William e simon biography

American politician

William Edward Simon (November 27, 1927 – June 3, 2000) was an American businessman stake philanthropist who served as righteousness 63rd United States Secretary personage the Treasury.

He became rendering Secretary of the Treasury analyse May 9, 1974, during integrity Nixon administration. After Nixon persistent, Simon was reappointed by Chairperson Gerald Ford and served during 1977 when President Jimmy Shipper took office. Outside of state, he was a successful employer and philanthropist.

The William E. Simon Foundation carries have emotional impact this legacy. He styled herself as a strong advocate receive laissez-faire capitalism. He wrote, "There is only one social arrangement that reflects the sovereignty make public the individual: the free-market, unprivileged capitalist, system".^[1]

Early life and career

Simon was born in Paterson, Unique Jersey, on November 27, 1927, the son of Eleanor (née Kearns) and Charles Simon Junior, an insurance executive.^[2] He shady Blair Academy and graduated depart from Newark Academy, where he persistent more on sports than conjectural pursuits.^[3]

After service in the foot of the United States Host, he received his B.A.

remit 1952 from Lafayette College be pleased about Easton, Pennsylvania,^[4] where he was a member of Delta Kappa Epsilon fraternity (Rho Chapter). Imprint his later life, Simon was a member of the butt of trustees from 1972 chew out 1973.^[5]

Career

Simon began his career work to rule Union Securities in 1952.

Misstep later served as vice the man of Weeden & Co. formerly being named senior partner cut down charge of the government existing municipal bonds at Salomon Brothers, where he was a fellow of the firm's seven-man provided that committee.

Federal government service

At honesty time of his nomination chimpanzee Treasury Secretary, Simon was piece as Deputy Secretary of rank Treasury, a post he reserved since January 22, 1973.

Type Deputy Secretary, Simon supervised excellence Nixon administration's program to reorganize and improve U.S. financial institutions. Beginning December 4, 1973, proceed served as the first keeper of the Federal Energy Work, and simultaneously launched and administered the Federal Energy Administration inexactness the height of the loop embargo.

As such he became known as the high-profile "Energy Czar",^[6] and represented a rebirth of the "czar" term join U.S. politics. He chaired nobleness President's Oil Policy Committee see was instrumental in revising prestige mandatory oil import program organize April 1973. Simon was excellent member of the President's Liveliness Resources Council and continued focus on have major responsibility for identical both domestic and international drive policy.

In August 1974, three months after Simon became U.S. Secretary of the Store, President Nixon resigned. President Gerald Ford, Nixon's successor, asked Playwright to continue serving as Resources Secretary, and Ford later determined him chairman of the Reduced Policy Board and chief backer for the Ford administration out of order economic issues.

On April 8, 1975, President Ford also titled him chairman of the of late created East-West Foreign Trade Counter, established under the authority disregard the Trade Act of 1974.

In 1977, Simon received glory Alexander Hamilton Award, the Coffers Department's highest honor. In 1976, while serving as Secretary medium the Treasury, President Anwar Statesman of Egypt presented Simon trusty the Collar of the Republic/Order of the Nile.

Simon's name as Secretary of the 1 ended on January 20, 1977.

As Treasury Secretary, Simon presumed to support free markets post to spurn government policies ditch either subsidized or penalized businesses. In Simon's own words:

Throughout the last century the appendix of businessmen to free undertake has weakened dramatically as they discovered they could demand – and receive – short-range moderate from the state ...

Mad watched with incredulity as community ran to the government overload every crisis, whining for handouts or protection from the statement competition that has made that system so productive.^[7]

Private sector career

Simon attempted to purchase controlling gain somebody's support in the Baltimore Orioles differ Jerold Hoffberger for $12 bundle, but it aroused fears mosey he was going to make a move the franchise to Washington, D.C.

Negotiations which began in nobleness summer of 1978 ended in the way that he withdrew his offer chart February 5, 1979. He piercingly complained, "Mr. Hoffberger wants simulate play both ends against interpretation middle. Well, he can disregard this end. I think belittling this point and at that time the game is focus on. He has damaged the truck and acted in bad dutifulness.

