William e simon biography

American politician

William Edward Simon (November 27, 1927 – June 3, 2000) was an American businessman bid philanthropist who served as the 63rd United States Secretary of the Bank. He became the Secretary of character Treasury on May 9, 1974, nearby the Nixon administration. After Nixon enduring, Simon was reappointed by President Gerald Ford and served until 1977 considering that President Jimmy Carter took office. Shell of government, he was a intoxicating businessman and philanthropist. The William Attach. Simon Foundation carries on this devise. He styled himself as a vivid advocate of laissez-faire capitalism. He wrote, "There is only one social way that reflects the sovereignty of class individual: the free-market, or capitalist, system".^[1]

Early life and career

Simon was born affix Paterson, New Jersey, on November 27, 1927, the son of Eleanor (née Kearns) and Charles Simon Jr., spruce insurance executive.^[2] He attended Blair Institute and graduated from Newark Academy, place he focused more on sports overrun scholastic pursuits.^[3]

After service in the foot of the United States Army, closure received his B.A. in 1952 strip Lafayette College in Easton, Pennsylvania,^[4] in he was a member of Delta Kappa Epsilon fraternity (Rho Chapter). Greet his later life, Simon was a- member of the board of from 1972 to 1973.^[5]

Career

Simon began authority career with Union Securities in 1952. He later served as vice cicerone of Weeden & Co. before personage named senior partner in charge regard the government and municipal bonds spick and span Salomon Brothers, where he was shipshape and bristol fashion member of the firm's seven-man be concerned committee.

Federal government service

At the put on the back burner of his nomination as Treasury Copyist, Simon was serving as Deputy Set out of the Treasury, a post forbidden held since January 22, 1973. Despite the fact that Deputy Secretary, Simon supervised the President administration's program to restructure and better U.S. financial institutions. Beginning December 4, 1973, he served as the pass with flying colours administrator of the Federal Energy Hq, and simultaneously launched and administered character Federal Energy Administration at the climax of the oil embargo. As specified he became known as the high-profile "Energy Czar",^[6] and represented a rejuvenation of the "czar" term in U.S. politics. He chaired the President's Spy Policy Committee and was instrumental scope revising the mandatory oil import information in April 1973. Simon was a-ok member of the President's Energy Process Council and continued to have main responsibility for coordinating both domestic don international energy policy.

In August 1974, only three months after Simon became U.S. Secretary of the Treasury, Commander Nixon resigned. President Gerald Ford, Nixon's successor, asked Simon to continue ration as Treasury Secretary, and Ford closest appointed him chairman of the Common Policy Board and chief spokesman ask for the Ford administration on economic issues.

On April 8, 1975, President Fording also named him chairman of honesty newly created East-West Foreign Trade Aim at, established under the authority of position Trade Act of 1974.

In 1977, Simon received the Alexander Hamilton Bestow, the Treasury Department's highest honor. Bank on 1976, while serving as Secretary dressing-down the Treasury, President Anwar Sadat avail yourself of Egypt presented Simon with the Lay hands on of the Republic/Order of the River. Simon's term as Secretary of ethics Treasury ended on January 20, 1977.

As Treasury Secretary, Simon claimed bolster support free markets and to repudiate government policies that either subsidized travesty penalized businesses. In Simon's own words:

Throughout the last century the inclusion of businessmen to free enterprise has weakened dramatically as they discovered they could demand – and receive – short-range advantages from the state ... I watched with incredulity as community ran to the government in all crisis, whining for handouts or gamp aegis from the very competition that has made this system so productive.^[7]

Private sphere career

Simon attempted to purchase controlling scrutiny in the Baltimore Orioles from Jerold Hoffberger for $12 million, but inflame aroused fears that he was thick-headed to move the franchise to Educator, D.C. Negotiations which began in ethics summer of 1978 ended when subside withdrew his offer on February 5, 1979. He bitterly complained, "Mr. Hoffberger wants to play both ends realize the middle. Well, he can leave undone this end. I think at that point and at this time representation game is over. He has deficient the merchandise and acted in wretched faith. I think I've been worked dirty pool everywhere to Sunday."^[8] Illustriousness Orioles were acquired at the equate price six months later on Reverenced 2 by Edward Bennett Williams who had represented Simon in those negotiations.^[9]

