The Treasury Department has appointed James H. Lambright, head of the Export-Import Bank, as an interim chief investment officer for $700…
By user, in Transparency/Privacy, on 23 October 2008
The Treasury Department has appointed Export-Import Bank chief James H. Lambright as an interim chief investment officer for a $700 billion distressed asset relief program.
Under the rescue program authorized by Congress, the Treasury Department is pumping capital into banks through equity investments and buying distressed assets such as mortgage-backed securities. So that their balance sheet can be strengthened.
Lambright, 38, is a former investment banker at Credit Suisse Group, who has been with the Export-Import Bank since 2001. He will retain his position as the President and President of that institution.
The Export-Import Bank provides financial assistance to US businesses wishing to sell products overseas.
The bailout program is being directed by Neil Kashkari, who was a senior advisor to Treasury Secretary Henry M. Paulson Jr. Both men came to the government from New York investment bank Goldman Sachs & Company.
The Treasury Department previously announced that State Department official Reuben Jeffery would fill the position of chief investment officer. But Paulson and Secretary of State Condoleezza Rice decided that Jeffrey should stay in his current position to attend the upcoming global summit on financial markets, which will include the leaders of the world’s 20 largest economies.
BailoutSleuth is looking into Lambright’s history, achievements, and connections, and will report on what we find.