NationMaster - Encyclopedia: David Stockman

David Alan Stockman (born November 10, 1946) is a former U.S. politician and businessman, serving as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985). is the 314th day of the year (315th in leap years) in the Gregorian calendar. ... Year 1946 (MCMXLVI) was a common year starting on Tuesday (link will display full 1946 calendar) of the Gregorian calendar. ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic - President George Walker Bush (R) - Vice President Dick Cheney (R) Independence from... The Politics series Politics Portal This box: A politician is an individual who is a formally recognized and active member of a government, or a person who influences the way a society is governed through an understanding of political power and group dynamics. ... A businessman (sometimes businesswoman, female; or businessperson, gender neutral) is a generic term for a wide range of people engaged in profit-oriented enterprises, generally the management of a company. ... The House of Representatives is the larger of two houses that make up the U.S. Congress, the other being the United States Senate. ... Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries Atlas US Government Portal A U.S. state is any one of the fifty subnational entities of... Official language(s) None (English, de-facto) Capital Lansing Largest city Detroit Largest metro area Metro Detroit Area Ranked 11th - Total 97,990 sq mi (253,793 kmÂ²) - Width 239 miles (385 km) - Length 491 miles (790 km) - % water 41. ... Also: 1977 (album) by Ash. ... Year 1981 (MCMLXXXI) was a common year starting on Thursday (link displays the 1981 Gregorian calendar). ... The Office of Management and Budget (OMB) is a body within the Executive Office of the President of the United States which is tasked with coordinating United States Federal agencies. ... Year 1981 (MCMLXXXI) was a common year starting on Thursday (link displays the 1981 Gregorian calendar). ... This article is about the year. ...

Education

Stockman was born in Fort Hood, Texas, and educated in the public schools of Stevensville, Michigan. He graduated from Lakeshore High School in 1964 and received a B.A. from Michigan State University, East Lansing in 1968. He pursued graduate studies at Harvard University, 1968–1970 and 1974–1975. He was in Harvard's Divinity school. Fort Hood is a census-designated place and US Army base located in Texas. ... Stevensville is a village in Berrien County in the U.S. state of Michigan. ... Lakeshore High School (LHS) is a four year high school with grades 9-12 located in Stevensville, Michigan. ... Also Nintendo emulator: 1964 (emulator). ... A B.A. issued from the University of Tennessee. ... Michigan State University (MSU) is a co-educational public research university in East Lansing, Michigan USA. Founded in 1855, it was the pioneer land-grant institution and served as a model for future land-grant colleges in the United States under the 1862 Morrill Act. ... Location in Michigan Coordinates: , Country United States State Michigan County Ingham & Clinton Counties Incorporation 1907 Government - Mayor Samir Singh Area - City 11. ... Year 1968 (MCMLXVIII) was a leap year starting on Monday (link will display full calendar) of the Gregorian calendar. ... Harvard University (incorporated as The President and Fellows of Harvard College) is a private university in Cambridge, Massachusetts, USA and a member of the Ivy League. ... Year 1968 (MCMLXVIII) was a leap year starting on Monday (link will display full calendar) of the Gregorian calendar. ... Year 1970 ([[Rf 1970 == January 1 - The Unix epoch begins at 00:00:00 UTC January 2 - The last studio performance of The Beatles oman numerals|MCMLXX]]) was a common year starting on Thursday (link shows full calendar) of the Gregorian calendar. ... Year 1974 (MCMLXXIV) was a common year starting on Tuesday (link will display full calendar) of the 1974 Gregorian calendar. ... Year 1975 (MCMLXXV) was a common year starting on Wednesday (link will display full calendar) of the Gregorian calendar. ...

