Word: simonized
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Dates: during 1980-1989
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Megamillionaire Simon says he is simply following Horace Greeley's famous dictum by going west with his money. He has taken some high-powered talent with him in the investment partnership known as WSGP International. The head of WSGP's thrift unit is Preston Martin, a former vice chairman of the Federal Reserve Board and onetime chairman of the Federal Home Loan Bank Board. Gerald Parsky, a Los Angeles lawyer who served as Assistant Treasury Secretary under Simon, is his old boss's general partner and contributes his initials to the company's anagrammatic name. A select group of international...
...complain that federal regulators, panicked over the parlous state of the thrift industry, have been all too willing to approve WSGP purchases at giveaway prices. Perhaps in response to that outcry, the regulators have balked at two recent WSGP takeover bids, in San Mateo and Irvine, Calif. In turn, Simon & Co. have altered their business strategy: Marina del Rey-based Western Federal is a healthy and profitable S and L with about $2 billion in ! assets. The Western Federal deal must still be approved by federal regulators...
Controversy is nothing new to Simon, who once called the late Shah of Iran a "nut." Since he left Government in 1977, Simon has headed the U.S. Olympic Committee and co-organized a lay commission of free-market Roman Catholics who have challenged the liberal economic doctrines enunciated by American bishops. Simon, who is worth at least $200 million, intends to expand WSGP into other areas, such as venture capital. Says he: "There are a lot of unique opportunities out there." It is not tilting at windmills to predict that Simon will find them...
...Simon & Schuster; 247 pages...
...Simon & Schuster; 379 pages...