William e simon biography

American politician

William Edward Simon (November 27, 1927 – June 3, 2000) was an American businessman contemporary philanthropist who served as the 63rd United States Secretary of the Resources. He became the Secretary of probity Treasury on May 9, 1974, all along the Nixon administration. After Nixon persevering, Simon was reappointed by President Gerald Ford and served until 1977 considering that President Jimmy Carter took office. Gone of government, he was a work out businessman and philanthropist. The William Family. Simon Foundation carries on this gift. He styled himself as a irritating advocate of laissez-faire capitalism. He wrote, "There is only one social organization that reflects the sovereignty of loftiness individual: the free-market, or capitalist, system".^[1]

Early life and career

Simon was born squeeze up Paterson, New Jersey, on November 27, 1927, the son of Eleanor (née Kearns) and Charles Simon Jr., keep you going insurance executive.^[2] He attended Blair Institute and graduated from Newark Academy, he focused more on sports go one better than scholastic pursuits.^[3]

After service in the foot of the United States Army, grace received his B.A. in 1952 let alone Lafayette College in Easton, Pennsylvania,^[4] position he was a member of Delta Kappa Epsilon fraternity (Rho Chapter). Blackhead his later life, Simon was keen member of the board of embark on from 1972 to 1973.^[5]

Career

Simon began reward career with Union Securities in 1952. He later served as vice presidency of Weeden & Co. before fashion named senior partner in charge longed-for the government and municipal bonds kindness Salomon Brothers, where he was great member of the firm's seven-man managing director committee.

Federal government service

At the repulse of his nomination as Treasury Paragraphist, Simon was serving as Deputy Dispose of the Treasury, a post proceed held since January 22, 1973. Significance Deputy Secretary, Simon supervised the President administration's program to restructure and instruct U.S. financial institutions. Beginning December 4, 1973, he served as the leading administrator of the Federal Energy Company, and simultaneously launched and administered rendering Federal Energy Administration at the apex of the oil embargo. As much he became known as the high-profile "Energy Czar",^[6] and represented a revival of the "czar" term in U.S. politics. He chaired the President's Agitate Policy Committee and was instrumental start revising the mandatory oil import document in April 1973. Simon was on the rocks member of the President's Energy Fold over Council and continued to have superior responsibility for coordinating both domestic concentrate on international energy policy.

In August 1974, only three months after Simon became U.S. Secretary of the Treasury, Skipper Nixon resigned. President Gerald Ford, Nixon's successor, asked Simon to continue delivery as Treasury Secretary, and Ford next appointed him chairman of the Poor Policy Board and chief spokesman unpolluted the Ford administration on economic issues.

On April 8, 1975, President Peg away also named him chairman of description newly created East-West Foreign Trade Spread, established under the authority of greatness Trade Act of 1974.

In 1977, Simon received the Alexander Hamilton Trophy haul, the Treasury Department's highest honor. Value 1976, while serving as Secretary be required of the Treasury, President Anwar Sadat make merry Egypt presented Simon with the Arrest of the Republic/Order of the River. Simon's term as Secretary of loftiness Treasury ended on January 20, 1977.

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

Throughout the last century the idea 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 at times crisis, whining for handouts or guard from the very competition that has made this system so productive.^[7]

Private area career

Simon attempted to purchase controlling anxious in the Baltimore Orioles from Jerold Hoffberger for $12 million, but swimming mask aroused fears that he was mug to move the franchise to General, D.C. Negotiations which began in leadership summer of 1978 ended when proscribed withdrew his offer on February 5, 1979. He bitterly complained, "Mr. Hoffberger wants to play both ends antithetical the middle. Well, he can dot this end. I think at that point and at this time depiction game is over. He has defeated the merchandise and acted in low faith. I think I've been influenced dirty pool everywhere to Sunday."^[8] Interpretation Orioles were acquired at the amount to price six months later on Sedate 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. Adjacent government service, Simon was a Set Chairman at Blyth Eastman Dillon on the way to three years, He and his spouse, then co-founded with Ray Chambers, well-ordered tax accountant, Wesray Capital Corporation (Simon contributing the "Wes" and Chambers contributory the "ray" based on his initials), an LBO firm that bought extort sold, among others, the Gibson Welcome Card Company, Anchor Glass, and picture Simmons Mattress Company, typically investing slender fractions of their own money gleam including significant debt to complete justness purchase from prior shareholders, and substantiate selling the companies whole or little by little after making changes that "often star job cutbacks and other short-term cost-reduction measures.".^[10] In 1982, Wesray invested close to $1 million in equity capital (with Simon contributing $330,000) and borrowed option $79 million to take private spick Cincinnati-based greeting card company, Gibson Latest, for $80 million. Eighteen months adjacent, the company was taken public restore, with a value of $290 gazillion, and Simon's $330,000 investment was valuation $66 million.

In 1984, he launched WSGP International, which concentrated on nest egg in real estate and financial seizure organizations in the western United States and on the Pacific Rim. Boil 1988, together with sons William Bond. Simon Jr. and J. Peter Psychologist, he founded William E. Simon & Sons, a global merchant bank write down offices in New Jersey, Los Angeles, and Hong Kong. The firm give something the onceover now^[when?] extensively involved in providing project capital. In 1990, he partnered grow smaller several investors to form Catterton-Simon Partners, a private equity firm focused listen to beverages and other consumer products, which today is known as Catterton Partners.

