Paulson's choice of Neel Kashkari to run TARP was classic Wall Street, more of the same. Yet another Goldman alum in charge of a government agency related to Wall Street is something we've all become familiar with in recent years. Kashkari always seemed over his head with this important job but Geithner has had his own struggles between getting in the door, attempting to step up to the role and then hiring a team. The new choice is a familiar name due to his role since September at Fannie Mae. As much as I wouldn't mind seeing new faces, there is benefit in hiring someone who is a respected elder on Wall Street who already knows the way around that area. MarketWatch:
President Barack Obama is expected to pick Fannie Mae Chief Executive Herb Allison to head the $700 billion Troubled Asset Relief Program, according to a Wall Street Journal report published Monday.
The newspaper cited unnamed sources as saying the administration is turning to Allison as an experienced manager "at a time when it is having trouble filling key finance posts."
Allison, 65, is the former chairman of investment company TIAA-CREF and was a Merrill Lynch & Co. executive. He took the reins at Fannie Mae in September, after the government seized it and its sister firm Freddie Mac.
