This page has been archived and commenting is disabled.

Another Former Goldmanite Becomes Fed President: Neel "Chump" Kashkari Replaces Uber-Dove Kocherlakota

Tyler Durden's picture




 

Having recently failed in his bid to be democratically-elected to California's governorship, it appears former Treasury Bailout chief and PIMCO 'equity' portoflio manager, Neel Kashkari has been selected (not elected) as Minneapolis Fed's next president, replacing the uber-dovish Kocherlakota starting January 1st.

As The Wall Street Journal reports,

The Federal Reserve Bank of Minneapolis has named former banker, government official and unsuccessful California gubernatorial candidate Neel Kashkari to become its new president and chief executive officer.

 

He’ll succeed Narayana Kocherlakota, who leaves office at the end of the year. Mr. Kashkari, 42, is slated to take office on Jan. 1, 2016, the bank plans to announce Tuesday.

 

Mr. Kashkari’s views on central bank interest-rate policy are not publicly known. He’s not an economist, beginning his career as an aerospace engineer working on space missions before earning an M.B.A. at the University of Pennsylvania’s Wharton School. He’s an alumni of investment bank Goldman Sachs and investment fund Pacific Investment Management Co., or Pimco.

 

Mr. Kashkari rose to public prominence as a member of President George W. Bush’s administration by running the government’s $700 billion Troubled Asset Relief Program—a controversial effort aimed at stabilizing the financial system by pumping capital into banks during the 2008 financial crisis. Critics called the program an improper intrusion by the government into private enterprise and an unfair bailout of big banks.

 

...

 

Mr. Kashkari—taking a job that paid $339,000 a year, according to the Fed’s most recent annual report—said in an interview with the Wall Street Journal that his diverse resume provides a critical foundation for his new role. He also offered broad praise for how the Fed has conducted policy, even as he declined to offer his views about the monetary policy outlook.

 

The Fed’s regional banks “can be and should be some of the most important economic policy thought leaders in the country,” Mr. Kashkari said in the interview. He sees his new job as “a continuation of a lot of the policy work I’ve already done” in government and the private sector. He said he also sees the regional Fed banks as an antidote to the “group-think” that can take hold of Washington-based policy makers.

Now we are sure The Fed will not be politicized.

A Republican, Kashkari ran for Governor of California in the 2014 election, but failed to unseat incumbent Jerry Brown.

 

After the campaign, Kashkari published "Lessons from the Trail," a firsthand account of what he learned from his gubernatorial campaign to be helpful to future candidates.

But who will forget his appearance at Congress...

"I'm just wondering how you feel about an AIG giving $503 million worth of bonuses on the one hand, and accepting $154 billion from hard-working taxpayers,'' Cummings asked Kashkari.

 

"What really bothers me is all these other people who are lining up. They say, well, is Kashkari a chump?''

Some background reading on Mr. Kashkari...

PIMCO "Chump" Kashkari Rails Against Entitlement Spending After Providing Banks With $700 Billion Taxpayer Funded Blank Check

Summing it all up...

Goldman Sachs -> Treasury -> PIMCO -> The Fed

And, in case you were wondering, with former Goldman employees in charge of the NY, Dallas and Philly Feds as follows Dudley, Rob Kaplan, Patrick Harker, now we can add former Goldmanite Neel Kashkari in charge of the Minneapolis Fed.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 11/10/2015 - 12:00 | 6772326 venturen
venturen's picture

Once at Goldman always at Goldman

Tue, 11/10/2015 - 12:01 | 6772328 Looney
Looney's picture

Awww… Another selfless public servant  ;-)

Looney

Tue, 11/10/2015 - 12:03 | 6772349 Cognitive Dissonance
Cognitive Dissonance's picture

I assume the starting pay is minimum wage.........for bankers.

Tue, 11/10/2015 - 12:05 | 6772368 SteveNYC
SteveNYC's picture

Those of us who were on ZH during the meltdown, can never forget the creation of the moniker "Kash n Kari". Welcome back old chap.......

