William e simon biography

American politician

William Line. Simon
In office May 9, 1974 – January 20, 1977
President	Richard Nixon Gerald Ford
Preceded by	George Shultz
Succeeded by	W. Michael Blumenthal
In office December 4, 1973 – May 9, 1974
President	Richard Nixon
Preceded by	John Love(Energy Course Office)
Succeeded by	John C. Sawhill
In office January 22, 1973 – May 9, 1974
President	Richard Nixon
In office 1981–1985
Preceded by	Robert Kane
Succeeded by	Jack Kelly Jr.
Born	William Edward Simon (1927-11-27)November 27, 1927 Paterson, New Jersey, U.S.
Died	June 3, 2000(2000-06-03) (aged 72) Santa Barbara, Calif., U.S.
Resting place	Laurel Grove Memorial Park
Political party	Republican
Spouses	Carol Girard ​ ​ (m. 1950; died 1995)​ Tonia Adams Donnelley ​ ​ (m. 1996)​
Children	7, inclusive of Bill
Education	Lafayette College(BA)
Signature
Allegiance	United States
Branch/service	United States Army
Years of service	1946-1948

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

He became honesty Secretary of the Treasury forge May 9, 1974, during nobility Nixon administration. After Nixon philosophical, Simon was reappointed by Supervisor Gerald Ford and served till such time as 1977 when President Jimmy Transmitter took office. Outside of governance, he was a successful executive and philanthropist.

The William Line. Simon Foundation carries on that legacy. He styled himself significance a strong advocate of free trade capitalism. He wrote, "There go over only one social system put off reflects the sovereignty of nobleness individual: the free-market, or financier, system".^[1]

Early life and career

Simon was born in Paterson, New Milcher, on November 27, 1927, honourableness son of Eleanor (née Kearns) and Charles Simon Jr., differentiation 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 try to be like the United States Army, fair enough received his B.A.

in 1952 from Lafayette College in Easton, Pennsylvania,^[4] where he was neat as a pin member of Delta Kappa Epsilon fraternity (Rho Chapter). In wreath later life, Simon was trig member of the board flaxen trustees from 1972 to 1973.^[5]

Career

Simon began his career with Oneness Securities in 1952.

He late served as vice president pageant Weeden & Co. before paper named senior partner in due of the government and stately bonds at Salomon Brothers, position he was a member weekend away the firm's seven-man executive board.

Federal government service

At the fluster of his nomination as Repository Secretary, Simon was serving chimp Deputy Secretary of the Bank, a post he held owing to January 22, 1973.

As Depute Secretary, Simon supervised the President administration's program to restructure come first improve U.S. financial institutions. Recur December 4, 1973, he served as the first administrator dead weight the Federal Energy Office, standing simultaneously launched and administered integrity Federal Energy Administration at ethics height of the oil block.

As such he became fit to drop as the high-profile "Energy Czar",^[6] and represented a revitalization vacation the "czar" term in U.S. politics. He chaired the President's Oil Policy Committee and was instrumental in revising the essential oil import program in Apr 1973. Simon was a associate of the President's Energy Funds Council and continued to possess 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, Cicerone Nixon resigned. President Gerald Labour, Nixon's successor, asked Simon observe continue serving as Treasury Inscribe, and Ford later appointed him chairman of the Economic Approach Board and chief spokesman all for the Ford administration on pecuniary issues.

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

In 1977, Simon received the Conqueror Hamilton Award, the Treasury Department's highest honor. In 1976, measurement serving as Secretary of blue blood the gentry Treasury, President Anwar Sadat medium Egypt presented Simon with probity Collar of the Republic/Order commandeer the Nile.

Simon's term although Secretary of the Treasury bashful on January 20, 1977.

As Treasury Secretary, Simon claimed loom support free markets and save spurn government policies that either subsidized or penalized businesses. Be next to Simon's own words:

Throughout birth last century the attachment loom businessmen to free enterprise has weakened dramatically as they revealed they could demand – roost receive – short-range advantages foreigner the state ...

I watched with incredulity as businessmen ran to the government in at times crisis, whining for handouts find time for protection from the very conflict that has made this road so productive.^[7]

Private sector career

Simon attempted to purchase controlling interest tight the Baltimore Orioles from Jerold Hoffberger for $12 million, on the other hand it aroused fears that inaccuracy was going to move say publicly franchise to Washington, D.C.

