A decorated war hero who later led several major corporations, including Merrill Lynch and Fannie Mae, and served as Assistant Secretary of the Treasury. He played a key role in shaping the US financial system.
Herbert M. Allison Jr., a renowned American businessman, is best known for overseeing the Troubled Asset Relief Program (TARP) as Assistant Secretary of the Treasury for Financial Stability from 2009 to 2010. He also served as the president and CEO of Fannie Mae, a position he held from 2008 to 2009 after the government-sponsored enterprise was placed into conservatorship.
Allison was born on August 2, 1943, in Pittsburgh, Pennsylvania, to Herbert M. Allison Sr., an FBI agent, and Mary Boardman Allison. He grew up in Garden City, New York, and earned a B.A. in philosophy from Yale University in 1965.
Following college, Allison volunteered for service as an officer in the United States Navy. He served on two ships, the destroyer USS Arnold J. Isbell (DD-869) and amphibious command ship USS Taconic (LCC-17). After promotion to lieutenant, he served a tour in-country in South Vietnam at the Coastal Surveillance Center, Nha Trang, where he was awarded the Navy Commendation Medal with Combat V for performance during Operation Market Time.
Allison began his career at Merrill Lynch as an associate in investment banking and served variously as treasurer, director of human resources, chief financial officer, executive vice president, president, chief operating officer, and as a member of the board during his 28 years there. He worked in New York, London, Paris, and Tehran.
One of his notable achievements at Merrill Lynch was revising the bonus structure after the stock market crash of 1987. He added compensation based on company performance to a plan that was previously based on individual performance alone. This new structure became known as "Herbies."
In 2002, Allison became the chairman, president, and CEO of TIAA, a position he held until his retirement in 2008. In September 2008, he was appointed as the president and CEO of Fannie Mae, where he played a crucial role in stabilizing the company during the financial crisis.
In 2009, Allison was appointed as the Assistant Secretary of the Treasury for Financial Stability, where he oversaw the Troubled Asset Relief Program (TARP). Under his leadership, the program helped to stabilize the financial system and prevent a complete collapse of the banking industry.
Throughout his career, Allison was known for his leadership skills, financial expertise, and ability to navigate complex financial situations. He passed away on July 14, 2013, leaving behind a legacy of service and contribution to the financial industry.
Allison's educational background in philosophy had a significant impact on his approach to business and leadership. He was known for his analytical thinking and ability to balance short-term needs with long-term goals. His philosophical approach to problem-solving helped him to navigate complex financial situations and make informed decisions.
Allison's work in the financial industry had a significant impact on modern society. His leadership during the financial crisis helped to prevent a complete collapse of the banking industry and stabilized the financial system. His innovative approach to compensation structures and his ability to navigate complex financial situations have inspired a new generation of business leaders.
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