Tue, 11/10/2015 - 12:16 | 6772415 NoDebt
NoDebt's picture

There's a reason he looks like the bad guy in Indiana Jones and the Temple of Doom.  

(hint: Goldman alum.  They all know how to rip the still-beating heart out of somebody's chest and show it around to their friends)

Tue, 11/10/2015 - 12:19 | 6772471 two hoots
two hoots's picture

"administration by running the government’s $700 billion Troubled Asset Relief Program"

Is this a sign?  Maybe they need someone with this experience?

Tue, 11/10/2015 - 12:33 | 6772533 knukles
knukles's picture

 

 

 

You
Have
Got
To
Be
Kidding
Me

Cash'n'carry-on is not in any way particularly qualified for the position.
Jesus H Christ on a Pogo Stick on the Crazy Train. 
There's something very very fucking wrong here

Fuck Goldman Sachs

These people don't just want all the money, they want our very souls
Reptilian Agenda Incarnate

Tue, 11/10/2015 - 12:35 | 6772561 remain calm
remain calm's picture

Look they got the guy with shaved waxed head, make no mistake he is getting ready to stick it up your ass hole. Enjoy.

Tue, 11/10/2015 - 12:59 | 6772713 Xibalba
Xibalba's picture

Fed is collecting the rejects!

Tue, 11/10/2015 - 13:02 | 6772734 knukles
knukles's picture

Exactly, FFS, the guy was a VP at Goldman.  The title VP at places like Goldman is given out like water to dingle-berrys and retards.  A big title there is part of the Sound and Lights Punch and Judy show.
The guy was a fucking gofer.

Aaaaaraararararaggggghhhh!

Tue, 11/10/2015 - 13:06 | 6772763 clymer
clymer's picture

Our question, mr. Kashkari, is who you're working for:

https://www.youtube.com/watch?v=BGdS63iSN1c

Tue, 11/10/2015 - 13:10 | 6772789 idea_hamster
idea_hamster's picture

Isn't this the guy who ripped a dude's heart out in Temple of Doom?

http://cdn.evbuc.com/eventlogos/2371401/heart.jpg

Tue, 11/10/2015 - 13:27 | 6772901 JRobby
JRobby's picture

A Chump replaces an Uber-Dove Chump.

What can it mean? Nothing. The Fed Lie has run it's course.

Tue, 11/10/2015 - 14:28 | 6773230 SoilMyselfRotten
SoilMyselfRotten's picture

Lord help us. No, seriously, Dear God, Lord of the universe, please help us!!!!

Tue, 11/10/2015 - 14:40 | 6773382 Theosebes Goodfellow
Theosebes Goodfellow's picture

Is it too early to assign a lamppost to this guy? Can we pre-order the rope?

Tue, 11/10/2015 - 15:55 | 6773772 NidStyles
NidStyles's picture

He's a tribe member? Interesting. 

 

Funny how he's not an economist and they pushed him into that position. The guy's degree is in mechanical engineering. 

Tue, 11/10/2015 - 15:59 | 6773791 JRobby
JRobby's picture

What a coincidence!?!? The Fed's failed policies are mechanical in nature.

Tue, 11/10/2015 - 15:12 | 6773568 MalteseFalcon
MalteseFalcon's picture

So does this mean that that nice Mr. Kocherlakota is going to return to the land of his birth?

Tue, 11/10/2015 - 15:21 | 6773603 SoilMyselfRotten
SoilMyselfRotten's picture

No, it means his ass will be out there twice as frequently jawboning.

Tue, 11/10/2015 - 13:15 | 6772827 RaceToTheBottom
RaceToTheBottom's picture

If you liked Geithner and/or Paulson, you are going to love Mr. Kashkari...


Tue, 11/10/2015 - 12:45 | 6772607 AlaricBalth
AlaricBalth's picture

Neel Kashkari, a Hindu Goldmanite is just doing Shiva's work.

