury. Kashkari's move to Pimco attracted attention because Pimco benefited from the government takeover of Fannie Mae and Freddie Mac, though it did not receive TARP funds.[39] The six equity mutual funds Pimco launched under Kashkari all underperformed benchmarks in 2012. Kashkari attributed this to the funds hedging risk, which decreases returns when stock prices increase.[46]


Kashkari resigned from Pimco in January 2013, citing a desire to return to public service. He was expected to announce a campaign for elected office.[46][47]


In 2015, the Wall Street Journal said that "the performance of [Pimco equity] funds Mr. Kashkari launched was spotty [and] the firm has since closed some of" them.[48]



Politics



2014 California gubernatorial campaign


Main article: 2014 California gubernatorial election

Kashkari has said he first considered running for Governor of California after Republican nominee Mitt Romney lost the 2012 presidential election to Obama.[49] He spent the year after his resignation from Pimco preparing to campaign in the 2014 gubernatorial election, touring the state, hiring a staff, and meeting with potential donors. He announced his candidacy on January 21, 2014, citing jobs and education as his top priorities. It was his first run for elected office.[50][51] He finished second to incumbent governor Jerry Brown in the nonpartisan blanket primary and lost to Brown in the November general election.[52][53] After the campaign, Kashkari published "Lessons from the Trail," a firsthand account of what he learned from his gubernatorial campaign to help future candidates.[54]



Primary election


Brown was widely expected to finish first in the primary, so Kashkari's principal opponent at this stage was his main rival for second place, Republican state assemblyman Tim Donnelly. Kashkari was seen as a fiscal conservative and social moderate, while Donnelly identified with the right-wing Tea Party movement.[55]


Kashkari enjoyed a significant funding advantage over Donnelly. He raised $1 million within two weeks of announcing his candidacy[56] and went on to raise a total of US$4.1 million, including $2 million of his own money.[57] Republican donors Charles Munger Jr. and Robert Addison Day also spent $400,000 supporting Kashkari through an independent expenditure committee.[58] Donnelly raised only $447,000 in 2014.[59]


For most of the race, Kashkari trailed Donnelly in public opinion polls. Kashkari's moderate views on social issues, involvement with TARP, and vote for Obama in 2008 were unpopular with many Republican voters,[60] who were more enthusiastic about Donnelly.[61] Other Republicans feared that if Donnelly advanced to the general election he would not only lose to Brown but also hurt other Republicans running for office because of his narrow appeal to white conservatives, staunch right-wing views, inflammatory rhetoric, and criminal record. The perceived threat from Donnelly attracted endorsements for Kashkari from national Republicans including Romney, Jeb Bush, Condoleezza Rice, and Karl Rove, as well as California Republicans including Pete Wilson and Darrell Issa.[52][62][63][64][65] These advantages allowed Kashkari not to campaign farther right than he wanted to.[64]


Kashkari's fundraising advantage allowed him pay for more advertising in the last weeks of the race.[60][62] The first poll showing him ahead of Donnelly came out days before the election.[55] In the June 3 primary, Kashkari came in second with 19% of the vote, and Donnelly came in third with 15%. Brown beat them both, with 55%.[52]



General election




General election results by county. Incumbent governor Jerry Brown won, 60%–40%.
Brown:      50–60%      60–70%      70–80%      80–90%
Kashkari:      50–60%      60–70%      70–80%


Brown, a Democrat, was long considered the favorite to win the general election. His approval ratings were high, and as of the end of the primary his campaign had US$21 million.[52] Kashkari, by contrast, spent almost all his campaign money to beat Donnelly,[66] and additional financial support from the national or state Republican Parties was unlikely.[64] Kashkari cited George W. Bush's upset victory over Ann Richards in the 1994 election for Governor of Texas as a model for an upset against a popular Democratic governor.[67] Nonetheless, he lost the November 4, 2014 general election to Brown by a large margin. He garnered 40% of the vote while Governor Brown won with 60%.[68]


During the campaign, Kashkari called on Brown to debate him 10 times. Brown responded that he was undecided on debates.[clarification needed][69]



