Former Goldman Sachs managing director Neel Kashkari has remained as administrative head of the TARP during the Obama transition, while a replacement was being located. It appears this morning that his successor has been found. Former Chairman of TIAA-CREF and more recently, fill-in CEO of Fannie Mae (since October of 2008), Herb Allison is President Obama's choice as the new bank bailout administrator for TARP.
Officially, Allison will be nominated as the assistant secretary for the Office of Financial Stability where he will report to Treasury Secretary Tim Geithner. Prior to joining TIAA-CREF, Allison was a longtime executive at Merrill Lynch where he is perhaps most famous for terminating the Merrill analyst who warned about the dangers at Enron. Ouch.
After the jump, we have a short youtube clip of an exchange between Kashkari and Congressman Brad Sherman of California. The issue was AIG bonus payments and it is a good indication of the hornet's nest into which Allison will soon be sticking his ginormous head.