There is a “paramount need for expeditious implementation'' of the $700 billion Troubled Assets Relief Program, the Treasury also said today in a statement. Neel Kashkari, 35, an assistant secretary and Goldman Sachs Group Inc. veteran, was named to head the office that will run the TARP, the department said.

Stocks fell around the world on the first full day of trading after the bailout plan was enacted Oct. 3. The Standard & Poor's 500 Index retreated almost 4 percent, extending the worst weekly slump since 2001, and Europe's Dow Jones Stoxx 600 Index had its steepest intraday decline since 1987.

Even as the investment bank Lehman Brothers pleaded for a federal bailout to save it from bankruptcy protection, it approved millions of dollars in bonuses for departing executives, a Congressional committee was told Monday.