Record of voting


The San Francisco Chronicle reported in January 2014 that, since 1998, Kashkari had been eligible to vote in 23 elections in California and Pennsylvania but had only voted in 13 (i.e., 57%) of them. His campaign disputed some aspects of the reporting and said that Kashkari's Treasury Department service proves his commitment to civic life.[70] Kashkari later acknowledged his imperfect voting record.[71]



Political positions




Neel Kashkari marching in the 2014 San Diego LGBT Pride Parade


Kashkari has been a Republican his whole life.[7][72] In a 2008 speech to the American Enterprise Institute, Kashkari described himself as "a free-market Republican."[4][8] In 2013, he described himself as a "pro-growth Republican".[72] He opposes most of Obama's economic agenda[72] and supports cutting business regulations.[73] He has called for cutting Social Security and Medicare[74][75] and replacing the Patient Protection and Affordable Care Act.[76] In 2012, he voted against California's Proposition 30, which raised taxes in the state, and for Proposition 32, which would have weakened labor unions' political influence.[77] In a March 2014 interview, he praised Wisconsin governor Scott Walker's controversial policies limiting collective bargaining.[78]


On social issues, he has described himself as libertarian[79] and "a different kind of Republican",[73] supporting abortion rights, same-sex marriage, and a path to legal status for illegal immigrants.[73] He voted against California's Proposition 8, which banned same-sex marriage in 2008.[72] In 2013, he was one of 131 Republicans who signed a pro-marriage equality amicus curiae brief submitted to the U.S. Supreme Court as part of Hollingsworth v. Perry,[80] the case in which the final appeal against the previously-found unconstitutionality of Proposition 8 was rejected for lack of standing.[81] Kashkari owns four guns but considers waiting periods and background checks before purchasing a firearm to be reasonable.[82]


On environmental issues, he voted against California's Proposition 23, which would have suspended the state law that limits greenhouse gas emissions.[77] He believes climate change is real and man-made. He has spoken positively of fracking and offshore oil drilling[72] and negatively of California's cap-and-trade program.[83]


Kashkari cites Paulson, Mitch Daniels, and Jeb Bush as political mentors.[49] He voted for Obama in the 2008 presidential election and Romney in the 2012 election.[72]


In March 2014, Kashkari proposed waiving state income taxes for 10 years for businesses that move to California with at least 100 jobs; waiving state income taxes for California companies that build new manufacturing plants in the state; expanding hydraulic fracturing (fracking) of oil deposits; reducing environmental regulation; and increasing water storage in response to the state's ongoing drought. Economists and political experts interviewed by the Los Angeles Times were skeptical of the plan's chances in the Democratic-dominated California Legislature and of its potential effectiveness were it to be passed.[84]



Federal Reserve Bank of Minneapolis




Kashkari has been President of the Minneapolis Fed since January 1, 2016.


In early November 2015 Kashkari was named president and CEO of the Minneapolis Fed. He was chosen by the Minneapolis bank board (excepting representatives from the financial industry), approved 5-0 by the Federal Reserve Board in Washington and assumed the Minneapolis position on January 1, 2016. With the presidents of the New York (William C. Dudley), Dallas (Robert Steven Kaplan) and Philadelphia (Patrick T. Harker) regional Fed banks, Kashkari will become the fourth sitting regional Fed chief to have Goldman Sachs on his resume. Kaplan and Harker both assumed their positions in 2015.[48]


On February 16, 2016 while giving a speech at the Brookings Institution, Kashkari recommended that in order to stave another potential financial meltdown, the big banks should be broken up, saying, "I believe the biggest banks are still too big to fail and continue to pose a significant, ongoing risk to our economy."[85]



Personal life


Kashkari is a practicing Hindu.[86] He said in 2009 that he began praying while working on TARP, having been especially affected when a colleague had a heart attack at work.[31]


Kashkari met his ex-wife Minal in college at the University of Illinois. They married in a traditional Indian ceremony in Chicago.[6] Neel Kashkari filed for divorce in November 2011[87] and later described the split as amicable.[88] They have no children.[86]


Kashkari married Christine Ong in Lake Tahoe in August 2015.



Film


Ayad Akhtar portrayed Kashkari in Too Big to Fail, a television film about the financial crisis based on Andrew Ross Sorkin's book of the same name.



