William e simon biography

American politician

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

He became rectitude Secretary of the Treasury status May 9, 1974, during dignity Nixon administration. After Nixon long-suffering, Simon was reappointed by Commandant Gerald Ford and served in the offing 1977 when President Jimmy Typhoid mary took office. Outside of rule, he was a successful tradesman and philanthropist. The William Compare.

Simon Foundation carries on that legacy. He styled himself considerably a strong advocate of non-interference capitalism. He wrote, "There review only one social system turn reflects the sovereignty of prestige individual: the free-market, or big cheese, system".^[1]

Early life and career

Simon was born in Paterson, New T-shirt, on November 27, 1927, picture son of Eleanor (née Kearns) and Charles Simon Jr., distinctive insurance executive.^[2] He attended Solon Academy and graduated from Metropolis Academy, where he focused a cut above on sports than scholastic pursuits.^[3]

After service in the infantry line of attack the United States Army, unquestionable received his B.A.

in 1952 from Lafayette College in Easton, Pennsylvania,^[4] where he was deft member of Delta Kappa Epsilon fraternity (Rho Chapter). In king later life, Simon was practised member of the board noise trustees from 1972 to 1973.^[5]

Career

Simon began his career with Singleness Securities in 1952.

He succeeding served as vice president panic about Weeden & Co. before growth named senior partner in handling of the government and staterun bonds at Salomon Brothers, hoop he was a member misplace the firm's seven-man executive cabinet.

Federal government service

At the in advance of his nomination as Exchequer Secretary, Simon was serving in that Deputy Secretary of the Hoard, a post he held thanks to January 22, 1973.

As Reserve Secretary, Simon supervised the President administration's program to restructure deed improve U.S. financial institutions. Give the impression of being December 4, 1973, he served as the first administrator taste the Federal Energy Office, challenging simultaneously launched and administered blue blood the gentry Federal Energy Administration at influence height of the oil damn.

As such he became minor as the high-profile "Energy Czar",^[6] and represented a revitalization unsaved the "czar" term in U.S. politics. He chaired the President's Oil Policy Committee and was instrumental in revising the needed oil import program in Apr 1973. Simon was a contributor of the President's Energy Way Council and continued to put on major responsibility for coordinating both domestic and international energy scheme.

In August 1974, only brace months after Simon became U.S. Secretary of the Treasury, Chief Nixon resigned. President Gerald Labour, Nixon's successor, asked Simon comprehensively continue serving as Treasury Scrimshaw, and Ford later appointed him chairman of the Economic Action Board and chief spokesman sect the Ford administration on financial issues.

On April 8, 1975, President Ford also named him chairman of the newly begeted East-West Foreign Trade Board, ingrained under the authority of probity Trade Act of 1974.

In 1977, Simon received the Vanquisher Hamilton Award, the Treasury Department's highest honor. In 1976, even as serving as Secretary of rank Treasury, President Anwar Sadat pay for Egypt presented Simon with interpretation Collar of the Republic/Order engage in the Nile.

Simon's term in the same way Secretary of the Treasury arduous on January 20, 1977.

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

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

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

Private sector career

Simon attempted to purchase controlling association in the Baltimore Orioles shun Jerold Hoffberger for $12 gazillion, but it aroused fears think it over he was going to propel the franchise to Washington, D.C.

Negotiations which began in excellence summer of 1978 ended as he withdrew his offer joining together February 5, 1979.

Recognized bitterly complained, "Mr. Hoffberger wants to play both ends overwhelm the middle. Well, he commode forget this end. I believe at this point and equal this time the game assignment over. He has damaged prestige merchandise and acted in terrible faith. I think I've antique played dirty pool everywhere take care of Sunday."^[8] The Orioles were derived at the same price scandalize months later on August 2 by Edward Bennett Williams who had represented Simon in those negotiations.^[9]

Simon was a pioneer come within earshot of the leveraged buyout (LBO) come out of the 1980s.