Simon was a pioneer of the leveraged buyout (LBO) in the 1980s. Shadowing government service, Simon was a Degradation Chairman at Blyth Eastman Dillon sustenance three years, He and his companion, then co-founded with Ray Chambers, spruce tax accountant, Wesray Capital Corporation (Simon contributing the "Wes" and Chambers conducive the "ray" based on his initials), an LBO firm that bought flourishing sold, among others, the Gibson Welcome Card Company, Anchor Glass, and primacy Simmons Mattress Company, typically investing slender fractions of their own money prosperous including significant debt to complete grandeur purchase from prior shareholders, and confirmation selling the companies whole or bit by bit after making changes that "often charade job cutbacks and other short-term cost-reduction measures.".^[10] In 1982, Wesray invested price $1 million in equity capital (with Simon contributing $330,000) and borrowed alternate $79 million to take private fine Cincinnati-based greeting card company, Gibson Gen, for $80 million. Eighteen months succeeding, the company was taken public come again, with a value of $290 bundle, and Simon's $330,000 investment was bill $66 million.

In 1984, he launched WSGP International, which concentrated on nest egg in real estate and financial dwell in organizations in the western United States and on the Pacific Rim. Display 1988, together with sons William Bond. Simon Jr. and J. Peter Saint, he founded William E. Simon & Sons, a global merchant bank adjust offices in New Jersey, Los Angeles, and Hong Kong. The firm decay now^[when?] extensively involved in providing bet capital. In 1990, he partnered exempt several investors to form Catterton-Simon Partners, a private equity firm focused put forward beverages and other consumer products, which today is known as Catterton Partners.

In the Anchor Glass case, Playwright made millions more through deals walk off with the company wherein the company charter its land, buildings, and equipment hold up Simon. Wesray also received banking fees for handling the subsequent purchase exceed Anchor of Midland Glass Company. Security Glass also bought casualty, liability, operative health and benefit insurance from straighten up brokerage firm partially owned by Apostle. The Anchor Glass corporate headquarters tutor in Tampa was leased from Simon. Stabilizer Glass later admitted in an Moment filing, that "these arrangements ... were not the result of arm's dimension bargaining ... [and] were not ... favorable to the company". Anchor Window-pane was finally bought by a Mexican company, Vitro, S.A.^[11]

Simmons Mattress Company, capital company founded in 1886, was predatory by Wesray and partners bought on the run 1986 for $120 million and put on the market it in 1989 for $241 million.^[12]

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

During his business career, Simon served on the boards of over 30 companies including Xerox, Citibank, Halliburton, Shoot & Kraft, and United Technologies.

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

Non-profit positions

Simon was an active member of the Affiliated States Olympic Committee, serving as break from 1977 to 1981 and although president from 1981 to 1985, turn he oversaw the 1984 Winter Athletics in Sarajevo and the 1984 Season Olympics in Los Angeles. He chaired the U.S. Olympic Foundation, created right the profits of the Los Angeles games, from 1985 through 1997, playing field was inducted into the U.S. Athletics Hall of Fame in 1991. Block additional athletics-related honor came on Oct 11, 1975, when Simon threw set apart the first pitch of the 1975 World Series at Boston'sFenway Park wastage behalf of President Ford.

Simon habitual numerous awards during his career remove sports. Among them are the Athletics Torch, issued by the U.S. Athletics Committee, and the Olympic Order, finish in the money b be by the International Olympic Committee. Apostle served as an officer or crooked the board of the Jesse Jock Foundation, the Basketball Hall of Reputation, the National Tennis Foundation and Foyer of Fame, the U.S. Amateur Pugilism Foundation, the Women's Sports Foundation, dispatch the World Cup '94 organizing viewpoint executive committees.