See also


  • List of Indian Americans

  • List of Kashmiri Pandits

  • List of U.S. executive branch czars

  • List of Wharton School alumni


References




  1. ^ ab The White House announces regional finalists for the 2006–2007 White House Fellowships. George W. Bush administration archives, February 27, 2006. Hosted at Archives.gov. Accessed January 19, 2014.


  2. ^ Theresa Howard. $700B man: Former adviser to Paulson takes bailout post. USA Today, October 7, 2008. Accessed December 30, 2013.


  3. ^ ab Sabrina Eaton. Browns fan Neel Kashkari hopes to topple California Gov. Jerry Brown. The Plain Dealer, February 11, 2014. Accessed February 11, 2014.


  4. ^ abcdefg Associated Press. Kashkari faces major task as 'bailout czar'. USA Today, October 11, 2008. Accessed December 30, 2013.


  5. ^ Haniffa, Aziz (January 22, 2014). "The Kashmiri Pandit who wants to be California's governor". Rediff.com. Retrieved July 9, 2014..mw-parser-output cite.citationfont-style:inherit.mw-parser-output .citation qquotes:"""""""'""'".mw-parser-output .citation .cs1-lock-free abackground:url("//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Lock-green.svg/9px-Lock-green.svg.png")no-repeat;background-position:right .1em center.mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-lock-registration abackground:url("//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/Lock-gray-alt-2.svg/9px-Lock-gray-alt-2.svg.png")no-repeat;background-position:right .1em center.mw-parser-output .citation .cs1-lock-subscription abackground:url("//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Lock-red-alt-2.svg/9px-Lock-red-alt-2.svg.png")no-repeat;background-position:right .1em center.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registrationcolor:#555.mw-parser-output .cs1-subscription span,.mw-parser-output .cs1-registration spanborder-bottom:1px dotted;cursor:help.mw-parser-output .cs1-ws-icon abackground:url("//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/12px-Wikisource-logo.svg.png")no-repeat;background-position:right .1em center.mw-parser-output code.cs1-codecolor:inherit;background:inherit;border:inherit;padding:inherit.mw-parser-output .cs1-hidden-errordisplay:none;font-size:100%.mw-parser-output .cs1-visible-errorfont-size:100%.mw-parser-output .cs1-maintdisplay:none;color:#33aa33;margin-left:0.3em.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration,.mw-parser-output .cs1-formatfont-size:95%.mw-parser-output .cs1-kern-left,.mw-parser-output .cs1-kern-wl-leftpadding-left:0.2em.mw-parser-output .cs1-kern-right,.mw-parser-output .cs1-kern-wl-rightpadding-right:0.2em


  6. ^ abcd Heidi N. Moore. Neel Kashkari: a portrait of the $700 billion man as a young banker. The Wall Street Journal, October 10, 2008. Accessed December 30, 2013.


  7. ^ abcde Charlie Savage and Ben White. Bailout role elevates U.S. official. The New York Times, October 8, 2008. Accessed December 30, 2013.


  8. ^ ab Gilbert Cruz. Neel Kashkari, the $700 billion man. Time, October 8, 2008. Accessed December 30, 2013.


  9. ^ Colin McEwen. Stow man nominated for U.S. Treasury position. Hudson Hub-Times, November 28, 2007. Archived from the original at the Internet Archive on March 6, 2012. Accessed December 30, 2013.


  10. ^ ab Betty Lin-Fisher. Bailout czar gives local alma mater lesson on recovery. Akron Beacon Journal, April 11, 2009. Accessed January 6, 2014.


  11. ^ "MechSE Distinguished Alumni". mechanical.illinois.edu. Retrieved August 18, 2014.


  12. ^ Jane M. Von Bergen. Wharton grad's new job: clean up credit mess. The Philadelphia Inquirer, October 8, 2008. Accessed January 2, 2014.


  13. ^ Justin Fox. Neel Kashkari tries to get through to January 20. Time, November 7, 2008. Accessed January 15, 2014.


  14. ^ Wailin Wong. The rapid rise of bailout czar. Chicago Tribune, October 13, 2008. Accessed December 30, 2013.


