A top US bailout official to step down

New York Times / March 22, 2011

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NEW YORK — David N. Miller, the chief investment officer of the Treasury Department’s bailout program, is planning to leave the government at the end of the month to return to the private sector.

Since the onset of the financial crisis, Miller, a former Goldman Sachs investment banker, has worked for two administrations in creating and running programs aimed at stabilizing the nation’s banking system.

Miller said he began thinking about leaving several months ago, in large part because of the difficulty that his job placed on his family. He has been driving back and forth from Washington and his home in Scarsdale, N.Y., twice a week, participating in conference calls as he drives on Interstate 95.

He and his wife have three children.

It’s the second major departure by a Treasury official connected to the government’s bailout work in recent weeks. James E. Millstein, the administration’s chief restructuring officer, stepped down in February.

Miller, 35, joined the Treasury in the fall of 2008, shortly after the start of the financial crisis, to help flesh out the Troubled Asset Relief Program. What emerged were major bailout initiatives for Citigroup, Bank of America, and other firms.

Since then, the government has trimmed the ultimate cost of its bailout programs to $19 billion, from $356 billion a year ago. The Treasury has even generated a profit on some of its investments, including a $12 billion gain on Citigroup.

Miller will be succeeded by Matt Pendo, a former banker who has worked as Miller’s deputy for almost six months. Pendo previously worked at Merrill Lynch and then Barclays Capital, where he eventually became a head of US investment banking.