By Martin Crutsinger

WASHINGTON (AP) — Herbert M. Allison Jr., the head of the government's $700 billion financial bailout program, announced on Wednesday that he would resign.

Mr. Allison said in a letter to his colleagues in the Treasury Department's Office of Financial Stability that they had accomplished a great deal.

He said that the bailout fund, known as the Troubled Asset Relief Program, had proved to be remarkably successful in achieving its goal of stabilizing the nation's financial system and laying the groundwork for an economic recovery.

Mr. Allison said he was stepping down to return to Connecticut. He will be succeeded on an interim basis by Tim Massad, who is currently the chief counsel and chief reporting officer for the bailout program.

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There was no mention in the article about performing an audit before he retires to be sure that all the money is accounted for, but I would highly recommend it. He looks like a sneaky little SOB. You can't trust a man named "Herbert".