Herbert Allison Jr., the onetime president of Merrill Lynch & Co. who oversaw the U.S. government’s bank-bailout program following the financial crisis that led to his former company becoming a unit of Bank of America Corp., has died. He was 69.
President Barack Obama ’s signing today of the biggest U.S. financial-rules overhaul since the Great Depression will be a “major watershed” for the government’s bailout programs, a Treasury Department official said.
Potential losses from U.S. energy loan programs are likely to be less than projected by the White House and Congress, according to an independent analysis that Democrats said validated support for clean-energy innovation.
Energy Secretary Steven Chu will appear before a U.S. Senate committee next month to discuss an Obama administration-ordered analysis of his agency’s clean- energy loan program, which gave money to failed Solyndra LLC.
U.S. Treasury Secretary Timothy F. Geithner said taxpayer losses from the Troubled Asset Relief Program are shrinking, and he credited departing TARP chief Herbert Allison with helping the government stabilize financial markets.
Neil Barofsky was unpacking boxes in December 2008 when the stench of sewage wafted through the hallways at the 168-year-old Main Treasury Building. The space assigned to him as head of the Office of the Special Inspector General for the Troubled Asset Relief Program, or SIGTARP, was shoehorned into the basement, three floors below U.S. Treasury Secretary Henry Paulson ’s offices.
Glass artist Dale Chihuly’s favorite restaurant is Harry’s Bar in Venice, he said last night as he dined on a beet and string bean salad at another Cipriani outpost, a catering hall at 55 Wall St. in New York.
The Obama administration ordered a review of the Energy Department’s loan program as House Republicans consider subpoenaing more White House records about a guarantee for failed solar-panel maker Solyndra LLC.
Republican vice presidential nominee Paul Ryan pressed the U.S. Department of Energy in 2008 to write rules for electric-car loans that could have risked almost as much federal money as was lost when Solyndra LLC went bankrupt.