| Page 2 of 2 < |
Veteran Financiers to Head Fannie, Freddie
IN: Former Merrill Lynch vice chairman Herbert M. Allison, left, is Fannie Mae's new chief executive. David M. Moffett, who has served as a chief financial officer for a series of banks, assumed the top job at Freddie Mac.
(Mary Altaffer - AP)
TOOLBOX
   Resize
COMMENT
 Discussion Policy
 CLOSE
Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.
Who's Blogging  |
For two years after his departure from Merrill, Allison served as president of the Alliance for Lifelong Learning, a joint venture among Oxford, Stanford and Yale universities.
In November 2002, he left to join TIAA-CREF. There, Allison acted as a "catalyst for change," Robert L. Joss, dean of Stanford's graduate business school, said in a statement related to an award Allison received from the school.
To beef up TIAA-CREF's market share, Allison launched an advertising blitz, boosted the company's interaction with customers, introduced new products and reorganized the institution, resulting in its first-ever layoffs.
This year, Allison retired from the fund, and his successor, Roger W. Ferguson, praised him yesterday as a "proven leader in overseeing complex and challenging financial matters."
He comes to Fannie with Republican credentials. In 1999, after leaving Merrill, he served as national finance chairman for the 2000 presidential campaign of fellow Vietnam War veteran Sen. John McCain (R-Ariz.).
Allison is scheduled to address Fannie Mae employees in a town hall meeting today. Both management teams met with their new chief executives yesterday at the headquarters of their new regulator, the Federal Housing Finance Agency, "so we could introduce everyone to help ensure that they can continue tomorrow with business as usual," FHFA director James Lockhart said through a spokeswoman.
Staff writer David S. Hilzenrath and staff researcher Lucy Shackelford contributed to this story.
