Published July 15, 2013
Herbert Allison Jr., a former president at Merrill Lynch who also played a critical role in the U.S. government's bank rescue program, reportedly died at age 69 Sunday.
Bloomberg News reported Allison died at his home in Westport, Conn., citing an interview with his son Andrew.
Allison had a storied career in the finance world. President Barack Obama nominated Allison for Assistant Secretary for Financial Stability in April 2009 and he was confirmed in June of that year. In that role, he oversaw the Troubled Asset Relief Program, which was one of the primary vehicles for bailing out the U.S. banking sector.
Earlier, in September 2008, he was appointed chief executive at Fannie Mae during what was one of the darkest moments of the worst financial crisis since the Great Depression. He previously served as Chief Executive Officer of TIAA-CREF from 2002 to 2008.
Allison kicked off his professional career as an associate in the investment banking division at Merrill Lynch, now a unit of Bank of America (BAC), where he served in a slew of roles, including: Treasurer, Director of Human Resources, Chief Financial Officer, and finally President and Chief Operating Officer.
Allison earned a B.A. in philosophy from Yale University and then an M.B.A. from Stanford University. He also served four year in the U.S. Navy, including a year in Vietnam.