Bank Bailout News: Kashkari Is Out; Allison Is Tapped to Run TARP

Former Goldman Sachs managing director Neel Kashkari has remained as administrative head of the TARP during the Obama transition, while a replacement was being located. It appears this morning that his successor has been found.  Former Chairman of TIAA-CREF and more recently, fill-in CEO of Fannie Mae (since October of 2008), Herb Allison is President Obama's choice as the new bank bailout administrator for TARP.

Officially, Allison will be nominated as the assistant secretary for the Office of Financial Stability where he will report to Treasury Secretary Tim Geithner.  Prior to joining TIAA-CREF, Allison was a longtime executive at Merrill Lynch where he is perhaps most famous for terminating the Merrill analyst who warned about the dangers at Enron.  Ouch. 

After the jump, we have a short youtube clip of an exchange between Kashkari and Congressman Brad Sherman of California. The issue was AIG bonus payments and it is a good indication of the hornet's nest into which Allison will soon be sticking his ginormous head.

Comments

[Ain't Bullshittin']

Great...another who was part of this shitstorm! The BLIND leading the BLIND!

[James H]

And the BALD replacing the BALD!

[spideydouble]

It could be worse. Obama could just cut straight to the point and start nominating convicted felons. For example, Obama could pardon Jeffrey Skilling, Dennis Kozlowski, and Bernie Ebbers and give one of them the job. We have a long list of distinguished nobility to thank for pioneering modern tactics in fraud and conspiracy. We have an even longer list of distinguished nobility to thank for facilitating and serving as accessories to that modern fraud and conspiracy, not the least of which are House and Senate lobbyists in public servant clothing.

[James H]

@spidey

"It could be worse." CMU! I think this should be Obama's new slogan. No more "Yes we can!" Just simply, "It could be worse."

[Ain't Bullshittin']

AND IT..... WILL..... GET WORSE! You can bet the mortgage on that....Ops sorry try betting something else cuz thats already taken.

[spideydouble]

@James H/Ain't Bullshittin'

I agree. Obama's new slogan should simply be "It could be worse." To be used repeatedly in speeches on The Tonight Show with Jay Leno every time it does get worse. They can follow this up with talk about Obama's latest sports picks and next pet animal - a Savanna Elephant - symbolic of the feeling average Americans have of being f#$*ed by one. He needs to manage expectations and it makes for the perfect excuse. How about a new official website to replace www.whitehouse.gov? I am thinking something simple. How about www.itcouldbeworse.gov? Very fitting indeed.

[Ain't Bullshittin']

OR....Take one for the Team @bend-over.com