A Time for Reflection: An Autobiography

Rating:
Summary: A Noble, Extraordinary Life
Review: William Simon's is an extraordinary lifestory, and reading his memoir, published posthumously this year following his death in 2000, was thoroughly enjoyable. Simon's life had so many incarnations -- prescient Wall Street trader, principled public servant (energy czar and treasury secretary), conservative intellectual, pathbreaking merchant banker, champion of the U.S. Olympic movement, philanthropist, intrepid adventurer, Eucharistic Minister -- that it's hard to fathom one person leading such an eclectic, richly diverse life.

Known for his sharp opinions while in public office, Simon is largely magnanimous in recounting his life experiences. For example, he declines to elaborate on the reasons for his falling out with a longtime colleague and business partner, saying only that he trusted someone he thought was his friend. He pulls no puches, however, in expressing outrage at wrongheaded government decisions, such as the 1989 FIRREA Act (which suddenly made struggling S&Ls insolvent), Pres. Carter's Olympic boycott (which accomplished little other than prompting Soviet retaliation four years later) and foolish government meddling in the oil market (rationing, price controls, etc. which largely created the 1970s energy "crisis").

The memoir offers several colorful, revealing anecdotes. For example, Simon's pointed counsel to Ronald Reagan, urging him to drop former Pres Ford from consideration for the Vice Presidency. (I never heard or read of this before; Lou Cannon makes no mention of it in his new biography of Reagan's pre-presidential years.) Also, Simon's confrontation -- nearly leading to blows -- with an inebriated Vice President Rockefeller. This is fascinating stuff.

Equally fascinating are the chapters on Simon's pioneering role in the use of Leverage Buyouts to restore underperforming companies to sound profitability. Simon eschewed hostile LBOs, preferring to work cooperatively with, and empowering, management, and deftly abandonded the business when it attracted a surfeit of "takeover artist" capital in the late 1980s.

Simon's separation from, and reconcilliation with, his wife of 40 years is particularly poignant, as is his ministry to indigent AIDs patients and other destitute people. The caring and compassion behind a gruff -- sometimes mercurial exterior -- is palpable.

William Simon led an amazing, noble life. Emulating such an extraordinary human being is beyond the reach of most of us. But thanks to this new book, we can at least read about and admire him. Highly recommended.