Herbert M. Allison Jr., a former president of Merrill Lynch and chief executive of Fannie Mae who later ran the United States government's bank bailout program, died on Sunday at his home in Westport, Conn. He was 69. The death was confirmed by his son Andrew, who said the cause was possibly a heart attack.
Mr. Allison served in a number of roles in the private and public sector and as a political appointee under both Presidents Obama and George W. Bush.
"I would say that he was an independent and pragmatic thinker," Andrew Allison said. "He worked with people from different parts of the political spectrum because he was interested in first and foremost serving the nation and its interests."
Mr. Allison began his financial services career at Merrill, working his way up during his 28 years there to president, chief operating officer and member of the board. While at Merrill, he helped coordinate the group of banks that bailed out the hedge fund Long-Term Capital Management in 1998.
He left soon afterward, in 1999, and ran the finance committee for Senator John McCain's 2000 presidential campaign. He subsequently became chairman, president and chief executive of TIAA-CREF, the pension fund and financial services company.
"He was an amazing man, a tremendous leader who was very ethical and so caring about others," said Steve Goldstein, who served as executive vice president at TIAA-CREF alongside Mr. Allison. "People used to say that working for Herb was like getting an M.B.A. from Harvard, but he'd correct them and say, 'No, it's like getting an M.B.A. from Stanford,' " where Mr. Allison attended business school.
In 2008 the Bush administration tapped Mr. Allison to become president and chief executive of Fannie Mae after the troubled government-sponsored entity that securitizes home loans was taken over by the government.
Then in 2009 President Obama, whom Mr. Allison had supported in the 2008 election, appointed him to the Treasury Department as assistant secretary for financial stability.
In that role he helped develop administration policy on financial stability issues and oversaw the Troubled Asset Relief Program, or TARP, created under the Bush administration. He left in September 2010, and about a year later the White House appointed him to conduct an independent review of government loans to energy companies after the prominent bankruptcy of Solyndra, a solar panel company.
In a statement, Timothy F. Geithner, the former Treasury secretary, praised Mr. Allison. "Herb was both a C.E.O. and a statesman, who served his country at a time of peril, bringing financial expertise and commercial judgment to the challenge of saving the American economy from a failing financial system," Mr. Geithner said. "He enriched the lives of those of us who were fortunate to work with him, and we will miss him deeply."
Mr. Allison held other business and educational leadership positions during his career, including as a director of Time Warner; the founder of a start-up called the Alliance for Lifelong Learning, a joint venture with several universities that focused on distance learning; and a member of the Advisory Board of the Yale School of Management, the Advisory Council of the Stanford Graduate School of Business, and the Federal Reserve Bank of New York's International Advisory Committee.
According to a Treasury statement released when Mr. Allison received his Senate confirmation in 2009, he was a director of the New York Stock Exchange from 2003 through 2005.
He wrote a short book about the financial crisis in 2011, "The Megabanks Mess," in which he argued that the nation's largest banks should be broken up. He was working on a longer book more recently but had not completed it, according to his family.
Mr. Allison earned a bachelor's degree in philosophy from Yale before his time at Stanford. He also spent four years as a Navy officer, including a year in Vietnam.
In addition to his son Andrew, 31, he is survived by his son John, 37; and his wife, Simin Allison, 67, whom he met while he was working for Merrill in Tehran, Iran, where she was working as a secretary to a managing director at a bank.
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