Career

He served as special assistant to United States Representative and 1980 Presidential candidate John Bayard Anderson of Illinois, 1970–1972 and was executive director, United States House of Representatives Republican Conference, 1972–1975. The House of Representatives is the larger of two houses that make up the U.S. Congress, the other being the United States Senate. ... John Bayard Anderson (born February 15, 1922) was a liberal Republican U.S. Representative from Illinois and presidential candidate in the 1980 election. ... Official language(s) English[1] Capital Springfield Largest city Chicago Largest metro area Chicago Metropolitan Area Area Ranked 25th - Total 57,918 sq mi (149,998 kmÂ²) - Width 210 miles (340 km) - Length 390 miles (629 km) - % water 4. ... Year 1970 ([[Rf 1970 == January 1 - The Unix epoch begins at 00:00:00 UTC January 2 - The last studio performance of The Beatles oman numerals|MCMLXX]]) was a common year starting on Thursday (link shows full calendar) of the Gregorian calendar. ... Year 1972 (MCMLXXII) was a leap year starting on Saturday (link will display full calendar) of the Gregorian calendar. ... Type Bicameral Speaker of the House of Representatives House Majority Leader Nancy Pelosi, (D) since January 4, 2007 Steny Hoyer, (D) since January 4, 2007 House Minority Leader John Boehner, (R) since January 4, 2007 Members 435 plus 4 Delegates and 1 Resident Commissioner Political groups Democratic Party Republican Party... The House Republican Conference, sometimes known as the House Republican Leadership Conference, is an organization for Republicans in the United States House of Representatives. ... Year 1972 (MCMLXXII) was a leap year starting on Saturday (link will display full calendar) of the Gregorian calendar. ... Year 1975 (MCMLXXV) was a common year starting on Wednesday (link will display full calendar) of the Gregorian calendar. ...

Congress

Stockman was elected to the United States House of Representatives for the 95th Congress and was reelected in two subsequent elections, serving from January 3, 1977, until his resignation January 27, 1981 to accept appointment as Director of the Office of Management and Budget under U.S. President Ronald Reagan. Type Bicameral Speaker of the House of Representatives House Majority Leader Nancy Pelosi, (D) since January 4, 2007 Steny Hoyer, (D) since January 4, 2007 House Minority Leader John Boehner, (R) since January 4, 2007 Members 435 plus 4 Delegates and 1 Resident Commissioner Political groups Democratic Party Republican Party... Ninety-fifth United States Congress Links and spelling have to be verified. ... is the 3rd day of the year in the Gregorian calendar. ... Also: 1977 (album) by Ash. ... is the 27th day of the year in the Gregorian calendar. ... Year 1981 (MCMLXXXI) was a common year starting on Thursday (link displays the 1981 Gregorian calendar). ... The Office of Management and Budget (OMB) is a body within the Executive Office of the President of the United States which is tasked with coordinating United States Federal agencies. ... For the pop band, see Presidents of the United States of America. ... Reagan redirects here. ...

Office of Management and Budget

Stockman emerged as one of the most powerful and controversial OMB directors ever during a tenure that lasted until his resignation in August 1985. Committed to the doctrine of supply-side economics, Stockman took the lead in directing passage of the "Reagan Budget" (the Gramm-Latta Budget), which Stockman hoped to be a serious curtailment of the "welfare state", gaining a reputation as a tough negotiator with House Speaker Tip O'Neill's Democratic-controlled House of Representatives and Majority Leader Howard Baker's Republican-controlled Senate. During this period, although only in his early 30s, Stockman played a central and highly visible role as the ultimate "budget guru" in the fierce debate and contentious political wrangling over the future direction of the role of the federal government in American society. Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively managed using incentives for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates. ... The Gramm-Latta Budget 1981 and the Gramm-Latta Omnibus Reconciliation Bill of 1981 implemented President Ronald Reagans economic program. ... The Welfare State of the United Kingdom was prefigured in the William Beveridge Report in 1942, which identified five Giant Evils in society: squalor, ignorance, want, idleness and disease. ... Thomas Phillip ONeill, Jr. ... Howard Henry Baker, Jr. ...

