Head of bank bailout runs for California governor

Jan 21, 2014 2:38 PM

SACRAMENTO, Calif. (AP) — Neel Kashkari, a former U.S. Treasury official and architect of the nation's bank bailout, says he is running for governor of California.

He entered the race Tuesday as a Republican newcomer who faces long odds against incumbent Gov. Jerry Brown, a Democrat.

Kashkari made the announcement in a speech at California State University, Sacramento. He cited California's public schools and economy as his motivation for running, declaring the status quo is unacceptable.

The 40-year-old Ohio native and son of Indian immigrants has no political experience and has never before sought public office.

He faces a formidable challenge in trying to unseat Brown, who is widely expected to run for another term and has $17 million in his campaign account.

Biographical Information:

NAME: Neel Tushar Kashkari

AGE: 40. Born in Akron, Ohio, July 30, 1973

PARTY: Republican

EDUCATION: Bachelor's in engineering, University of Illinois at Urbana-Champaign, 1995; master's in engineering, University of Illinois at Urbana-Champaign, 1997; MBA, The Wharton School, University of Pennsylvania, 2002.

EXPERIENCE: Aerospace engineer at Redondo Beach-based TRW Inc., 1998-2000; vice president at Goldman Sachs & Co. in San Francisco, 2002-2006; aide to Treasury Secretary Hank Paulson, nominated in 2007 by President George W. Bush as assistant secretary of the Treasury for international affairs; headed Treasury's new Office of Financial Stability from 2008 to 2009 overseeing the federal Troubled Asset Relief Program; head of global investments at Newport Beach-based bond investment company PIMCO, 2009-2013. Named one of People magazine's Sexiest Men Alive in 2008.

FAMILY: Divorced

QUOTE: "When I was in Washington, everyone told us you can't get Republicans and Democrats to work together. They will never come together to use taxpayer dollars to stabilize the economy. ... The leaders said, 'If this is what's at stake, we will find a way to get this done.' And that was Democrats and Republicans. And so one of the worst moments in our country's history, in modern times economically, was actually one of the most remarkable moments politically. Because our leaders did something they almost never do, which is they came together, they put the country before their own political prospects, and it worked."

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