William E. Simon

William E. Simon – Life, Career, and Famous Quotes

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Explore the life and legacy of William E. Simon — U.S. Secretary of the Treasury, businessman, philanthropist, and free-market advocate. Dive into his early years, public service, philosophy, and timeless quotes.

Introduction

William Edward Simon (November 27, 1927 – June 3, 2000) was an American public servant, financier, and philanthropist who played a key role in U.S. economic policy during a turbulent era. He is best known as the 63rd U.S. Secretary of the Treasury (1974–1977) under Presidents Nixon and Ford. Yet beyond politics, he left a lasting mark through his advocacy for free markets, his philanthropic initiatives, and his involvement in sports and education. Today, Simon remains a significant figure in conservative economic thought, and his perspectives on liberty, government, and personal responsibility continue to stimulate debate.

Early Life and Family

William E. Simon was born on November 27, 1927, in Paterson, New Jersey to Eleanor (née Kearns) and Charles Simon Jr., an insurance executive.

From an early age, Simon displayed a temperament shaped by both ambition and discipline. His family valued religion, work ethic, and community — themes that later surfaced in his public statements and philanthropy.

He attended Blair Academy and Newark Academy, though he was not known for academic excellence at that time, preferring sports and extracurricular interests.

Simon served in the U.S. Army Infantry from 1946 to 1948, a period that forged in him a sense of duty and public service.

He later enrolled at Lafayette College in Easton, Pennsylvania, earning his B.A. in 1952.

On the personal side, Simon was first married to Carol Girard in 1950. They had seven children (2 sons, 5 daughters) and many grandchildren. After Carol’s death in 1995, he remarried in 1996 to Tonia Adams Donnelley.

He passed away on June 3, 2000, in Santa Barbara, California, from complications of pulmonary fibrosis.

Youth and Education

Though Simon’s early schooling was unremarkable, his post-military period at Lafayette College proved formative. There he began cultivating interests in economics, public affairs, and the connections between markets and freedom.

In college, Simon joined Delta Kappa Epsilon (Rho chapter) and engaged in student affairs and debate, which sharpened his rhetorical voice.

His early struggles in structured academic life perhaps taught him resilience and a belief that formal schooling is just one path among many — a viewpoint he later echoed in his emphasis on self-reliance.

After graduation, he entered the finance world, launching a career on Wall Street and in investment banking, where his grasp of markets and government interface would mature.

Career and Achievements

Finance & Business

Simon began his financial career shortly after college at Union Securities (circa 1952). He later became vice president at Weeden & Co., before joining Salomon Brothers, where he rose to senior partner in charge of government and municipal bonds, and served on the firm’s executive committee.

His success in finance made him a bridge between the private sector and policymakers. In the late 1970s and 1980s, Simon also ventured into leveraged buyouts and private equity. For example, he participated in the buyout of Gibson Greetings: a modest equity investment that yielded outsized returns in a short period.

He later founded William E. Simon & Sons, a merchant banking firm operating in the U.S. and Asia, and co-founded Catterton-Simon Partners (today known as Catterton Partners) in the consumer-products private equity area.

Public Service & Government

Simon’s reputation in the financial world made him a natural choice for public office. In January 1973, he was appointed Deputy Secretary of the Treasury under President Nixon.

During the 1973 oil crisis, he was appointed Administrator of the Federal Energy Office — colloquially the “Energy Czar” — when the U.S. struggled with supply shocks and regulatory responses.

On May 9, 1974, he became Secretary of the Treasury, replacing George Shultz. President Gerald Ford reappointed him after Nixon’s resignation. He served until January 20, 1977, when Jimmy Carter’s administration began.

Simon’s tenure was marked by high inflation, energy shocks, and growing public skepticism about government intervention. He pushed policies oriented toward inflation control, fiscal restraint, deregulation, and market liberalization.

Though not all of his policy proposals succeeded, his voice embodied the rising influence of free-market conservatism in the late 20th century.

Sports, Philanthropy & Civic Roles

Simon also devoted considerable effort to non-governmental service. He was long associated with the United States Olympic Committee (USOC): serving as treasurer (1977–1981) and then president (1981–1985). Under his leadership, the U.S. was central to the 1984 Summer Olympics in Los Angeles and the 1984 Winter Olympics in Sarajevo.

He chaired the U.S. Olympic Foundation and was inducted into the U.S. Olympic Hall of Fame in 1991.

Simon also headed the John M. Olin Foundation, a significant funder of conservative research, legal scholarship, and academic institutes, from 1977 until his death.

His other civic roles included board service with foundations and think tanks (Heritage Foundation, Hoover Institution, Templeton Foundation).

To perpetuate his values, the William E. Simon Prize for Philanthropic Leadership was established in 2000 (first awarded 2001). This award honors living donors who demonstrate extraordinary leadership, responsibility, and impact in philanthropy.

In academia, institutions honored him: for example, the University of Rochester renamed its business school the William E. Simon Graduate School of Business Administration.