Stockman's power within the Reagan Administration waned after the Atlantic Monthly magazine published the famous article, "The Education of David Stockman",[1] in its December 1981 issue, based on lengthy interviews Stockman gave to reporter William Greider. It led to Stockman being "taken to the woodshed by Reagan" as the White House's PR team tried to deal with the article's damage to Reagan's perceived fiscal leadership skills. Stockman was quoted as referring to the Reagan Revolution's legacy tax act as: "I mean, Kemp-Roth [Reagan's 1981 tax cut] was always a Trojan horse to bring down the top rate.... It's kind of hard to sell 'trickle down.' So the supply-side formula was the only way to get a tax policy that was really 'trickle down.' Supply-side is 'trickle-down' theory." Of the budget process in his first year on the job, Mr. Stockman is quoted as saying: "None of us really understands what's going on with all these numbers," which was used as the subtitle of the article. The Atlantic Monthly (also known as The Atlantic) is an American literary/cultural magazine that was founded in November 1857. ... William Greider is an American author who writes primarily about economics. ...

After his first year at OMB and on the heels of 'being taken to the woodshed by the president' over his candor with Atlantic's William Greider, Stockman became disillusioned with the projected trend of increasingly large federal deficits and the rapidly expanding national debt, which he blamed on the Reagan tax cut. On 1 August 1985, he left OMB and later wrote a memoir of his experience in the Reagan Administration titled The Triumph of Politics: Why the Reagan Revolution Failed that, in part, specifically criticized the failure of Congressional Republicans to support a reduction in government spending as necessary offsets to the large tax cuts,in order to avoid the creation of large deficits and an exploding national debt. Others have argued that while spending cuts were indeed necessary, one cannot blame the deficits on the tax cuts themselves,^{[citation needed]} as tax revenue actually increased following the enactment of the Reagan tax cuts due to greater economic activity in the expansion that followed. A budget deficit occurs when an entity (often a government) spends more money than it takes in. ... Government debt (public debt, national debt) is money owed by government, at any level (central government, federal government, national government, municipal government, local government, regional government). ...

Private Equity

Having left government, Stockman joined the Wall St. investment bank Salomon Brothers and later became a founding partner at the now highly successful New York–based private equity firm, the Blackstone Group. He left Blackstone in 1999 to start his own private equity fund, Heartland Industrial Partners, L.P., based in Greenwich, Connecticut.^[1]. This article deals with Salomon Brothers. ... Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. ... Location in Connecticut Coordinates: , NECTA Region Settled 1640 Joined Connecticut 1656 Government - Type Representative town meeting - First selectman James A. Lash - Town administrator Edward Gomeau - Town meeting moderator Thomas J. Byrne Area - City 174. ... Official language(s) English Capital Hartford Largest city Bridgeport[3] Largest metro area Hartford Metro Area[2] Area Ranked 48th - Total 5,543[4] sq mi (14,356 kmÂ²) - Width 70 miles (113 km) - Length 110 miles (177 km) - % water 12. ...

On the strength of his investment track record at Blackstone, Stockman and his partners raised $1.3 billion of equity from institutional and other investors. Under Stockman's guidance, Heartland pursued a contrarian investment strategy, buying controlling interests in companies operating in sectors of the U.S. economy that were attracting the least amount of new equity: auto parts and textiles. With the help of about $9 billion in Wall Street debt financing, Heartland completed more than 20 transactions in less than 2 years to create four portfolio companies: Springs Industries, Metaldyne, Collins & Aikman, and TriMas. Elaborate marble facade of NYSE as seen from the intersection of Broad and Wall Streets For other uses, see Wall Street (disambiguation). ...

Collins & Aikman Corp.

In August 2003, Stockman installed himself as CEO of Collins & Aikman Corp., a Detroit-based manufacturer of automotive interior components. He was ousted from that role days before a Chapter 11 filing on May 17, 2005. Collins & Aikman Corporation manufactures cockpit modules and automotive floor, acoustic systems, instrument panels, plastic-based trim, and convertible top systems. ... Motto: Speramus Meliora; Resurget Cineribus (We Hope For Better Things; It Shall Rise From the Ashes - this motto was adopted after the disastrous 1805 fire that devastated the city) Nickname: The Motor City and Motown Location in Wayne County, Michigan Founded Incorporated July 24, 1701 1815 County Wayne County Mayor...

