TARP Chief Resigns
Reuters reports:
Herb Allison, the former investment banker who was the U.S. Treasury Department's overseer for the bank bailout fund, told staff on Wednesday he was stepping down as the program nears an official end.
Allison's title was assistant secretary for financial stability, which put him in charge of the $700-billion Troubled Asset Relief Program, or TARP, set up amid the 2008 financial crisis and due to expire in two weeks.
"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," Allison said in an e-mail to staff members that the Treasury made available.
He said he was returning to Connecticut after two years' service in Washington to spend time with his wife, who had been unable to join him during that time. The chief counsel for the financial stability office, Tim Massad, will take over as acting secretary on Sept. 30.
Though TARP is officially ending on Oct. 3, after which it cannot make any new investments in financial institutions, its work in recouping the money that it did lend will continue for years.
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