Bailout Plan Hires Chief Investment Officer
Treasury has hired James H. Lambright to be the chief investment officer of the $700 billion Wall Street bailout/rescue plan.
Lambright, 38, is the chairman and president of the U.S. Export-Import Bank, the government's official export credit agency. The Senate confirmed him to the position in 2006; his term expires in 2009.
He will continue to receive his salary from the Ex-Im Bank, but will not get an additional salary from Treasury.
According to the bank's site, here's what the Export-Import Bank does: "The independent, self-sustaining federal agency, now in its 74th year, helps create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. In fiscal year 2007, Ex-Im Bank authorized $12.6 billion in financing to support an estimated $16 billion of U.S. exports worldwide."
It will be Lambight's job, working with Neel Kashkari, who will be administering the bailout, to evaluate which troubled assets to buy and how much to pay for them in dealing out the government's money.
Lambight is an alum of Stanford and Harvard Law. He previously worked at Credit Suisse First Boston, where he specialized in private equity.
He is 46th in line for the presidency.
-- Frank Ahrens
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