Word: stockman
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...Stockman's frustration with politics and his growing pessimism about the economy undoubtedly contributed to his decision to leave Government service. Two months ago, the Budget Director, whose first child Rachel was born in May, received an offer from the Wall Street firm of Salomon Brothers that was hard to refuse. As one of Salomon's managing directors, Stockman stands to make more than $700,000 a year in salary and bonuses, in contrast with the $75,000 he earns at OMB. When he told Regan about the offer ten days ago, the chief of staff, who made...
...While Stockman has no experience in corporate finance or security trading, his reputation as a workaholic numbers cruncher with an unsurpassed knowledge of Government financing was enough to satisfy his new employer. Said John Gutfreund, chief executive of Phibro-Salomon Inc.: "He's young, he's smart, there are new worlds for him to conquer." Before he joins the firm in November, Stockman has told friends, he plans to write a tell-all book. That could bring in an additional $1 million...
Whoever is tapped will be hard put to become as powerful a player as was the once obscure, two-term Michigan Congressman and former Harvard Divinity School student. After the 1980 election, Stockman was so little known in the Reagan camp that he was not invited to the President-elect's major planning sessions in Los Angeles. But Congressman Jack Kemp of New York, then a mentor of Stockman's, brought along a memo his protégé had written called "Avoiding a G.O.P. Economic Dunkirk" and recommended him as Budget Director...
Concerned that Reagan's 1981 tax cut could exacerbate rather than cure the looming deficits, Stockman began to fall away from supply-side theology and line up with such pragmatists as former Chief of Staff James Baker and his assistant Richard Darman, now Secretary and Deputy Secretary of the Treasury. Together they battled to scale back increases in defense spending, with little success until this year. Though they helped enact a few "revenue-enhancing" measures, they could not persuade the President to consider more serious tax increases...
...Stockman's apostasy enraged such ardent supply-siders as Kemp and former Assistant Treasury Secretary Paul Craig Roberts. "The Democrats and liberals grew to like Stockman," fumes Roberts, "because they knew that they only had to wait long enough for him to give up spending cuts and persuade the President to raise taxes. The only ones who were taken in were simpleminded conservatives, including the President, who thought Stockman was really serious about budget cutting...