Historical Milestones & Context

Understanding Simon’s life requires situating it within the dynamics of late 20th-century America:

• 1970s economic turbulence: The U.S. faced oil embargoes, stagflation (simultaneous stagnation and inflation), and questions about the size and scope of government. Simon was part of the ideological response pushing monetary discipline and deregulation.

• Rise of neoliberalism / free-market conservatism: Simon embraced and advanced the intellectual currents that emphasized limited government, individual liberty, and market mechanisms.

• Post-Watergate politics: Serving under Nixon, then Ford, Simon saw firsthand the complications of governance, partisanship, and public trust.

• Philanthropic strategy in the late 20th century: Through the Olin Foundation and allied networks, Simon contributed to shaping conservative legal education, think tanks, and scholars.

• Globalizing capital and finance: As markets globalized in the 1980s and 1990s, Simon’s business interests and philosophies found new arenas abroad.

Legacy and Influence

William E. Simon’s legacy is multi-faceted:

• Intellectual & ideological: He remains a symbol of the free-market conservative movement. His writings and public speeches continue to influence policy debates on economic liberty, fiscal discipline, and limited government.

• Philanthropy & institutions: The Simon Prize endures as a marker of impact-driven giving. His support for conservative scholarship and legal education helped institutionalize certain academic lines of thought.

• Public service model: As someone who bridged finance, government, and civic life, Simon is often cited as a model for injecting private-sector rigor into public roles.

• Sport administration: His stewardship of the U.S. Olympic movement contributed to the professionalization and financial stability of Olympic institutions.

• Educational honor & memory: Namesakes like the Simon business school and endowed lecture programs perpetuate his presence in academia.

Though critics often label him as rigid or partisan, supporters view him as principled, intellectually consistent, and courageous in challenging dominant trends of regulation and spending.

Personality and Talents

Simon was known for being demanding, driven, and uncompromising. Some who knew him described him as tough, brusque, and intolerant of mediocrity. A Washington Post profile of his son remarked that Simon Sr. “would awaken his children on weekend mornings by dousing their heads with buckets of cold water” — a vivid (if extreme) illustration of his no-nonsense approach.

Yet behind the intensity lay conviction. He believed deeply in the moral dimensions of economic systems, in individual responsibility, and in the dignity of productive work.

Simon was also intellectually curious — engaging in civic discourse, writing books, and attending to the subtleties of philosophy and theology in his speeches. He was religious and often wove spiritual themes into his public commentary.

He combined strategic thinking (as in finance and policy) with rhetorical skill. His ability to articulate belief in liberty, fiscal rectitude, and minimal state action helped him resonate with many in the conservative movement.

Famous Quotes of William E. Simon

Simon’s aphorisms remain among his most enduring legacies. Here are some of his most cited sayings — each reflecting his philosophy of government, freedom, and personal duty:

1. “Bad politicians are sent to Washington by good people who don't vote.”

2. “I continue to believe that the American people have a love-hate relationship with inflation. They hate inflation but love everything that causes it.”

3. “Writing checks for charities is necessary and important. But it can’t compare with corporal works of mercy, which are infinitely greater.”

4. “Personal liberty without economic liberty is an absolute contradiction; the one cannot exist without the other.”

5. “The nation should have a tax system that looks like someone designed it on purpose.”

6. “Productivity and the growth of productivity must be the first economic consideration at all times, not the last. That is the source of technological innovation, jobs, and wealth.”

7. “The fact throughout history is that whenever government dominates the economic affairs of its citizenry, a free society is eroded, then destroyed, and a minority government ensues.”

8. “One occasion, I was visiting a young man who was dying of AIDS... I realized that I was not just looking into the face of that young man—I was looking directly into the eyes of Christ.”

These quotations illustrate his consistent themes: skepticism of political power, faith in individual responsibility, and the intertwining of economic and moral principles.

Lessons from William E. Simon

From Simon’s life and writings, several enduring lessons emerge:

• The moral dimension of economics: For Simon, markets and liberty were not mere technical constructs but reflections of human dignity and freedom.

• The duty of citizens: His admonition that “good people” who don’t vote enable bad governance underscores a call to civic engagement.

• Donor responsibility: He believed philanthropy must extend beyond giving money — it should involve sacrifice, vision, and personal commitment.

• Balance risk with integrity: His financial ventures show that economic risk-taking does not have to compromise moral conviction.

• Bridging sectors: Simon’s career shows that one person can inhabit the worlds of business, government, and civic institutions — bringing disciplines and ideals across boundaries.

• Clarity over compromise: He did not always accept middle ground. His life suggests that holding principled stances, even when unpopular, is itself a leadership trait.

Conclusion

William E. Simon occupied a rare intersection of finance, public policy, and moral advocacy. As U.S. Treasury Secretary, he navigated some of the late 20th century’s most difficult economic challenges. As a philanthropist and intellectual, he sought to cement the foundations of free markets and individual responsibility in American thought. His writings, quotes, and institutional legacies continue to influence debates about government, liberty, and civic duty.

To further explore his ideas, one might read his books A Time for Truth (1978) and A Time for Action (1980), or delve into the institutions and prizes that bear his name. His life invites reflection on how belief, policy, and character can align in service to a vision of a freer society.