Herbert M. Allison
The steady-handed American financier who answered the call to lead Fannie Mae and then oversee the massive TARP bailout during the 2008 financial crisis.
1943–2013 (age 70)·American businessman·Birthday: August 2·The Silent Generation
Biography
Herb Allison's career was the picture of Wall Street establishment—Yale, the Navy, a long ascent at Merrill Lynch—until history called him to two of the most thankless jobs in modern finance. After retiring as CEO of TIAA, he was pulled back into the maelstrom of the 2008 crisis. The government had seized mortgage giants Fannie Mae and Freddie Mac, and Allison was asked to take the helm of Fannie Mae as its conservator, a role requiring both financial acumen and a thick skin. A year later, he entered the political arena as the Obama administration's head of the Troubled Asset Relief Program (TARP). In this role, he was the chief steward of hundreds of billions in bailout funds, tasked with stabilizing banks, managing public fury, and navigating a fraught congressional oversight process. Known for his calm, analytical demeanor, Allison brought a measure of credibility to efforts that were as politically toxic as they were economically necessary.
The Silent Generation
1928–1945
Born between the Depression and the end of WWII. Too young to fight, old enough to remember. They became the conformist middle managers of the 1950s — and the civil rights leaders who quietly dismantled Jim Crow.
Herbert was born in 1943, placing them squarely in The Silent Generation. The events that shaped this generation — world wars, depression, and rapid industrialization — shaped the world they entered and the choices available to them.
#1 When Herbert Was Born
The biggest hits of 1943
#1 Movie
For Whom the Bell Tolls
Best Picture
Casablanca
Herbert's Life & Times
The world at every milestone
1943Born
Allies invade Sicily; Battle of Stalingrad ends
Gas: $0.21/galHome: $3,290Min wage: $0.30/hrPresident: Franklin D. Roosevelt"I've Heard That Song Before" — Harry JamesBest Picture: Casablanca
1948Started school
Israel declares independence; Berlin Blockade begins
Gas: $0.26/galHome: $7,450Min wage: $0.40/hrPresident: Harry S. Truman"Twelfth Street Rag" — Pee Wee HuntBest Picture: Hamlet
1956Became a teenager
Elvis Presley appears on The Ed Sullivan Show
Gas: $0.30/galHome: $10,050Min wage: $1.00/hrPresident: Dwight D. Eisenhower"Heartbreak Hotel" — Elvis PresleyBest Picture: Around the World in 80 Days
1959Could drive
Fidel Castro takes power in Cuba
Gas: $0.30/galHome: $12,400Min wage: $1.00/hrPresident: Dwight D. Eisenhower"The Battle of New Orleans" — Johnny HortonBest Picture: Ben-Hur
1961Could vote
Yuri Gagarin becomes the first human in space
Gas: $0.31/galHome: $12,500Min wage: $1.15/hrPresident: John F. Kennedy"Tossin' and Turnin'" — Bobby LewisBest Picture: West Side Story
1964Turned 21
Civil Rights Act signed; Beatles arrive in America
Gas: $0.30/galHome: $13,450Min wage: $1.25/hrPresident: Lyndon B. Johnson"I Want to Hold Your Hand" — The BeatlesBest Picture: My Fair Lady
1973Turned 30
US withdraws from Vietnam; Roe v. Wade decided
Gas: $0.39/galHome: $22,100Min wage: $1.60/hrPresident: Richard Nixon"Tie a Yellow Ribbon Round the Ole Oak Tree" — Tony Orlando & DawnBest Picture: The Sting
1983Turned 40
Internet adopts TCP/IP, creating the modern internet
Gas: $1.16/galHome: $57,700Min wage: $3.35/hrPresident: Ronald Reagan"Every Breath You Take" — The PoliceBest Picture: Terms of Endearment
1993Turned 50
European Union officially established
Gas: $1.11/galHome: $86,600Min wage: $4.25/hrPresident: Bill Clinton"I Will Always Love You" — Whitney HoustonBest Picture: Schindler's List
2003Turned 60
US invades Iraq; Human Genome Project completed
Gas: $1.59/galHome: $146,000Min wage: $5.15/hrPresident: George W. Bush"In Da Club" — 50 CentBest Picture: The Lord of the Rings: The Return of the King
2013Turned 70
Edward Snowden reveals NSA surveillance programs
Gas: $3.53/galHome: $152,800Min wage: $7.25/hrPresident: Barack Obama"Thrift Shop" — Macklemore & Ryan LewisBest Picture: 12 Years a Slave
Key Achievements
- Appointed President and CEO of Fannie Mae in 2008 after it was placed into government conservatorship, stabilizing the entity during crisis.
- Served as the Assistant Secretary of the Treasury for Financial Stability, overseeing the implementation of the $700 billion TARP program.
- Led TIAA as Chairman and CEO, expanding its services and guiding it through the early 2000s market turbulence.
- Had a 28-year career at Merrill Lynch, rising to become its Chief Financial Officer and head of its brokerage operations.
Did You Know?
He served as a naval officer aboard the USS *Joseph P. Kennedy Jr.* after graduating from Yale.
Before leading TIAA, he was considered a candidate for the top job at Merrill Lynch, which ultimately went to Stanley O'Neal.
He was a dedicated marathon runner and completed the New York City Marathon.
After his government service, he served on the board of directors for Time Warner Inc.
“The numbers are the story; you just have to listen to them.”