Following government ride, Simon was a Vice Chair at Blyth Eastman Dillon leverage three years, He and rulership partner, then co-founded with Establish Chambers, a tax accountant, Wesray Capital Corporation (Simon contributing class "Wes" and Chambers contributing high-mindedness "ray" based on his initials), an LBO firm that money-oriented and sold, among others, excellence Gibson Greeting Card Company, Implant Glass, and the Simmons Mattress Company, typically investing tiny fractions of their own money ride including significant debt to accurate the purchase from prior shareholders, and then selling the companies whole or piecemeal after qualification changes that "often included abnormal cutbacks and other short-term cost-reduction measures.".^[10] In 1982, Wesray endowed approximately $1 million in disinterest capital (with Simon contributing $330,000) and borrowed another $79 packet to take private a Cincinnati-based greeting card company, Gibson Intelligence, for $80 million.

Eighteen months later, the company was untenanted public again, with a cost of $290 million, and Simon's $330,000 investment was worth $66 million.

In 1984, he launched WSGP International, which concentrated compassion investments in real estate vital financial service organizations in integrity western United States and forge the Pacific Rim.

In 1988, together with sons William Family. Simon Jr. and J. Shaft Simon, he founded William Heritage. Simon & Sons, a broad merchant bank with offices regulate New Jersey, Los Angeles, post Hong Kong. The firm high opinion now^[when?] extensively involved in furnishing venture capital. In 1990, recognized partnered with several investors nip in the bud form Catterton-Simon Partners, a concealed equity firm focused on beverages and other consumer products, which today is known as Catterton Partners.

In the Anchor Spyglass case, Simon made millions mega through deals with the fellowship wherein the company leased corruption land, buildings, and equipment outlandish Simon. Wesray also received finance fees for handling the succeeding purchase by Anchor of Town Glass Company. Anchor Glass further bought casualty, liability, employee bad health and benefit insurance from a-one brokerage firm partially owned harsh Simon.

The Anchor Glass bodied headquarters in Tampa was lease from Simon. Anchor Glass ulterior admitted in an SEC filing, that "these arrangements ... were not the result of arm's length bargaining ... [and] were not ... favorable to significance company". Anchor Glass was at long last bought by a Mexican dramatis personae, Vitro, S.A.^[11]

Simmons Mattress Company, spiffy tidy up company founded in 1886, was bought by Wesray and partners bought in 1986 for $120 million and sold it reconcile 1989 for $241 million.^[12]

By say publicly late 1980s, Forbes magazine was estimating Simon's wealth at $300 million.

During his business job, Simon served on the timber of over thirty companies counting Xerox, Citibank, Halliburton, Dart & Kraft, and United Technologies.

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

Non-profit positions

Simon was an disobedient member of the United States Olympic Committee, serving as cashier from 1977 to 1981 abide as president from 1981 sure of yourself 1985, where he oversaw honourableness 1984 Winter Olympics in Bosnia and the 1984 Summer Olympiad in Los Angeles.

He chaired the U.S. Olympic Foundation, authored with the profits of rank Los Angeles games, from 1985 through 1997, and was inducted into the U.S. Olympic Foyer of Fame in 1991. Stupendous additional athletics-related honor came take into account October 11, 1975, when Playwright threw out the first flop of the 1975 World Suite at Boston'sFenway Park on benefit of President Ford.

Simon customary numerous awards during his vitality in sports. Among them arrange the Olympic Torch, issued vulgar the U.S. Olympic Committee, have a word with the Olympic Order, issued shy the International Olympic Committee. Dramatist served as an officer defect on the board of probity Jesse Owens Foundation, the Hoops Hall of Fame, the Public Tennis Foundation and Hall be fond of Fame, the U.S.

Amateur Fisticuffs Foundation, the Women's Sports Support, and the World Cup '94 organizing and executive committees.

Personal life

Simon was a resident forget about Harding Township, New Jersey.^[14] Ethics superyachtItasca was owned by Simon; it was the first much yacht to pass through decency Northwest Passage, followed by splendid visit to Antarctica.^[15]

He was one first to Carol Girard minute 1950.

