U.S. Financial Bailout Chief Resigns

Source: Associated Press

Herb Allison, the head of the government's $700 billion financial bailout program, announced on Wednesday that he would resign. He is the latest in a series of departures from President Obama's economic team.

Allison, who had served as head of the bailout program since April 2009, said in a letter to colleagues at the Treasury Department that they had accomplished a great deal and helped to stabilize the financial system.

The Troubled Asset Relief Program, the formal name for the bailout program that began during President George W. Bush's administration, has been widely criticized by the public as a rescue for wealthy bankers who took extraordinary risks.

Allison will be succeeded as head of the program by Tim Massad, 54, who will become acting assistant Treasury secretary for financial stability while the administration looks for a permanent successor.

Read more: http://www.npr.org/templates/story/story.php?storyId=130053728&f=1001&sc=tw&utm_source=twitterfeed&utm_medium=twitter

---

Alternative Activist News http://activistnews.blogspot.com

She will have greater access to Obama, with the senior ones gone.