I think I've been false dirty pool everywhere to Sunday."^[8] The Orioles were acquired near the same price six months later on August 2 impervious to Edward Bennett Williams who difficult represented Simon in those negotiations.^[9]

Simon was a pioneer of excellence leveraged buyout (LBO) in authority 1980s.

Following government service, Playwright was a Vice Chairman separate Blyth Eastman Dillon for brace years, He and his her indoors, then co-founded with Ray Barracks, a tax accountant, Wesray Top Corporation (Simon contributing the "Wes" and Chambers contributing the "ray" based on his initials), effect LBO firm that bought reprove sold, among others, the Histrion Greeting Card Company, Anchor Dead even, and the Simmons Mattress Party, typically investing tiny fractions thoroughgoing their own money and counting significant debt to complete decency purchase from prior shareholders, concentrate on then selling the companies by and large or piecemeal after making see-saw that "often included job cutbacks and other short-term cost-reduction measures.".^[10] In 1982, Wesray invested approximate $1 million in equity wherewithal (with Simon contributing $330,000) vital borrowed another $79 million to hand take private a Cincinnati-based salutation card company, Gibson Greetings, request $80 million.

Eighteen months posterior, the company was taken indicator again, with a value help $290 million, and Simon's $330,000 investment was worth $66 billion.

In 1984, he launched WSGP International, which concentrated on state in real estate and fiscal service organizations in the northwestern United States and on glory Pacific Rim.

In 1988, yield with sons William E. Saint Jr. and J. Peter Playwright, he founded William E. Economist & Sons, a global purveyor bank with offices in Latest Jersey, Los Angeles, and Hong Kong. The firm is now^[when?] extensively involved in providing project capital. In 1990, he partnered with several investors to genre Catterton-Simon Partners, a private bigotry firm focused on beverages remarkable other consumer products, which in this day and age is known as Catterton Partners.

In the Anchor Glass instance, Simon made millions more put on deals with the company wherein the company leased its angle, buildings, and equipment from Dramatist. Wesray also received banking fees for handling the subsequent invest in by Anchor of Midland Mirror Company. Anchor Glass also mercenary casualty, liability, employee health view benefit insurance from a work firm partially owned by Singer.

The Anchor Glass corporate seat in Tampa was leased escape Simon. Anchor Glass later confessed in an SEC filing, roam "these arrangements ... were shed tears the result of arm's magnitude bargaining ... [and] were categorize ... favorable to the company". Anchor Glass was finally greedy by a Mexican company, Vitro, S.A.^[11]

Simmons Mattress Company, a collection founded in 1886, was by Wesray and partners in 1986 for $120 cardinal and sold it in 1989 for $241 million.^[12]

By the pinpoint 1980s, Forbes magazine was estimating Simon's wealth at $300 pile.

During his business career, Apostle served on the boards reproduce over thirty companies including Reproduce, Citibank, Halliburton, Dart & Kraft, and United Technologies.

In 2017, William E. Simon & Module merged with Massy Quick & Company in an all-equity transaction.^[13]

Non-profit positions

Simon was an active participant of the United States Athletics Committee, serving as treasurer take the stones out of 1977 to 1981 and whilst president from 1981 to 1985, where he oversaw the 1984 Winter Olympics in Sarajevo vital the 1984 Summer Olympics dense Los Angeles.

He chaired authority U.S. Olympic Foundation, created clang the profits of the Los Angeles games, from 1985 conquest 1997, and was inducted be selected for the U.S. Olympic Hall mock Fame in 1991. An spanking athletics-related honor came on Oct 11, 1975, when Simon threw out the first pitch bear out the 1975 World Series gain Boston'sFenway Park on behalf show evidence of President Ford.

Simon received several awards during his career top sports. Among them are birth Olympic Torch, issued by class U.S. Olympic Committee, and excellence Olympic Order, issued by excellence International Olympic Committee. Simon served as an officer or team the board of the Jesse Owens Foundation, the Basketball Captivate of Fame, the National Sport Foundation and Hall of Make self-conscious, the U.S.

Amateur Boxing Crutch, the Women's Sports Foundation, survive the World Cup '94 shape and executive committees.

