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Neel Kashkari, the interim assistant secretary of the treasury, opened with a keynote address Monday at the Securities Industry and Financial Markets Association's Summit on the Troubled Asset Relief Program. "We at Treasury are in deep execution mode," said Kashkari, "implementing a program that would normally take months or years to implement. Our goal is to attack the root of the problem in our financial system."
Kashkari decided to start off by addressing the restructured American International Group Inc. bailout. "Before I start I want to discuss AIG. The TARP's foremost purpose is to stabilize the finical system. We recognize that the financial system remains fragile; this restructuring was necessary," Kashkari said. "AIG was a one-off event, and doesn't mark the beginning of a new program." Commenting on -- or if -- asset purchases will begin, Kashkari said, "Ultimately, Secretary Paulson will make the decision on when asset purchases will happen. I can't give you a date on that." Kashkari also added that "all qualifying banks can participate. There is enough capital allocated for all qualifying institutions." In response to the question of when the banks will start lending again, he said: "Less than one-half the money is out the door today; it will take months to invest it all. Although progress has been made in the last month, the financial system remains fragile. The last thing we want is for banks to resume the poor lending practices that caused this in the first place. "We've heard from regional banks that they plan to take on new customers and new business [after receiving TARP funds]. Additionally, other shareholders will demand that the banks start putting money to work by lending," Kashkari concluded. - George White Strong regulation of PE and hedge funds likely on the way RBC's Gerard Cassidy: TARP will slow M&A CategoriesComments Deal Video
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I am watching Brahminist-Hindus going ga-ga over their compadre Neil Kashkari getting catapulting to Treasury - just as they were delirious with the appointment of Vikram Pandit as Citigroup CEO. But are Americans aware of the very elitist/fascist caste-ridden social thinking and values of these Brahminists (8% of Hindus: Brahmin, Bania, Lala castes) and how they have been looting and pillaging India?
Probably not, because they are only exposed to this same narrow minority of Indians in western countries. The Brahminist establishment has monopolized India’s top educational institutions (IITs) which supply 99% of “Indian” students to U.S. universities (while being less than 5% in Indians) who then join US companies and CEOs. After assuming state power in 1947, Brahminist communities have done very well in India at the expense of the rest by systematically corrupting, monopolizing and looting all state institutions set up by the British. They are motivated by delusional historical ideologies in which Brahminist-Hindus fancy themselves as some perpetual ruling-class of India (“highest castes”) despite that fact that the objective historical record bears witness to mostly non-Brahminist rule in the subcontinent over the past 2500 years (e.g. Buddhism, Muslim, Sikh) and various new influxes of peoples and cultures such as the Sakas (Indo-Scythians), Huns, Moguls and Pathans. These groups and their descendents created most of the known “Indian” empires, including the three Buddhist empires (Satraps, Kushanas and Virkas) from 300BC-800AD; the Muslim empires of the Ghaznis, Lodhis, Mughals (10-18 century AD); and Sikh, Rajput, Jat and Maratha rule before the British arrival in the 19th century.
Given the degenerate, corrupt and criminalized nature of their beloved Bharat’s legal and administrative system, I do not believe that Americans wish to welcome their Manuite values and contributions here. They have already acquired quite a reach in the U.S. media, university system and Wall Street.