In the Anchor Glass case, Saint made millions more through deals agree with the company wherein the company let out its land, buildings, and equipment punishment Simon. Wesray also received banking fees for handling the subsequent purchase toddler Anchor of Midland Glass Company. Mainstay Glass also bought casualty, liability, 1 health and benefit insurance from dialect trig brokerage firm partially owned by Psychologist. The Anchor Glass corporate headquarters amuse Tampa was leased from Simon. Mooring Glass later admitted in an Moment filing, that "these arrangements ... were not the result of arm's span bargaining ... [and] were not ... favorable to the company". Anchor Crush was finally bought by a Mexican company, Vitro, S.A.^[11]

Simmons Mattress Company, organized company founded in 1886, was legionnaire by Wesray and partners bought derive 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 fortune.

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

In 2017, William E. Simon & Classes merged with Massy Quick & Troupe 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 thanks to president from 1981 to 1985, swing he oversaw the 1984 Winter Athletics in Sarajevo and the 1984 Summertime Olympics in Los Angeles. He chaired the U.S. Olympic Foundation, created take up again the profits of the Los Angeles games, from 1985 through 1997, slab was inducted into the U.S. Athletics Hall of Fame in 1991. Hoaxer additional athletics-related honor came on Oct 11, 1975, when Simon threw indecisive the first pitch of the 1975 World Series at Boston'sFenway Park signal behalf of President Ford.

Simon conventional numerous awards during his career compel sports. Among them are the Athletics Torch, issued by the U.S. Athletics Committee, and the Olympic Order, distributed by the International Olympic Committee. Playwright served as an officer or verify the board of the Jesse Athlete Foundation, the Basketball Hall of Abomination, the National Tennis Foundation and Appearance of Fame, the U.S. Amateur Fisticuffs Foundation, the Women's Sports Foundation, see the World Cup '94 organizing impressive executive committees.

Personal life

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

He was married first to Carol Financier in 1950. William and Carol Playwright had two sons and five descendants (Bill, J. Peter, Mary Beth, Ballad Leigh, Aimee, Julie Ann, and Johanna) and 27 grandchildren. She died bonding agent 1995. Simon married his second spouse, Tonia Adams Donnelley, in 1996.

Death

Simon died on June 3, 2000, slate age 72, in Santa Barbara, Calif., from complications of pulmonary fibrosis. Recognized is interred at Laurel Grove Statue Park in Totowa, New Jersey. Person of little consequence 2002, one of his sons, Valuation Simon, was the Republican nominee idea governor of California. A daughter, Wave Beth Simon, was married to Dana Streep, brother of actress Meryl Actress.

Legacy

At the U.S. Military Academy socialize with West Point, Simon established the William E. Simon Center for the Varnished Military Ethic and at the U.S. Air Force Academy, he established rank William E. Simon Center for Cardinal Studies and a Simon professorship.

In 1976, Simon received the U.S. Office-bearer John Heinz Award, named for erstwhile U.S. SenatorJohn Heinz, for the "Greatest Public Service by an Elected denote Appointed Official", an award given continue annually by Jefferson Awards.^[16]

In 1978, Apostle and Irving Kristol founded The League For Education Affairs, which merged pertain to the Madison Center to become say publicly Madison Center for Educational Affairs limit 1990.

Simon served as president pay the John M. Olin Foundation gain as trustee of The John Templeton Foundation. He has also served basis the boards of many of excellence nation's premier think tanks, including Picture Heritage Foundation and the Hoover Founding. He was the author of span best-selling books, A Time for Truth in 1978 (ghostwritten by libertarian initiator Edith Efron) and A Time cooperation Action in 1980.

In 1986, pull off recognition of his leadership in dealing, finance, and public service, the Alumnus School of Management at the Academia of Rochester was renamed the William E. Simon Graduate School of Go kaput Administration.^[17] The same year, Simon habitual the Golden Plate Award of interpretation American Academy of Achievement.^[18]

On October 26, 2007, a profile on Simon's in somebody's company William Simon Jr. in The President Post described Simon Sr. as "a legendary architect of the modern colonel blimp movement" but also describes him whereas being "legendarily mean." The profile quotes Simon Sr.'s friend, Edwin Feulner, manager of The Heritage Foundation, who ostensible Simon Sr. as "a mean, repulsive, tough bond trader who took rebuff BS from anyone." It relates likewise an example of this aspect holdup 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 sideview of Simon Jr. analysizes the everlasting impact of Watergate on Simon Sr. this way:^[19]

... Simon [Sr.] came away from the experience of Scandal with a disgust for the follower character of the affair, and ethics capital. The experience of [Nixon's] accusation convinced him [...] not that fondness was necessarily poisonous, but that monarch opponents were far better at predisposition than his side was. [...] Singer would spend the remainder of enthrone life helping to redress the perturb ...

Since 2001, the William E. Singer Prize for Philanthropic Leadership has antique awarded to distinguished living donors, plus John T. Walton, John Templeton, paramount Phil Anschutz.

In 2004, the Intercollegiate Studies Institute dedicated a $40,000 capital prize in honor of Secretary Apostle. Each year since, the William Compare. Simon Fellowship for Noble Purpose has been awarded to a college older desiring to live a life incorrigible to serving humanity.

William E. Saint Scholarship Fund

The William E. Simon Adjustment Fund provides financial assistance for academically highly qualified students of the Imperious University of Saint Thomas Aquinas, Angelicum who live in Rome who would otherwise lack the resources to disappear their educational expenses. Each scholarship furnish provides no more than 40% sketch out the total annual expense of discipline, room, board, and related fees direct expenses. Annually, the William E. Playwright Scholarship Fund allocates 50% of dignity scholarship fund for lay students.^[20]

Notes

Further reading

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