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New America Media
Neel Kashkari, 35, MBA. Job Experience – Goldman Sachs, TRW, U.S. Treasury.
Karthik Rajaram, 45, MBA, Job Experience – PriceWaterhouseCoopers, NanoUniverse, Azur Partners LLC.
In another life they could have known each other, traded business cards. Successful professionals with all the trappings of the model minority. The kinds that can own a home in a gated community with a Lexus SUV in the driveway. Indian-American median family income rose from $87,484 in 2006 to $92,925 in 2007. Kashkari and Rajaram should have been examples of those statistics.
But instead they have become the two faces of America's economic collapse – the two horsemen of our apocalypse.
Kashkari is the $700 billion man – the knight on the white horse heading the rescue of collapsing corporations. Except it was too late for Rajaram.
Rajaram, unemployed, his savings wiped out in the market collapse killed his three sons, wife, and mother-in-law before turning the gun on himself in a 2,800 square foot house in an upscale California neighborhood.
Editor's Note: Karthik Rajaram, the unemployed father and husband who recently killed his three sons, wife, and mother-in-law before turning the gun on himself, has much in common with another Indian American, Neel Kashkari, who has been selected to head the Treasury's new Office of Financial Stability. When banks go bust, the American dream implodes - not just in NASDAQ indexes, but also in tidy suburbs and quiet, gated communities, writes NAM editor Sandip Roy.
We’re up to number three on our top ten most wanted list…and other stories on our radar:
CULPRITS OF THE COLLAPSE: The third member of our top ten most wanted in the financial crisis. This guy has been blamed for policies that led to the mess because he was a key mover on the Commodity Futures Modernization Act of 2000. Guess who…
BERLUSCONI VISIT: Italian Prime Minister Silvio Berlusconi is scheduled to meet with George W. Bush.
SOUTHERN CALIFORNIA CLEAN VEHICLE EXPO 2008: This expo highlights the latest in clean vehicle technology.
COMPANY EARNING REPORTS RELEASED: Companies announcing earnings this week include PepsiCo, Intel, JP Morgan Chase, BB&T Corp, Citigroup, Wells Fargo, Capital One, IBM and Google.
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/10/10/art.japan.markets.jpg caption="Pedestrians watching market information are reflected in an electric signboard in Tokyo, Friday. Japanese shares nose-dived more than 10 percent in morning trade Friday as panicked investors dumped stocks following massive overnight losses on Wall Street and on growing fears over a global recession."]Susan Lisovicz | Bio
CNN Financial Correspondent
What does it say about investor sentiment when –even after seven brutal, consecutive sell-offs, a loss of $2.3 trillion in four trading sessions and G-M shares trading at levels last seen in the early 1950's– that there was a sense of dread about Friday?
Global markets were engulfed in panic. Tokyo's benchmark Nikkei recorded its worst week ever, Russia's volatile exchange didn't open and Europe was tanking.
Wall Street provided its own fireworks. The Dow plunged nearly 700 points in seven minutes. But then nearly as quickly, the blue chips crawled back into positive territory. Traders erupted in cheers. They know there's a lot of money on the sidelines and that eventually there will be a floor to the indiscriminate selling. And they will profit from it. But it was a head fake.
Stocks went right back down... and then changed direction nearly a dozen times in a swing of about 1000 points. But the mood lightened up. It was Friday and we were still standing. One veteran joked, "There's two positions to take in this kind of market: cash– and fetal."
There was hope for a G-7 announcement before the closing bell, but the market rallied back repeatedly in the final hour. Going long on a weekend? Going long on a weekend with so much news that comes before the open? Going long on a weekend with so much news coming out before the open in this bear market? Ultimately the answer was no. But the bulls put up a fight. And that was enough for many folks after the Dow's worst week ever.
Breaking News... the Alaska State Legislature has just released its report on the trooper investigation. Did Gov. Sarah Palin abuse her power when it came to the firing of the state's top cop? This story has so many twists and turns. You may recall the allegation was Plain fired the Public Safety Commissioner because he wouldn't fire the governor's ex-brother-in-law from the state police force. We'll have the latest tonight on 360.
Also tonight, we're unveiling the #3 person on our top 10 most wanted list: culprits of the collapse. We're naming names and holding people accountable.
And, there's a new deal in the works to boost the U.S. economy. Tonight, Treasury Secretary Henry Paulson said the U.S. government is working on a plan to buy stock in financial institutions by using part of the $700 billion bailout package. The announcement came after he met with G-7 finance ministers and central bankers in Washington.
We'll explain how this might work.
And, do you think this is what's needed to get the Dow back on track?
All that and more tonight at 10pm ET.
Hope you'll join us.
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Democratic presidential candidate Sen. Barack Obama, places his food order at the Fireside Restaurant in Georgetown, Ohio Thursday.
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Editor's note: If the results are released tonight originally planned, Randi Kaye report on the findings of the investigation into Gov. Sarah Palin. Look for it on AC360° tonight at 10p ET.
Today the Alaska State legislature will announce the results of its investigation into whether or not Governor Sarah Palin used her power of office for personal reasons. Palin is accused of firing her Public Safety Commissioner, Walt Monegan, because he would not dismiss her ex brother-in-law, an Alaska State Trooper named Mike Wooten who Palin says threatened her family and was a disgrace to the state police.
The entire investigation has hung under a political cloud of suspicion. Opponents accuse Governor Palin, who initially welcomed the investigation, of playing politics after she reversed her stand and declined cooperation with the investigation following her nomination to the vice presidency. The McCain campaign accuses democrats of "hijacking" the investigation in order to sabotage the GOP ticket in November.
The Democratic lawmaker in charge of the investigation, Hollis French, did make an ominous statement about an "October Surprise" which may cast a shadow over Palin's image, even before completing the investigation.
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/10/10/art.talabani.obama.jpg caption="Presidential candidate Barack Obama talks to the Iraqi President Jalal Talabani in Baghdad, Iraq, July 2008."]
The Washington Times
At the same time the Bush administration was negotiating a still elusive agreement to keep the U.S. military in Iraq, Democratic presidential candidate Barack Obama tried to convince Iraqi leaders in private conversations that the president shouldn't be allowed to enact the deal without congressional approval.
Mr. Obama's conversations with the Iraqi leaders, confirmed to The Washington Times by his campaign aides, began just two weeks after he clinched the Democratic presidential nomination in June and stirred controversy over the appropriateness of a White House candidate's contacts with foreign governments while the sitting president is conducting a war