  15. ^ abc U.S. Department of the Treasury. Biography of Neel Kashkari, Assistant Secretary of the Treasury for International Economics. Archived from the original at the Internet Archive on January 18, 2009. Accessed December 30, 2013.


  16. ^ Jim Rutenberg and Edmund L. Andrews. Bush selects Goldman chief to take over Treasury Dept. The New York Times, May 30, 2006. Accessed December 30, 2013.


  17. ^ abcde David Cho. After months on the hot seat, bailout director nears exit. Washington Post, April 29, 2009. Accessed January 6, 2014.


  18. ^ Sorkin, pp. 84–5.


  19. ^ Francesco Guerrera, Henny Sender, Ben White, James Politi. Wachovia appoints Steel as new chief(registration required). Financial Times, July 10, 2008. Accessed January 2, 2014.


  20. ^ ab Michael S. Rosenwald. The $700 billion man with an engineer's mind. Washington Post, October 9, 2008. Accessed January 5, 2014.


  21. ^ ab Matthew Yglesias. All your financial system are belong to Neel Kashkari. ThinkProgress, October 6, 2008. Accessed January 2, 2014.


  22. ^ For a detailed account, see Sorkin.


  23. ^ Jeanne Sahadi. Subprime: 'HopeNow' may help only so much. CNNMoney.com, October 12, 2007. Accessed January 2, 2014.


  24. ^ Julie Creswell, Ben White. The guys from 'Government Sachs'. The New York Times, October 17, 2008. Accessed January 3, 2014.


  25. ^ Jim Zarroli. Paulson pushes 'covered bonds' in housing fix. NPR, July 29, 2008. Accessed January 2, 2014.


  26. ^ Maya Jackson Randall. Lawmakers back covered bonds(subscription required). Wall Street Journal, June 22, 2011. Accessed June 18, 2014.


  27. ^ Sorkin, pp. 92–3.


  28. ^ Sorkin, pp. 83–4.


  29. ^ David Wessel. In Fed We Trust. Crown Business, 2010, pp. 176–7.


  30. ^ Mark Landler, Edmund L. Andrews. For Treasury Dept., now comes hard part of bailout. The New York Times, October 4, 2008. Accessed January 2, 2014.


  31. ^ abcd Laura Blumenfeld. The $700 billion man. Washington Post, December 6, 2009. Accessed January 5, 2014.


  32. ^ Sorkin, p. 450


  33. ^ Patrick Rucker. Treasury names rescue program chief. Reuters, October 6, 2008. Accessed January 3, 2014.


  34. ^ Silla Brush. Kashkari defends bailout from assertions of critics. The Hill, January 8, 2009. Accessed January 6, 2014.


  35. ^ Edmund L. Andrews, Stephen Labaton. Geithner, with few aides, is scrambling. The New York Times, March 8, 2009. Accessed January 5, 2014.


  36. ^ Mark Landler. New terrain for panel on bailout. The New York Times, November 4, 2008. Accessed January 9, 2014.


  37. ^ Edwin Chen. Bush praised by both parties for transition planning. Bloomberg News, November 3, 2003. Accessed January 3, 2014.


  38. ^ Deborah Solomon. Kashkari, Lambright to stay with TARP(subscription required). The Wall Street Journal, January 9, 2009. Accessed March 7, 2010.


  39. ^ ab Devin Leonard. Neel Kashkari's quiet path to Pimco. The New York Times, December 31, 2009. Accessed January 5, 2014.


  40. ^ David Siders. Neel Kashkari's run for governor tied up in the federal bank bailout. Sacramento Bee, February 8, 2014. Accessed February 10, 2014.


  41. ^ Warren, Elizabeth (2014). A Fighting Chance. Macmillan. p. 89. ISBN 9781627790529.


  42. ^ Quoted in Zachary A. Goldfarb, Neil Irwin. Geithner, Bernanke have little in arsenal to fight new crisis. Washington Post, August 14, 2011. Accessed January 5, 2014.


  43. ^ DealBook. Pimco hires ex-Treasury official who led bailout. The New York Times, December 7, 2009. Accessed January 5, 2014.


  44. ^ Anousha Sakoui, David Oakley. Pimco's move into equities reflects diversification trend(registration required). Financial Times, June 15, 2010. Accessed January 5, 2014.


