Neel Kashkari Is Out

About a month ago I questioned why Neel Kashkari – the incompetent Treasury official in charge of the TARP program – was still employed. Today, we got some good news.

Neel Kashkari is gone:

Herbert M. Allison Jr., the chief executive of Fannie Mae for the last six months, has emerged as a candidate to become the next head of the financial bailout program, government officials said.

If nominated by President Obama and confirmed by the Senate, Mr. Allison would succeed Neel T. Kashkari, who has stepped down as assistant treasury secretary for financial stability, a position created last year as part of the bailout effort.

Mr. Allison worked for Merrill Lynch for almost 30 years, rising to the positions of president and chief operating officer. He later ran the finance committee for Senator John McCain’s 2000 presidential campaign and became the chairman and chief executive of TIAA-Cref, the large money management company.

Kashkari, also known as “Mini-Paulson“, is gone. That can only be a good thing.

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