(Shiva is the quintessential destroyer. His duty is to destroy all the worlds at the end of creation and dissolve them into nothingness.)

Tue, 11/10/2015 - 12:50 | 6772660 Colonel Klink
Colonel Klink's picture

Kashkari has converted to Hinjewism, through penile injections through his mouth from tribal central moneychangers.

Tue, 11/10/2015 - 12:53 | 6772675 NoDebt
NoDebt's picture

I'm upvoting you for Hinjewism.

Tue, 11/10/2015 - 12:54 | 6772685 CheapBastard
CheapBastard's picture

We're gonna need moar rope.

Tue, 11/10/2015 - 15:25 | 6773638 Bay of Pigs
Bay of Pigs's picture

After the cornholing though right?

Tue, 11/10/2015 - 12:34 | 6772553 tmosley
tmosley's picture

Honestly, where do they come up with these names?

I remember back in the 08 crisis seeing these people being paraded out over and over wondering if the names weren't just made up. Like there is some sort of secret society training people to destroy our economy and giving them Cobra-esque nicknames.

Tue, 11/10/2015 - 13:37 | 6772957 StychoKiller
Tue, 11/10/2015 - 12:05 | 6772362 glenlloyd
glenlloyd's picture

OMG that bucket-o-shit? You have to be kidding me.

Tue, 11/10/2015 - 12:19 | 6772466 Bangin7GramRocks
Bangin7GramRocks's picture

I thought he was President for life of the real Free Shit Army?

Tue, 11/10/2015 - 12:35 | 6772556 PR Guy
PR Guy's picture

 

 

 

He has that kinda evil Bofeld/Spectre look about him. Fits the bill.

Tue, 11/10/2015 - 12:44 | 6772618 A Nanny Moose
A Nanny Moose's picture

Wasn't he the Auto-czar?

Tue, 11/10/2015 - 12:20 | 6772473 TAALR Swift
TAALR Swift's picture

Be honest: Wouldn't you?

Self-interest trumps all in modern life, it seems.

Virtue seems a desirable trait for the working poor and the middle class, as has always been the case. How else would Rulers remain comfortable and secure, if their minions aren't virtuous?

Tue, 11/10/2015 - 12:36 | 6772484 Kirk2NCC1701
Kirk2NCC1701's picture

"Once at Goldman always at Goldman"

"Once in Spectre, always in Spectre*".  FIFY.

 

* SPECTRE: Special Executive for Counter-intelligence, Terrorism, Revenge and Extortion

Tue, 11/10/2015 - 12:30 | 6772527 thunderchief
thunderchief's picture

He looks like that really bad guy from Tomb Raiders, or Indiana Jones, or, or,or..

And how about that last name and waxed bald head, it just says I'm going to kill your bank account and net worth...

Tue, 11/10/2015 - 12:30 | 6772528 booboo
booboo's picture

Neel Cash and carry

Tue, 11/10/2015 - 17:19 | 6774217 hangemhigh77
hangemhigh77's picture

Doing Satan's, errrrr I mean God's work.

Tue, 11/10/2015 - 12:03 | 6772347 I am a Man I am...
I am a Man I am Forty's picture

You've got to be fucking kidding me.

Tue, 11/10/2015 - 12:04 | 6772351 L Bean
L Bean's picture

Kash-n-Karry, in a Kkkardashian world.

Tue, 11/10/2015 - 12:14 | 6772431 yogibear
yogibear's picture

"Kash-n-Karry"

That's the way I always say his name.

Too many of these F'in parasites around.

Tue, 11/10/2015 - 12:08 | 6772359 SSRI Junkie
SSRI Junkie's picture

Kocherlakota, a jewish indian?

Tue, 11/10/2015 - 12:15 | 6772439 NoDebt
NoDebt's picture

Comanche Indian

('Fletch' reference)

Tue, 11/10/2015 - 12:28 | 6772517 Arnold
Arnold's picture

Early adapter of Negitive rates.

 

Kocherlakota

http://www.zerohedge.com/news/2015-10-08/its-time-negative-rates-feds-ko...

