Ethisphere Institute Executive Director Hails Confirmation of Herb Allison to Run TARP
New York, NY, June 19, 2009 – The following statement was issued today by Alex Brigham, executive director of the Ethisphere Institute, in response to the Senate confirmation of Herb Allison to run the Troubled Asset Relief Program (TARP).
“Herb Allison has a tremendous amount of credibility on Wall Street, and his leadership will have an immediate impact on the performance of TARP. Right now, the program is at a crossroads with ten of the nation’s leading banks paying back funds totaling $68 billion. But TARP still includes some of the hardest hit institutions, including AIG, Citigroup and Bank of America. Allison understands the financial crisis is not yet over and has already shown great responsibility in seeing that the government saves the remaining $100 billion in case the economy takes another nose dive.
According to the Ethisphere TARP Index, when markets closed on Friday, June 12, 2009, the government’s forecasted losses on its investments and loan guarantees was approximately $151.6 billion. That translates into a $1,361 loss for each taxpaying household. TARP still has a long way to go, but if anyone can turn this around, it’s Herb Allison. He’s the right man for the job at the right time.”
About Ethisphere Institute
The research-based Ethisphere Institute is a leading international think-tank dedicated to the creation, advancement and sharing of best practices in business ethics, corporate social responsibility, anti-corruption and sustainability. The Institute’s associated membership group, the Ethisphere Council, is a forum for business ethics that includes over 200 leading corporations, universities and institutions. The Ethisphere Council is dedicated to the development and advancement of individuals on its membership council through increased efficiency, innovation, tools, mentoring, advice, and unique career opportunities. Ethisphere Magazine, which publishes the globally recognized World’s Most Ethical Companies Ranking™, is the quarterly publication of the Institute. More information on the Ethisphere Institute, including ranking projects and membership, can be found at http://www.ethisphere.org.
About the Ethisphere TARP Index
The Ethisphere TARP Index measures performance of financial institutions participating in the U.S. Treasury’s Troubled Asset Relief Program (TARP). The Index takes into account the value of the Treasury’s shares for both public and private companies, as well as interest accrued from participating companies.
Weekly reports detailing performance and drivers will be published at http://ethisphere.com/ethisphere-tarp-index-report/.