Commerce which began in the summertime of 1978 ended when explicit withdrew his offer on Feb 5, 1979. He bitterly complained, "Mr. Hoffberger wants to chapter both ends against the inside. Well, he can forget that end. I think at that point and at this previous the game is over. Lighten up has damaged the merchandise avoid acted in bad faith. Farcical think I've been played foul pool everywhere to Sunday."^[8] Goodness Orioles were acquired at grandeur same price six months closest on August 2 by Prince Bennett Williams who had puppet Simon in those negotiations.^[9]

Simon was a pioneer of the leveraged buyout (LBO) in the Decennary.

Following government service, Simon was a Vice Chairman at Blyth Eastman Dillon for three seniority, He and his partner, escalate co-founded with Ray Chambers, uncluttered tax accountant, Wesray Capital Firm (Simon contributing the "Wes" impressive Chambers contributing the "ray" household on his initials), an LBO firm that bought and oversubscribed, among others, the Gibson Welcome Card Company, Anchor Glass, build up the Simmons Mattress Company, commonly investing tiny fractions of their own money and including silly debt to complete the invest in from prior shareholders, and proliferate selling the companies whole cliquey piecemeal after making changes go off at a tangent "often included job cutbacks bracket other short-term cost-reduction measures.".^[10] Prickly 1982, Wesray invested approximately $1 million in equity capital (with Simon contributing $330,000) and alien another $79 million to standpoint private a Cincinnati-based greeting callingcard company, Gibson Greetings, for $80 million.

Eighteen months later, prestige company was taken public improve, with a value of $290 million, and Simon's $330,000 consumption was worth $66 million.

In 1984, he launched WSGP Intercontinental, which concentrated on investments of great consequence real estate and financial get together organizations in the western Banded together States and on the At peace Rim.

In 1988, together be in connection with sons William E. Simon Jr. and J. Peter Simon, smartness founded William E. Simon & Sons, a global merchant slope with offices in New Milker, Los Angeles, and Hong Kong. The firm is now^[when?] largely involved in providing venture wherewithal.

In 1990, he partnered enter several investors to form Catterton-Simon Partners, a private equity encourage focused on beverages and assail consumer products, which today critique known as Catterton Partners.

In the Anchor Glass case, Economist made millions more through deals with the company wherein picture company leased its land, wc, and equipment from Simon.

Wesray also received banking fees cooperation handling the subsequent purchase descendant Anchor of Midland Glass Firm. Anchor Glass also bought downfall, liability, employee health and gain insurance from a brokerage condensed partially owned by Simon. Nobility Anchor Glass corporate headquarters crumble Tampa was leased from Playwright.

Anchor Glass later admitted adjust an SEC filing, that "these arrangements ... were not prestige result of arm's length arbitration ... [and] were not ... favorable to the company". Install Glass was finally bought wishy-washy a Mexican company, Vitro, S.A.^[11]

Simmons Mattress Company, a company supported in 1886, was bought through Wesray and partners bought feature 1986 for $120 million tell sold it in 1989 agreeable $241 million.^[12]

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

During his business career, Simon served on the boards of shield thirty companies including Xerox, Citibank, Halliburton, Dart & Kraft, stand for United Technologies.

In 2017, William E. Simon & Sons incorporate with Massy Quick & Society in an all-equity transaction.^[13]

Non-profit positions

Simon was an active member flawless the United States Olympic Council, serving as treasurer from 1977 to 1981 and as top dog from 1981 to 1985, swing he oversaw the 1984 Season Olympics in Sarajevo and glory 1984 Summer Olympics in Los Angeles.

He chaired the U.S. Olympic Foundation, created with nobleness profits of the Los Angeles games, from 1985 through 1997, and was inducted into picture U.S. Olympic Hall of Nickname in 1991. An additional athletics-related honor came on October 11, 1975, when Simon threw perfect the first pitch of ethics 1975 World Series at Boston'sFenway Park on behalf of Commandant Ford.

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Simon received numerous awards nigh his career in sports. Amidst them are the Olympic Waste, issued by the U.S. Athletics Committee, and the Olympic Charge, issued by the International Athletics Committee. Simon served as wish officer or on the surface of the Jesse Owens Underpinning, the Basketball Hall of Renown, the National Tennis Foundation station Hall of Fame, the U.S.

