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Optimistic Numbers from TARP Director
Even as the Troubled Asset Relief Program drew complaints in Congress, the man nominated to run it, Herbert Allison, MBA '71, was easily confirmed by the Senate in June. By September, Newsweek reported that "the final cost of TARP will be a fraction of the original $700 billion," and Allison told the magazine that TARP's centerpiece, the $200 billion Capital Purchase Program, is likely to make money.
Allison's Treasury post is not his first government role. Before becoming assistant secretary for financial stability, Allison, a former chairman and CEO of TIAA-CREF, was called on to shepherd Fannie Mae as it was placed under government conservatorship.