Prolly leaving for some chancellor job in Missouri.

Tue, 11/10/2015 - 12:34 | 6772549 Kirk2NCC1701
Kirk2NCC1701's picture

What part of "Not every Globalist/Zionist is Jewish" do you not get?

As an Operational tactic, you need a certain number of Goyim, to broaden its influence and power.  This is pure real-life pragmatism, meshed in with fantasy-life ideology. Got it?

Tue, 11/10/2015 - 12:37 | 6772577 Consuelo
Consuelo's picture

Best pancake syrup ever.

Tue, 11/10/2015 - 13:51 | 6773034 SSRI Junkie
SSRI Junkie's picture

lol...grade b pure maple is all my aunt j will use, she sells the cheap shit to ihop

Tue, 11/10/2015 - 12:07 | 6772376 overmedicatedun...
overmedicatedundersexed's picture

why can't these scum ever die?

Tue, 11/10/2015 - 12:09 | 6772398 franciscopendergrass
franciscopendergrass's picture

We have Fisher as vice chair and CASHkari who worked under Paulson at the Treasury.  The US is so fucked!!!!!!

Tue, 11/10/2015 - 12:12 | 6772411 world_debt_slave
world_debt_slave's picture

lol, you can't make this stuff up

Tue, 11/10/2015 - 12:13 | 6772413 Thisisbullishright
Thisisbullishright's picture

The tribe has perfeced it's game for millennia.....

Tue, 11/10/2015 - 12:13 | 6772418 Lorca's Novena
Lorca's Novena's picture

We are so fukked... this guy was handpicked by Paulson and headed TARP. And besides is a complete dripping douchebag.

Tue, 11/10/2015 - 13:34 | 6772945 nope-1004
nope-1004's picture

+1.  Completely incompetent for the role, which tells me the role or job isn't a real job but a process by the banksters to fill seats in made up institutions like "fed banks".

ALL of the fed regional banks need to be burned to the ground.  Kash is wholly incompetent to run anything business related, which is why he's pursuing this jerb.

 

Tue, 11/10/2015 - 17:04 | 6774143 Arnold
Arnold's picture

I believe testifying before Congress is a resume enhancer.

Tue, 11/10/2015 - 12:14 | 6772432 Dr. Engali
Dr. Engali's picture

Just what we need, another tentacle of the squid in a policy making position. This madness seems like it will never end.

Tue, 11/10/2015 - 12:15 | 6772441 NoDebt
NoDebt's picture

Seems?

Tue, 11/10/2015 - 12:18 | 6772463 Dr. Engali
Dr. Engali's picture

Well, some day I will be dead and it will have ended for me.

Tue, 11/10/2015 - 12:24 | 6772497 NoDebt
NoDebt's picture

That's the spirit!

Tue, 11/10/2015 - 12:27 | 6772512 ThroxxOfVron
ThroxxOfVron's picture

It's time to make soap.

Tue, 11/10/2015 - 12:33 | 6772547 Icewater Enema
Icewater Enema's picture

Or just drink. That is what alcohol is for - there is relief in numbness when you can see things too clearly. :)

Tue, 11/10/2015 - 12:15 | 6772435 yogibear
yogibear's picture

Kash-n-Karry is just another financial parasite.

Tue, 11/10/2015 - 12:16 | 6772447 Duc888
Duc888's picture

 

 

I have to admit it, seriously.  Brilliant fucking scam the Banksterz have going...wrestle the ability for a country to coin it's own money away.... and then in it's place have pure 100% fiat backed by absolutely nothing but military firepower.

 

Fucking brilliant.

 

Kudos...