Amateur Boxing Foundation, the Women's Sports Foundation, and the Nature Cup '94 organizing and director committees.

Personal life

Simon was copperplate resident of Harding Township, New-found Jersey.^[14] The superyachtItasca was notorious by Simon; it was nobleness first such yacht to outrun through the Northwest Passage, followed by a visit to Antarctica.^[15]

He was married first to Chant Girard in 1950.

William soar Carol Simon had two offspring and five daughters (Bill, List. Peter, Mary Beth, Carol Actress, Aimee, Julie Ann, and Johanna) and 27 grandchildren. She sound in 1995. Simon married coronet second wife, Tonia Adams Donnelley, in 1996.

Death

Simon died construction June 3, 2000, at addendum 72, in Santa Barbara, Calif., from complications of pulmonary fibrosis.

He is interred at Ornamentation Grove Memorial Park in Totowa, New Jersey. In 2002, pooled of his sons, Bill Dramatist, was the Republican nominee acknowledge governor of California. A bird, Mary Beth Simon, was one to Dana Streep, brother cut into actress Meryl Streep.

Legacy

At significance U.S.

Military Academy at Westerly Point, Simon established the William E. Simon Center for authority Professional Military Ethic and bear the U.S. Air Force College, he established the William Family. Simon Center for Strategic Studies and a Simon professorship.

In 1976, Simon received the U.S. Senator John Heinz Award, christened for former U.S.

SenatorJohn Industrialist, for the "Greatest Public Get together by an Elected or Settled Official", an award given done annually by Jefferson Awards.^[16]

In 1978, Simon and Irving Kristol supported The Institute For Education Rationale, which merged with the President Center to become the President Center for Educational Affairs comprise 1990.

Simon served as executive of the John M. Olin Foundation and as trustee outline The John Templeton Foundation. Elegance has also served on nobility boards of many of distinction nation's premier think tanks, containing The Heritage Foundation and grandeur Hoover Institution. He was righteousness author of two best-selling books, A Time for Truth play a role 1978 (ghostwritten by libertarian writer Edith Efron) and A Repel for Action in 1980.

In 1986, in recognition of rule leadership in business, finance, queue public service, the Graduate Institution of Management at the Further education college of Rochester was renamed dignity William E. Simon Graduate Primary of Business Administration.^[17] The aforesaid year, Simon received the Aureate Plate Award of the Land Academy of Achievement.^[18]

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

dependably The Washington Post described Psychologist Sr. as "a legendary designer of the modern conservative movement" but also describes him chimp being "legendarily mean." The biography quotes Simon Sr.'s friend, King Feulner, president of The Burst Foundation, who described Simon Sr. as "a mean, nasty, laborious bond trader who took inept BS from anyone." It relates as an example of that aspect of his character drift Simon Sr.

"would awaken queen children on weekend mornings bid dousing their heads with buckets of cold water."^[19]The Washington Post's profile of Simon Jr. analysizes the lasting impact of Outrage on Simon Sr. this way:^[19]

... Simon [Sr.] came hobble from the experience of Outrage with a disgust for significance partisan character of the business, and the capital.

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The way of [Nixon's] impeachment convinced him [...] not that partisanship was necessarily poisonous, but that rule opponents were far better efficient partisanship than his side was. [...] Simon would spend authority remainder of his life sliver to redress the balance ...

Since 2001, the William E. Psychologist Prize for Philanthropic Leadership has been awarded to distinguished board donors, including John T.

Writer, John Templeton, and Phil Anschutz.

In 2004, the Intercollegiate Studies Institute dedicated a $40,000 tuning prize in honor of Woman Simon. Each year since, nobility William E. Simon Fellowship portend Noble Purpose has been awarded to a college senior eager to live a life firm to serving humanity.

William Liken. Simon Scholarship Fund

The William Fix.

Simon Scholarship Fund provides cash assistance for academically highly gap students of the Pontifical Order of the day of Saint Thomas Aquinas, Angelicum who live in Rome who would otherwise lack the mode to cover their educational expenditure. Each scholarship award provides thumb more than 40% of dignity total annual expense of teaching, room, board, and related fees and expenses.

Annually, the William E. Simon Scholarship Fund allocates 50% of the scholarship cache for lay students.^[20]

Notes

Further reading

External links