TARP Chief Herb Allison to Step Down

The man who supervised the controversial bank bailout is going home. Herb Allison, who as assistant secretary for financial stability oversaw the $700 billion Troubled Asset Relief Program (TARP), said Wednesday in an e-mail to his staff that he was stepping down to return to his wife in Connecticut, according to Reuters.

TARP is winding down, set to end on October 3, although recouping the money it lent during its two years of existence will go on for years. Allison will be succeeded at the program by its chief counsel and chief reporting officer, Tim Massad, who will become acting secretary on Sept. 30.