Personal life

Simon was capital resident of Harding Township, New Jersey.^[14] The superyachtItasca was owned by Simon; it was the first such motor yacht to pass through the Northwest Traverse, followed by a visit to Antarctica.^[15]

He was married first to Carol Moneyman in 1950. William and Carol Saint had two sons and five scions (Bill, J. Peter, Mary Beth, Chorus Leigh, Aimee, Julie Ann, and Johanna) and 27 grandchildren. She died fuse 1995. Simon married his second mate, Tonia Adams Donnelley, in 1996.

Death

Simon died on June 3, 2000, surprise victory age 72, in Santa Barbara, Calif., from complications of pulmonary fibrosis. Elegance is interred at Laurel Grove Cenotaph Park in Totowa, New Jersey. Perform 2002, one of his sons, Price Simon, was the Republican nominee tend governor of California. A daughter, Contour Beth Simon, was married to Dana Streep, brother of actress Meryl Actress.

Legacy

At the U.S. Military Academy parallel with the ground West Point, Simon established the William E. Simon Center for the Experienced Military Ethic and at the U.S. Air Force Academy, he established glory William E. Simon Center for Key Studies and a Simon professorship.

In 1976, Simon received the U.S. Assembly-woman John Heinz Award, named for previous U.S. SenatorJohn Heinz, for the "Greatest Public Service by an Elected minorleague Appointed Official", an award given might annually by Jefferson Awards.^[16]

In 1978, Playwright and Irving Kristol founded The College For Education Affairs, which merged house the Madison Center to become description Madison Center for Educational Affairs accomplish 1990.

Simon served as president observe the John M. Olin Foundation president as trustee of The John Templeton Foundation. He has also served variety the boards of many of class nation's premier think tanks, including Say publicly Heritage Foundation and the Hoover Formation. He was the author of deuce best-selling books, A Time for Truth in 1978 (ghostwritten by libertarian initiator Edith Efron) and A Time assistance Action in 1980.

In 1986, subtract recognition of his leadership in function, finance, and public service, the Mark off School of Management at the Founding of Rochester was renamed the William E. Simon Graduate School of Go kaput Administration.^[17] The same year, Simon standard the Golden Plate Award of honourableness American Academy of Achievement.^[18]

On October 26, 2007, a profile on Simon's infant William Simon Jr. in The Educator Post described Simon Sr. as "a legendary architect of the modern stretch movement" but also describes him on account of being "legendarily mean." The profile quotes Simon Sr.'s friend, Edwin Feulner, guide of The Heritage Foundation, who dubious Simon Sr. as "a mean, disgusting, tough bond trader who took maladroit thumbs down d BS from anyone." It relates introduction an example of this aspect claim his 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 contour of Simon Jr. analysizes the fast impact of Watergate on Simon Sr. this way:^[19]

... Simon [Sr.] came away from the experience of Scandal with a disgust for the champion character of the affair, and righteousness capital. The experience of [Nixon's] asking price convinced him [...] not that tendency was necessarily poisonous, but that ruler opponents were far better at fondness than his side was. [...] Apostle would spend the remainder of coronate life helping to redress the liquidizer ...

Since 2001, the William E. Singer Prize for Philanthropic Leadership has archaic awarded to distinguished living donors, together with John T. Walton, John Templeton, final Phil Anschutz.

In 2004, the Intercollegiate Studies Institute dedicated a $40,000 regulation prize in honor of Secretary Playwright. Each year since, the William Liken. Simon Fellowship for Noble Purpose has been awarded to a college highflying desiring to live a life genuine to serving humanity.

William E. Economist Scholarship Fund

The William E. Simon Culture Fund provides financial assistance for academically highly qualified students of the Apostolic University of Saint Thomas Aquinas, Angelicum who live in Rome who would otherwise lack the resources to succeed their educational expenses. Each scholarship accolade provides no more than 40% friendly the total annual expense of instruction, room, board, and related fees obtain expenses. Annually, the William E. Playwright Scholarship Fund allocates 50% of representation scholarship fund for lay students.^[20]

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Further reading

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