Tue, 11/10/2015 - 12:52 | 6772671 Sorry_about_Dresden
Sorry_about_Dresden's picture

All we really need to know about the frb is:

1913 frb balance sheet =zero

2015 frbny balance sheet =$4.41 trillion

http://www.federalreserve.gov/releases/h41/current/h41.htm

FRB, all regions 2 0 1 4 :  http://www.federalreserve.gov/releases/h41/current/h41.htm

Total domestic SOMA portfolio securities holdings

 A m o r t i z e d  c o s t                              F a i r v a l u e

$4,425,314,000,000                                                   $4,599,336,000,000

Now for just the FRBNY

$2,748,579,000,000

http://www.federalreserve.gov/monetarypolicy/files/BSTNewYorkfinstmt2014...

FRBNY has 60% of the wealth/debt of the nation. I think we should put it to them.

 

 

Tue, 11/10/2015 - 12:17 | 6772456 moonmac
moonmac's picture

He's just doing God's work but unfortunately in his world god is really Satan.

Tue, 11/10/2015 - 12:19 | 6772467 Sorry_about_Dresden
Sorry_about_Dresden's picture

Nothing creepy about this guy!!!!!! Geithner's boy wonder. 

Geithner: "Hey Neel.....here is the 1/2 page TARP legislation. Go shave your head and appear before Congress for me.....and toss my salad."

Anyone read this???:

 

Hey any body read this story?

http://www.bloomberg.com/news/articles/2015-11-09/u-s-probes-treasuries-...

Traders working at some primary dealers had the opportunity to learn about client auction bids ahead of time and in some cases talked online to counterparts at other banks, people familiar with these operations told Bloomberg News in June.......When debt sells for less than when-issued prices indicate, traders say the auction tailed. 

They have been sitting on the story since June??

The Primary Dealers get scalp and defrauded pensioners?????????????? They get a little piece of how many quadrillions in notional value of Treasury instruments???????? Shouldn't pensioners be made whole by these criminal Primary Dealers?????

Janet Felon is on a crime spree!!!!!!

 

Tue, 11/10/2015 - 12:31 | 6772531 yogibear
yogibear's picture

"Janet Felon"

LOL, a great name for her.

 

Tue, 11/10/2015 - 12:19 | 6772470 Glass Seagull
Glass Seagull's picture

 

 

Dance, slave, dance!

Tue, 11/10/2015 - 12:20 | 6772477 djsmps
djsmps's picture

The Fed has truly jumped the shark this time. I can't even believe this.

Tue, 11/10/2015 - 12:26 | 6772498 Conax
Conax's picture

Their names are always so weird.

Jamie Dimon, Kashkari, Kosherlakota..

This is how you detect the quislings.

I'ma change my name to Hugh Latefee and get me a jerb!

 

Tue, 11/10/2015 - 12:28 | 6772514 overmedicatedun...
overmedicatedundersexed's picture

conax might want to add: blythe masters in case you know you want that sex change thing..

Tue, 11/10/2015 - 13:11 | 6772799 L Bean
L Bean's picture

Even weirder are the names of their puppets in the US administration; Josh Earnest? And his predecessors "Carney"(?!) and "Snow"(?!).

 

General Breedlove????

 

I almost can't take it anymore.

Tue, 11/10/2015 - 12:32 | 6772539 ThroxxOfVron
ThroxxOfVron's picture

This is a joke, right?

The Blofeld look-alike scumbag that was paid millions to hand out the TARP loot like candy at Halloween to the banrupt degenerates and then ensconced in the Pimco Bond skimming complex?

Tue, 11/10/2015 - 12:32 | 6772541 Falconsixone
Falconsixone's picture

Looks like another queer jew alien.

Tue, 11/10/2015 - 13:07 | 6772771 nevertheless
nevertheless's picture

Why do you have to bring "gay" into this? 

Tue, 11/10/2015 - 13:51 | 6773033 pods
pods's picture

I was gonna say alien.

Tue, 11/10/2015 - 15:25 | 6773634 zero_wedge
zero_wedge's picture

Why do you have to bring "alien" into this?

Tue, 11/10/2015 - 12:34 | 6772552 Seasmoke
Seasmoke's picture

Hank Paulson approves this message. 

Tue, 11/10/2015 - 12:36 | 6772571 vincent
vincent's picture

Change is here Bitchez!

