Tim Massad

Assistant Secretary for Financial Stability and Chief TARP Counsel

(Treasury.gov)

Why He Matters

Massad stepped up to fill the shoes of Herb Allison, who left the Obama administration in September 2010 after managing the first phase of the controversial, but some say basically successful Troubled Asset Relief Program (TARP).

A former partner at Cravath, Swaine & Moore, Massad was the chief counsel and chief reporting officer of the Treasury's Office of Financial Stability, which Allison headed.

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Background

At a Glance

Career History: Chief Counsel for TARP (2009-September 2010); Partner at Cravath, Swaine & Moore LLP (1984-2009)
Birthday: July 30, 1956
Hometown: New Orleans, Louisiana

Alma Mater: Harvard College (A.B. magna cum lade social studies) 1978; Harvard Law School (J.D.) 1984
Spouse: Charlotte Hart
Web site

Path To Power

After graduating from Harvard Law School in 1984, Massad joined Cravath, Swaine & Moore LLP and was elected a partner in 1991. Massad has had a diverse corporate practice, with emphasis on securities offerings and bank financings, counseling underwriters and securities issuers.

Much of Massad's practice has been heavily international. He worked in the firm's Hong Kong branch from 1998 through 2002. He also worked in the firm's London office, and focused on Latin America while in the firm's New York office. In 2007, he was the head of the firm's India practice.

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The Issues

One of Massad's biggest priorities is winding down government investments in private companies as part of the TARP bailout as soon as practicable while protecting the interests of taxpayers. He's also working with others at the Treasury to release reports detailing how TARP funds are spent and being recovered.

Although the economy continued to struggle in 2010, Massad said it was clear that progress is being made. He added that a lot of work remains to be done, considering that millions of people are still unemployed and in danger of losing their homes.

The Network

As acting assistant secretary for Treasury's Office of Financial Stability, Massad worked closely with Herb Allison, his predecessor who left in September 2010. Because of the high-profile nature of his job, he'll be working closely with Treasury Secretary Tim Geithner and special advisers Gene Sperling and Jake Siewert.

Campaign Contributions

Massad is a consistent contributor to the Democratic Party, including contributions to 2004 presidential nominee John Kerry, former president Bill Clinton, and 2008 candidates Hillary Clinton and Barack Obama.

Additional Resources