Herb Allison To Resign After TARP Controversy

The Treasury assistant secretary for financial stability, Herb Allison has announced his resignation from the post. Allison was responsible for overseeing the Obama Administration's Troubled Asset Relief Program. Herb resigned through an email to the organization saying that the TARP program was “remarkably successful." Former Treasury Secretary Henry Paulson had played an instrumental role in appointing Allison as the CEO of Fannie Mae and he remained there into the Obama administration. Prior to joining the government, Allison had been the CEO of TIAA-CREF. Tim Massad, the chief counsel of the Office of Financial Stability, has been named as the acting assistant secretary by Treasury Secretary Timothy Geithner, until a permanent replacement is found. Read more from Benzinga's Markets.