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Treasury official overseeing bailout steps down

Herb Allison is leaving his post as the U.S. Treasury assistant secretary for financial stability. Since the peak of the financial crisis in 2008, the former Merrill Lynch president and head of Fannie Mae has played a critical role in the government's bailout efforts by overseeing the Troubled Asset Relief Program.

Tim Massad, 54, the chief counsel, will take over for Allison on Sept. 30.

Here's Allison's e-mail to his co-workers:

Dear Colleagues in the Office of Financial Stability:

During my time at the Office of Financial Stability, we have worked together to accomplish a great deal. At the depth of the financial crisis, it would have been hard to imagine the extraordinary progress that we have made.

The TARP program has proven remarkably successful in achieving its goal of stabilizing the financial sector and laying the foundation for our nation's economic recovery - at a fraction of the cost that was originally anticipated. Repayments to taxpayers have also continued to exceed expectations and we are on track to make a profit in the bank programs. These accomplishments are a testament to your dedication and commitment.

With the TARP program entering a new phase and continuing to wind down, I have decided that now it is the right time for me to step down as Assistant Secretary for Financial Stability. I will be returning to Connecticut to be with my wife, Simin, who could not join me here during the two years I have worked in Washington, DC.

This was not an easy decision, and I made it with a measure of regret. It has been my great privilege to serve our country together with you, the extraordinary professionals of the Office of Financial Stability, during a period of remarkable challenges.

I am deeply grateful for your tremendous efforts and unwavering commitment to our office's critical mission. Time and again, you've demonstrated the utmost integrity, resourcefulness and professionalism.

At OFS, we are fortunate to have assembled an extraordinary group of leaders and professionals. As I move on, I am confident that all of you will continue to meet the highest standards of performance and excellence.

Secretary Geithner has asked our Chief Counsel and Chief Reporting Officer Tim Massad to serve as acting head of the Office Financial Stability to ensure continuity pending appointment of a permanent replacement. I know that you will give Tim the same support that you have so generously provided to me.

In closing, I wish you the greatest success and personal fulfillment as you continue your important work on behalf of the American people. I am truly proud to have been your colleague.


By Ariana Eunjung Cha  | September 22, 2010; 10:47 AM ET
Categories:  U.S. Treasury  
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see ya to this clueless jerk, who helped bungle HAMP and leave up to seven million US households expected to foreclose in the Obama depression.
atrocious gall and arrogance braying about the good work done and good people hard at work for the US taxpayers at whose pleasure they serve.
he and Phyllis Caldwell can rot in a hot place and I am confident that they will.
this kind of self-regarding windbag is the worst of the worst and embodies what is wrong, at core, with the Obama admin.
clueless jerks, with no idea what the actual issues are, issuing meaningless press releases for programs that failed, failed, failed.
I hope the failure of the limp HAMP program figures in his obit one day. one day soon?

Posted by: FloridaChick | September 22, 2010 11:47 PM | Report abuse

Yeah, bailing out the banks. Great work!!!

Posted by: TooManyPeople | September 23, 2010 10:16 AM | Report abuse

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