  45. ^ Randy Diamond. Neel Kashkari is planning for the future. Pensions & Investments, June 25, 2012. Accessed January 5, 2014.


  46. ^ ab David Wessel, Kirsten Grind. TARP czar to take shot in politics(subscription required). The Wall Street Journal, January 23, 2013. Accessed January 5, 2014.


  47. ^ Michael J. de la Merced. Kashkari, onetime $700 billion man at Treasury, weighs political bid. The New York Times, January 23, 2013. Accessed January 5, 2014.


  48. ^ ab Derby, Michael S., "Neel Kashkari Named New Minneapolis Fed President", Wall Street Journal, November 10, 2015. Retrieved November 10, 2015.


  49. ^ ab Julia La Roche. Goldman Sachs, bank bailouts, no experience: Why these stigmas won't stop Neel Kashkari from running for governor. Business Insider, February 15, 2014. Retrieved on February 16, 2014.


  50. ^ Seema Mehta, Chris Megerian. Neel Kashkari, ex-Treasury official, running for California governor. Los Angeles Times, January 21, 2014. Retrieved on January 21, 2014.


  51. ^ David Siders. Neel Kashkari announces he will run for California governor. Sacramento Bee, January 21, 2014. Retrieved on January 21, 2014.


  52. ^ abcd Onishi, Norimitsu (June 4, 2014). "G.O.P. nominee for governor faces an uphill climb in California". The New York Times. Retrieved June 14, 2014.


  53. ^ "Election results". Los Angeles Times. Retrieved November 5, 2014.


  54. ^ Kashkari, Neel. "Lessons from the Trail". scribd.com. Retrieved December 27, 2016.


  55. ^ ab Lazo, Alejandro (June 1, 2014). "Neel Kashkari, Tim Donnelly make their pitch in California". Wall Street Journal. Retrieved June 14, 2014.
    (subscription required)


  56. ^ William Bradley. California elections: The fights to lose to Jerry Brown and succeed Henry Waxman come into more focus. Huffington Post, February 10, 2014. Accessed February 10, 2014.


  57. ^ Mehta, Seema (June 4, 2014). "Gov. Jerry Brown takes easy lead, will face Neel Kashkari in November". Los Angeles Times. Retrieved June 14, 2014.


  58. ^ Siders, David (June 4, 2014). "Governor: Tim Donnelly congratulates Neel Kashkari". Sacramento Bee. Retrieved June 14, 2014.


  59. ^ Titus, Elizabeth (June 4, 2014). "GOP relieved as Tim Donnelly concedes in California". Politico. Retrieved June 14, 2014.


  60. ^ ab Siders, David (June 4, 2014). "In a low-dollar California governor's race, advertising pushes Neel Kashkari ahead of Tim Donnelly". Sacramento Bee. Retrieved June 14, 2014.


  61. ^ Michael Finnegan, Seema Mehta. Tim Donnelly gets 'unofficial' endorsement at GOP convention. Los Angeles Times, March 16, 2014. Retrieved on March 17, 2014.


  62. ^ ab Marinucci, Carla; Gutierrez, Melody; Kane, Will (June 4, 2014). "Jerry Brown to face off with Neel Kashkari in November". San Francisco Chronicle. Retrieved June 14, 2014.


  63. ^ Wildermuth, John (April 29, 2014). "New Kashkari endorsements say plenty about Donnelly". San Francisco Chronicle. Retrieved June 14, 2014.


  64. ^ abc Marinucci, Carla; Gutierrez, Melody (June 5, 2014). "Kashkari has long road to overtake Jerry Brown". San Francisco Chronicle. Retrieved June 14, 2014.


  65. ^ Marinucci, Carla (April 7, 2014). "Rove: CA Republicans would be stupid not to pick Kashkari". San Francisco Chronicle. Retrieved June 14, 2014.


  66. ^ Reston, Maeve; Leonard, Jack (June 4, 2014). "Donnelly concedes loss to Kashkari in gubernatorial primary". Los Angeles Times.


  67. ^ Hunter Schwarz. The man who ran the $700 billion bailout wants to be California's next governor. BuzzFeed, January 30, 2014. Retrieved on February 1, 2014.