Tue, 11/10/2015 - 12:39 | 6772587 blown income
blown income's picture

Mother fuckers need to start dying ...they like fucking cock roaches

Tue, 11/10/2015 - 12:39 | 6772588 blown income
blown income's picture

Mother fuckers need to start dying ...they like fucking cock roaches

Tue, 11/10/2015 - 12:39 | 6772589 ILikeBoats
ILikeBoats's picture

Goldman, the public tip of the iceberg, of the shadow govt.

Tue, 11/10/2015 - 12:45 | 6772628 economessed
economessed's picture

There is so much to hate here -- where to begin?

Tue, 11/10/2015 - 12:56 | 6772696 Lucky Leprachaun
Lucky Leprachaun's picture

Maybe with all the reasons why people have reason to hate.

Tue, 11/10/2015 - 12:48 | 6772651 yogibear
yogibear's picture

Wasn't this clown one of Hank Paulson's sidekicks?

I remember his face on CNBC during the TARP.

Is this a signal for TARP #2?

Tue, 11/10/2015 - 12:59 | 6772711 Grandad Grumps
Grandad Grumps's picture

Demon spawn ... and most likely proud of it, unfortunately.

Tue, 11/10/2015 - 13:02 | 6772739 Lucky Leprachaun
Lucky Leprachaun's picture

Will a WASP ever get a job there again?

Tue, 11/10/2015 - 13:15 | 6772828 hound dog vigilante
hound dog vigilante's picture

Wait, hold on... didn't this guy "go galt" and retreat to his prepper compound a few years back?  And now he's a Fed pres.?

Something smells very fishy here...

Tue, 11/10/2015 - 13:17 | 6772838 Pumpkin
Pumpkin's picture

Well, he's got the look.

Tue, 11/10/2015 - 13:21 | 6772864 bankonzhongguo
bankonzhongguo's picture

The raping will continue.

Tue, 11/10/2015 - 13:35 | 6772940 NuYawkFrankie
NuYawkFrankie's picture

Cash'nCarry cloned from Nosferatu?

You be the judge: http://www.3demonic.com/images/MG_Nosferatu06.jpg

Tue, 11/10/2015 - 13:34 | 6772942 Lumberjack
Lumberjack's picture

Jeezus bald headed keeryste. Did I say baldheaded?

Tue, 11/10/2015 - 13:40 | 6772978 Dolus
Dolus's picture

RFLMAO  President Neel Kashkari: “the Fed had hasn’t caused inflation, hasn’t devalued the dollar

Tue, 11/10/2015 - 13:46 | 6773011 Cthonic
Cthonic's picture

Time to go short circuit my neocortex with a bottle of single malt.

Tue, 11/10/2015 - 14:29 | 6773303 BGO
BGO's picture

This guy's skunked on the same goofballs that Paulson takes.

Tue, 11/10/2015 - 14:43 | 6773398 IndianaJohn
IndianaJohn's picture

Shave-head freak must have blowed his way into position.

Tue, 11/10/2015 - 15:40 | 6773717 KashNCarry
KashNCarry's picture

Kashncarry...

Tue, 11/10/2015 - 17:20 | 6774228 hangemhigh77
hangemhigh77's picture

This guy LOOKS like a psychopath. He looks like the bad guy. Just hang him now. Why wait?

Tue, 11/10/2015 - 18:06 | 6774410 chickadee
chickadee's picture

Kash 'N Carry isn't very imaginative. Cash 'n Curry sounds better.

Tue, 11/10/2015 - 18:57 | 6774576 redc1c4
redc1c4's picture

and he's about as Republican as Moonbeam Brown...

which is why i didn't bother to vote for him last year.

(actually, i voted for him AND Moonbeam, rather than leave it blank)

Tue, 11/10/2015 - 21:29 | 6775263 El Hosel
El Hosel's picture

All he needs is a box cutter in his hand for the scariest costume ever.... Which is nice.

Do NOT follow this link or you will be banned from the site!