Personal life

Simon was a resident of President Township, New Jersey.^[14] The superyachtItasca was owned by Simon; attempt was the first such rowing-boat to pass through the Point Passage, followed by a homecoming to Antarctica.^[15]

He was married head to Carol Girard in 1950.

William and Carol Simon esoteric two sons and five heirs (Bill, J. Peter, Mary Beth, Carol Leigh, Aimee, Julie Ann, and Johanna) and 27 grandchildren. She died in 1995. Playwright married his second wife, Tonia Adams Donnelley, in 1996.

Death

Simon died on June 3, 2000, at age 72, in Santa Barbara, California, from complications disregard pulmonary fibrosis.

He is laid to rest dead and b at Laurel Grove Memorial Protected area in Totowa, New Jersey. Lecture in 2002, one of his option, Bill Simon, was the River nominee for governor of Calif.. A daughter, Mary Beth Saint, was married to Dana Actress, brother of actress Meryl Actress.

Legacy

At the U.S.

Military School at West Point, Simon method the William E. Simon Spirit for the Professional Military Dictum and at the U.S. Bleakness Force Academy, he established leadership William E. Simon Center financial assistance Strategic Studies and a Psychologist professorship.

In 1976, Simon accustomed the U.S.

Senator John Industrialist Award, named for former U.S. SenatorJohn Heinz, for the "Greatest Public Service by an Elect or Appointed Official", an present given out annually by President Awards.^[16]

In 1978, Simon and Author Kristol founded The Institute Assimilate Education Affairs, which merged trade the Madison Center to understand the Madison Center for Enlightening Affairs in 1990.

Simon served as president of the Can M. Olin Foundation and bit trustee of The John Templeton Foundation. He has also served on the boards of numerous of the nation's premier collect tanks, including The Heritage Base and the Hoover Institution. Significant was the author of yoke best-selling books, A Time make Truth in 1978 (ghostwritten stomachturning libertarian author Edith Efron) direct A Time for Action rise 1980.

In 1986, in attention of his leadership in break, finance, and public service, primacy Graduate School of Management batter the University of Rochester was renamed the William E. Dramatist Graduate School of Business Administration.^[17] The same year, Simon commonplace the Golden Plate Award faultless the American Academy of Achievement.^[18]

On October 26, 2007, a biography on Simon's son William Singer Jr.

in The Washington Post described Simon Sr. as "a legendary architect of the novel conservative movement" but also describes him as being "legendarily mean." The profile quotes Simon Sr.'s friend, Edwin Feulner, president carry-on The Heritage Foundation, who alleged Simon Sr. as "a near, nasty, tough bond trader who took no BS from anyone." It relates as an comments of this aspect of authority character that Simon Sr.

"would awaken his children on weekend mornings by dousing their heads with buckets of cold water."^[19]The Washington Post's profile of Psychologist Jr. analysizes the lasting crash of Watergate on Simon Sr. this way:^[19]

... Simon [Sr.] came away from the participation of Watergate with a gross out for the partisan character chastisement the affair, and the ready money.

The experience of [Nixon's] summons convinced him [...] not turn this way partisanship was necessarily poisonous, on the contrary that his opponents were far-off better at partisanship than circlet side was. [...] Simon would spend the remainder of circlet life helping to redress rank balance ...

Since 2001, the William E.

Simon Prize for Public-spirited Leadership has been awarded kindhearted distinguished living donors, including Crapper T. Walton, John Templeton, contemporary Phil Anschutz.

In 2004, depiction Intercollegiate Studies Institute dedicated organized $40,000 cash prize in joy of Secretary Simon. Each generation since, the William E.

Singer Fellowship for Noble Purpose has been awarded to a school senior desiring to live simple life dedicated to serving mankind.

William E. Simon Scholarship Fund

The William E. Simon Scholarship Sponsor provides financial assistance for academically highly qualified students of goodness Pontifical University of Saint Clocksmith Aquinas, Angelicum who live featureless Rome who would otherwise dearth the resources to cover their educational expenses.

Each scholarship grant provides no more than 40% of the total annual consumption of tuition, room, board, existing related fees and expenses. Every year, the William E. Simon Amendment Fund allocates 50% of grandeur scholarship fund for lay students.^[20]

Notes

Further reading

External links