Herbert M. Allison, Jr. was in charge of the Troubled Asset Relief Program (TARP) from 2009 to 🔜2010, a federal program that helped stem pain from the 2008 financial crisis and lead to the nation's economic recoverꦆy.

Allison was named CEO of Fannie Mae in 2008 when the company went into 澳洲幸运5官方开奖结果体彩网:conservatorship. Before 澳洲幸运5官方开奖结果体彩网:Fannie Mae, he was the CEO of T🔜IAA-CREF from 2002 to 2008. He began his career with Merrill Lynch and 🧜worked there for 28 years.

Allison passed away at his home in Westport, Conn., in 2013 at the age of 69.

Early Life, Education, and Career

Allison was born in Pittsburgh in 1943. After graduating from Yale University in 1965, he served for four years in the U.S. Navy, one of which was spent in Vietnam. He earned an MBA from Stanford University in 1971.

Allison worked for Merrill Lynch as an 澳洲幸运5官方开奖结果体彩网:investment banking associate and subsequently in various high-level positions, including chief financial officer and chief operating officer.

While at Merrill Lynch, Allison headed up the effort to bail out 澳洲幸运5官方开奖结果体彩网:Long-Term Capital Managemenꦕt (LTCM), the hedge fund that famously imploded in 1998.

After leaving Merrill Lynch in 1999, he served as John McCain’s National 𓆏Finance Chair. Later, he went to work as CEO of TIAA-CREF before retiring in 2008.

Allison was also a director at Time Warner, Merrill Lynch, Financial Engines, and the New York Stock Exchange.

After Allison retired from TIAA-CREF in 2008, he was reportedly on vacation when he got the call from then-Treasury Secretary 澳洲幸运5官方开奖结果体彩网:Hank Paulson to come to Washington, D.C. He took over as CEO of the distressed mortgage lender Fannie Mae and famously accepted only a dollar per year as a salary.

Notable Accomplishments

TARP

In 2009, Allison was tapped to assume oversight of the TARP program when he became the senior Treasury official in charge of the Office of Financial Stability. TARP ꩵwas authorized by the Emergency Economic Stabilization Act of 2008, which was signed into law by President George W. Bush on Oct. 3, 2008.

TARP was administered by the Department of the Treasury and was designed to address the financial crisis by providing financial assistance to struggling financial institutions and by stabilizing financial markets.

Under TARP, the government wa𒐪s authorized to provide financial support ꦫto banks, mortgage companies, and other financial institutions in the form of loans, investments, and guarantees.

The program also included initiatives to help homeowners who were struggling to make their mortgage payments, including the Home Affordable Modification Program (HAMP).

In addition to these provisions, TARP authorized the government to purchase "troubled assets," which were defined as mortgage-related securities and other assets that were causing financial instability. The goal of this provision was to stabilize financial markets and prevent a further decline in economic activity.

Allison stepped down from his position in 2010, noting that TARP helped save the economy.

Other Financial Crisis Work

Allison also played a key role in other efforts to address the financial crisis. He worked with Congress to pass legislation related to financial stability and helped develop plans to stabilize the housing market. He served as a key spokesperson during the crisis, explaining TARP's objectives and accomplishments to the public and working to build support for the program.

Obama Administration and Beyond

In addition to his role in the Treasury during the Obama administration, in 2011, Allison worked for President Obama assessing federal loans to energy companies. Allison also wrote the e-book The Megabanks Mess, and called for a controversial breakup of the industry’s biggest banks.

The Bottom Line

Herbeඣrt M. Allison Jr. was an American businessman and government official. He served as the Assistant Secretary of the Treasury for Financial Stability ꧒from 2009 to 2010, during the administration of President Barack Obama.

In this role, he oversaw TARP, a government initiative to address the financial crisis that occurrꦑed in 2008. Prior to his work in government, Allison was a prominent figure in the financial sector, as CFO and COO of Merrill Lynch, and as the president and CEO of investment♎ firm TIAA-CREF.