Photo: Mark Wilson/Getty Images
Neel Kashkari, one of the main operatives of the bank rescue TARP (and therefore one of the men who helped save America from financial Armageddon) is leaving PIMCO, and running for office, according to Dealbook.It’s not clear what office he’ll run for, except that it will be in California, and it will be as a Republican.
Frankly, if someone at the heart of TARP can entertain a run for office without being totally laughed out of the room, that tells you a lot about how America has gotten over the crisis.
Of course, any run will inevitably bring out a replay of some of his most infamous moments, including when he was asked by a Congressman during a hearing: “Is Kashkari a chump?”
He has a website set up discussing some of his background.
Neel moved to Silicon Valley in 2002 where he worked for Goldman Sachs, helping entrepreneurs raise capital to grow their companies and create jobs, giving him firsthand experience with the critical role small businesses play in our economy and the challenges they face in California.
Following his work in Washington, Neel returned to California in 2009 where he became Managing Director and Head of Global Equities at PIMCO, a firm that helps thousands of Americans meet their retirement goals, including teachers, firefighters, and other public employees. He recently left PIMCO to pursue his passion for public service.
Neel resides in Orange County with his two giant Newfoundlands, Winslow and Newsome.
In 2006, his desire to contribute to public policy brought him to Washington, D.C. to join the United States Treasury Department as Senior Advisor to Treasury Secretary Henry Paulson. Neel’s initial work at Treasury brought experts from across the government and private sectors together to craft policies to encourage alternative energy sources that would enhance both national security and environmental sustainability, ultimately leading to Congress passing the Energy Independence and Security Act, which President Bush signed into law on December 19, 2007.
When the financial crisis erupted Neel spearheaded the Treasury Department’s response. He was confirmed as Assistant Secretary of the Treasury by the U.S. Senate in July 2008 and worked with both Republican and Democratic lawmakers to write and pass the Emergency Economic stabilisation Act. Once the law was enacted, Neel established and led the Office of Financial Stability, working with experts from across the government, non-profit and private sectors to design and implement solutions to stem the economic crisis. Although appointed by President Bush, the Obama Administration asked Neel to remain at Treasury and continue leading the response until the crisis had been stabilised. The programs he oversaw helped rescue the U.S. economy and auto sector at minimum cost to the taxpayers (investments in banks and insurance companies even returned an estimated profit to taxpayers of $46 billion). For his leadership Neel was given the Alexander Hamilton Award, the Treasury Department’s highest honour.