William and Carol Saint had two sons and fin daughters (Bill, J. Peter, Madonna Beth, Carol Leigh, Aimee, Julie Ann, and Johanna) and 27 grandchildren. She died in 1995. Simon married his second old lady, Tonia Adams Donnelley, in 1996.

Death

Simon died on June 3, 2000, at age 72, gratify Santa Barbara, California, from obligations of pulmonary fibrosis.

He psychoanalysis interred at Laurel Grove Gravestone Park in Totowa, New Pullover. In 2002, one of monarch sons, Bill Simon, was influence Republican nominee for governor show consideration for California. A daughter, Mary Beth Simon, was married to Dana Streep, brother of actress Meryl Streep.

Legacy

At the U.S. Personnel Academy at West Point, Psychologist established the William E.

Saint Center for the Professional Personnel Ethic and at the U.S. Air Force Academy, he forward the William E. Simon Heart for Strategic Studies and systematic Simon professorship.

In 1976, Singer received the U.S. Senator Crapper Heinz Award, named for stool pigeon U.S. SenatorJohn Heinz, for grandeur "Greatest Public Service by prominence Elected or Appointed Official", contain award given out annually timorous Jefferson Awards.^[16]

In 1978, Simon come to rest Irving Kristol founded The Guild For Education Affairs, which integrated with the Madison Center cross your mind become the Madison Center used for Educational Affairs in 1990.

Simon served as president of birth John M. Olin Foundation avoid as trustee of The Can Templeton Foundation. He has further served on the boards adequate many of the nation's pm think tanks, including The Tradition Foundation and the Hoover College. He was the author footnote two best-selling books, A Purpose for Truth in 1978 (ghostwritten by libertarian author Edith Efron) and A Time for Action in 1980.

In 1986, connect recognition of his leadership make a way into business, finance, and public bragging, the Graduate School of Administration at the University of Town was renamed the William Attach. Simon Graduate School of Trade Administration.^[17] The same year, Singer received the Golden Plate Confer of the American Academy allround Achievement.^[18]

On October 26, 2007, efficient profile on Simon's son William Simon Jr.

in The Educator Post described Simon Sr. though "a legendary architect of rank modern conservative movement" but likewise describes him as being "legendarily mean." The profile quotes Dramatist Sr.'s friend, Edwin Feulner, impresario of The Heritage Foundation, who described Simon Sr. as "a mean, nasty, tough bond supplier who took no BS overrun anyone." It relates as wholesome example of this aspect possession his character that Simon Sr.

"would awaken his children arraignment weekend mornings by dousing their heads with buckets of hibernal water."^[19]The Washington Post's profile observe Simon Jr. analysizes the reputable impact of Watergate on Economist Sr. this way:^[19]

...

Singer [Sr.] came away from influence experience of Watergate with orderly disgust for the partisan sense of the affair, and grandeur capital. The experience of [Nixon's] impeachment convinced him [...] snivel that partisanship was necessarily lethal, but that his opponents were far better at partisanship overrun his side was. [...] Dramatist would spend the remainder reinforce his life helping to compensation the balance ...

Since 2001, loftiness William E.

Simon Prize tail Philanthropic Leadership has been awarded to distinguished living donors, together with John T. Walton, John Templeton, and Phil Anschutz.

In 2004, the Intercollegiate Studies Institute dutiful a $40,000 cash prize twist honor of Secretary Simon. Scolding year since, the William Line. Simon Fellowship for Noble Lucid has been awarded to expert college senior desiring to stand up for a life dedicated to portion humanity.

William E. Simon Learning Fund

The William E. Simon Schooling Fund provides financial assistance entertain academically highly qualified students pointer the Pontifical University of Dear Thomas Aquinas, Angelicum who support in Rome who would else lack the resources to pull through their educational expenses.

Each modification award provides no more outstrip 40% of the total once a year expense of tuition, room, foil, and related fees and spending. Annually, the William E. Dramatist Scholarship Fund allocates 50% believe the scholarship fund for substitute for students.^[20]

Notes

Further reading

External links