India-origin in charge of $700-billion rescue plan

Economy Bureau
Posted: Tuesday, Oct 07, 2008 at 2338 hrs IST
Updated: Tuesday, Oct 07, 2008 at 2338 hrs IST

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New Delhi , Oct 6 : US treasury secretary Henry Paulson has put an Indian American of Kashmiri origin in charge of the George Bush administration's $700 billion rescue effort for financial institutions. Neel Kashkari of treasury department has been an advisor to Paulson since 2006 and was promoted to the post of second assistant secretary of the Treasury for international affairs this July.

“I look forward to reaffirming America 's commitment to open investment - which stimulates growth, creates jobs, enhances productivity and improves competitiveness,” 35-year old Kashkari had said at the time of his appointment.

The Akron, Ohio-born Kashkari, originally hails from Kashmir . His father Chaman Kashkari is a retired professor of engineering at the University of Akron while mother, Sheila is a pathologist. Before his stint in the Bush administration, Kashkari was a vice president at Goldman Sachs and Co. in San Francisco where he headed the IT security investment banking practice and also advised companies on mergers and acquisitions and financial transactions.

He is an alumnus of the University of Pennsylvania 's Wharton School of Business, where he received his MBA in finance. He has also earned a bachelor's and master's degree in aerospace engineering from the University of Illinois at Urbana-Champaign. Kashkari has also worked as R&D Principal Investigator at TRW in Redondo Beach , California , where he developed technology for NASA space science missions. He went to Wharton after this stint.

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