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WEDNESDAY, NOVEMBER 25, 2009
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Fannie Mae CEO Picked as Bailout Chief

Former Merrill Lynch prez to overhaul $700B TARP program

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(Newser) – Wall Street veteran and Fannie Mae CEO Herb Allison has been nominated to oversee the Treasury's $700 billion bank rescue, Bloomberg reports. If confirmed by Congress—where he's likely to be grilled on his defending of bonuses at Fannie—Allison will be tasked with deploying the second phase of the TARP program to take bad assets off the hands of troubled banks.

"Since taking over at Fannie Mae, Allison has shown that he can work in a glass house while a constant storm is raging outside,” a Washington communications consultant and former congressional aide tells Bloomberg. “That ability will serve him well as he steps in to administer TARP.” Fannie Mae's chief operating officer, Michael Williams, is expected to take the reins after Allison departs.

Frmer vice chairman of Merrill Lynch and Fannie Mae CEO Herbert M. Allison has been picked to head the $700 billion TARP program.
Frmer vice chairman of Merrill Lynch and Fannie Mae CEO Herbert M. Allison has been picked to head the $700 billion TARP program.   (AP Photo/Mary Altaffer, file)
Fannie Mae President and Chief Executive Officer Herbert Allison, Jr. testifies on Capitol Hill in Washington in this September 2008 file photo.
Fannie Mae President and Chief Executive Officer Herbert Allison, Jr. testifies on Capitol Hill in Washington in this September 2008 file photo.   (AP Photo/Kevin Wolf )
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Designing the next leg of TARP proceeds to co-invest in legacy assets will require a deft touch and market knowledge to implement properly. This fits Allison’s deep market experience well.
- Atlanta attorney Brian Olasov

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3 comments
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northeast
Apr 18, 09 12:37 PM CDT
This is insane. Frank is deep into Fannie Mae's pockets, and he's the one chairing the committee that directs Congress who to confirm. Nobody else sees this? This is insane! Reply
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TerrifiedCitizen
Apr 18, 09 12:55 PM CDT
The inmates are running the asylum. Reply
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radnip
Apr 21, 09 4:59 AM CDT
Just as long as he remembers the average person makes about $17/hour and lots of people are managers for $25/hour. And even union people make only $45/hour (on the high end right?). So Mr. Allison, don't assume just because it's called finance means you have to start at over $100/hour to start. Thank you for your attention. Reply
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