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Washington
Inside Washington (10/07/2008)
* WASHINGTON (10/8/08)--On Monday, the Treasury Department placed Neel Kashkari, formerly the assistant secretary for international development, in charge of its new $700 billion program to move problem assets off the books of financial institutions. Meanwhile, an unnamed bank was reportedly drawing up its application to be the first to sell its assets under the program signed into law last week. The department must make public the name of the bank within two days of its purchase or sale. Also on Monday, Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair said in a speech to the National Association of Business Economists that the FDIC will not balk at using the "systemic risk exception" to resolve failing banks. The exception sets aside a requirement that the FDIC always take the lowest-cost approach to any failing bank…


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