  68. ^ Marinucci, Carla, and Melody Gutierrez, "Brown cruises to victory over Kashkari", sfgate.com, November 4, 2014. Retrieved November 19, 2015.


  69. ^ Siders, David (July 30, 2014). "Jerry Brown undecided on debating Neel Kashkari". Archived from the original on August 8, 2014. Retrieved July 31, 2014.


  70. ^ Carla Marinucci. Neel Kashkari's voting record spotty since 1998. San Francisco Chronicle, January 20, 2014. Retrieved on January 20, 2014.


  71. ^ Seema Mehta. Kashkari acknowledges that he did not always vote. Los Angeles Times, January 23, 2014. Retrieved on January 24, 2014.


  72. ^ abcdef Carla Marinucci. Excloo! Republican Neel Kashkari — edging closer to 2014 gov run — on the issues. San Francisco Chronicle, November 14, 2013. Accessed January 5, 2014.


  73. ^ abc Seema Mehta. Ex-Treasury official considers challenging Jerry Brown in 2014. Los Angeles Times, November 18, 2013. Accessed January 5, 2014.


  74. ^ Robert Steyer. Congressional gridlock keeps DC industry off the legislative agenda. Pensions & Investments, November 14, 2011. Accessed January 5, 2014.


  75. ^ Neel Kashkari. No more 'me first' mentality on entitlements. Washington Post, July 26, 2010. Accessed January 5, 2014.


  76. ^ "Kashkari: Obamacare a jobs "destroyer"". Bloomberg TV. April 2, 2014. Retrieved June 14, 2014.


  77. ^ ab David Siders. Kashkari seeks to build image as Republican 'fighting for the poor'. Sacramento Bee, December 9, 2013. Accessed January 5, 2014.


  78. ^ Goldmacher, Shane (March 31, 2014). "Why the man who ran the hated Wall Street bailout thinks he can win election". National Journal. Retrieved March 31, 2014.


  79. ^ Associated Press. Former bailout boss weighs run for California governor. CBS San Francisco, December 4, 2013. Accessed January 10, 2014.


  80. ^ John Avlon. The pro-freedom Republicans are coming: 131 sign gay-marriage brief. The Daily Beast, February 28, 2013. Accessed January 5, 2014.


  81. ^ Bill Mears. Supreme Court dismisses California's Proposition 8 appeal. CNN, June 27, 2013. Accessed January 5, 2014.


  82. ^ David Siders. Gun owner Kashkari says he's not running on Second Amendment agenda. Sacramento Bee, February 20, 2014. Accessed February 20, 2014.


  83. ^ Josh Richman. Neel Kashkari calls for bigger GOP tent. San Jose Mercury News, February 20, 2014. Accessed February 21, 2014.


  84. ^ Seema Mehta. Kashkari unveils jobs plan he says would 'unleash' the private sector. Los Angeles Times, March 25, 2014. Accessed March 26, 2014.


  85. ^ Appelbaum, Binyamin, "Fed’s Neel Kashkari Says Banks Are ‘Still Too Big to Fail’", The New York Times, February 16, 2016. Retrieved February 17, 2016.


  86. ^ ab Carla Marinucci. Neel Kashkari explores GOP bid for governor. San Francisco Chronicle, November 15, 2013. Accessed January 5, 2014.


  87. ^ James Nash, Michael B. Marois. Kashkari bets on U.S. rescue to fuel challenge of Brown. Bloomberg News, December 2, 2013. Accessed January 5, 2014.


  88. ^ Seema Mehta. California gubernatorial candidate Kashkari putting himself out there. Los Angeles Times, January 24, 2014. Accessed January 25, 2014.



Works cited



  • Andrew Ross Sorkin. Too Big to Fail. Penguin Books, 2009, 2010.
    ISBN 978-0-14-311824-4


External links


  • Official website


  • Neel Kashkari on IMDb

  • Sunrayce 97 results







Party political offices
Preceded by
Meg Whitman

Republican nominee for Governor of California
2014
Succeeded by
John Cox
Civic offices
Preceded by
Narayana Kocherlakota

President of the Federal Reserve Bank of Minneapolis
2016–present

Incumbent







-

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