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Famed Ex-Merrill President, TIAA-CREF CEO Dies at 69

Jul 21, 2013
Joey Peters

Herbert Allison Jr., a former Merrill Lynch president and CEO of TIAA-CREF who later oversaw the government’s financial crisis-era Troubled Asset Relief Program (TARP), died of a suspected heart attack at his home on Sunday. He was 69. Allison worked at Merrill for 28 years, rising to become the brokerage’s president, COO and member of the board, according to FundFire.

He left Merrill in 1999 after being told he wouldn't succeed Daniel Tully as CEO, Bloomberg reports. Allison subsequently became chairman, president and CEO of TIAA-CREF from 2002 to 2008. The Bush administration made Allison president and CEO of Fannie Mae in 2008. The following year, President Barack Obama appointed Allison to the Treasury Department as assistant secretary for financial stability.

Allison’s appointment to the Treasury Department in 2009 had him overseeing the Obama administration’s policy changes to TARP. He left that job in September 2010 and later conducted an independent review of government loans to energy companies, FundFire reports.

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