Criminal and civil charges

On March 26, 2007, federal prosecutors in Manhattan indicted Stockman in "a scheme ... to defraud [Collins & Aikman]'s investors, banks and creditors by manipulating C&A's reported revenues and earnings." At the same time, the Securities and Exchange Commission brought civil charges against Stockman related to actions he took while CEO of Collins & Aikman.^[2] Stockman faces up to 30 years in prison. Like other executives of companies that collapsed from alleged management corruption, Stockman suffered a personal financial loss, estimated at $13 million, along with losses suffered by Collins & Aikman employees. SEC redirects here. ...

Quote

Concerning President Ronald Reagan's 1981 tax cut, Stockman said this to William Greider of the Atlantic Monthly:^[3] Reagan redirects here. ... The Atlantic Monthly (also known as The Atlantic) is an American literary/cultural magazine that was founded in November 1857. ...

Personal

Stockman lives in Greenwich, Connecticut.^[1] He is married to Jennifer Blei Stockman and is the father of two children, Rachel and Victoria. Jennifer Blei Stockman is the national co-chair of the Republican Majority for Choice. Jennifer is President of the Solomon R. Guggenheim Foundation Board of Directors. Location in Connecticut Coordinates: , NECTA Region Settled 1640 Joined Connecticut 1656 Government - Type Representative town meeting - First selectman James A. Lash - Town administrator Edward Gomeau - Town meeting moderator Thomas J. Byrne Area - City 174. ... The Solomon R. Guggenheim Foundation is a nonprofit corporation founded in 1937 by philanthropist Solomon R. Guggenheim and artist Hilla Rebay. ...

Footnotes

Categories: All articles with unsourced statements | Articles with unsourced statements | 1946 births | Living people | Directors of the Office of Management and Budget | Members of the United States House of Representatives from Michigan | People from Greenwich, Connecticut | People from Michigan | Michigan State University alumni Bloomberg Television is a cable television network that broadcasts business and financial news 24 hours a day. ... The Advocate (ISSN 0001-8996) is a US-based LGBT-related biweekly news magazine. ... Time zones of Europe: Pale colours indicate countries without daylight saving Greenwich Mean Time (GMT) is mean solar time at the Royal Greenwich Observatory in Greenwich, London, England, the United Kingdom, which by convention is at 0 degrees geographic longitude. ... is the 248th day of the year (249th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... J. Edward Hutchinson (October 13, 1914 â€“ July 22, 1985) was a politician from the U.S. state of Michigan. ... These are tables of congressional delegations from Michigan to the United States Senate and United States House of Representatives. ... Michigans 4th congressional district is currently represented by Dave Camp. ... Mark Deli Siljander (b. ... James T. McIntyre was a director of the United States Office of Management and Budget from September 24, 1977 until January 20, 1981. ... The Office of Management and Budget (OMB) is a body within the Executive Office of the President of the United States (EOP) which is tasked with coordinating United States Federal agencies. ... Year 1981 (MCMLXXXI) was a common year starting on Thursday (link displays the 1981 Gregorian calendar). ... This article is about the year. ... James C. Miller III (born June 25, 1942 in Atlanta, Georgia) is a former U.S. government official and economist who served as chairman of the Federal Trade Commission between 1981 and 1985 and as Budget Director for President Ronald Reagan between 1985 and 1988. ... The Office of Management and Budget (OMB) is a body within the Executive Office of the President of the United States (EOP) which is tasked with coordinating United States Federal agencies. ... Charles Gates Dawes (August 27, 1865 â€“ April 23, 1951) was an American banker and politician who was the 30th Vice President of the United States. ... Herbert Lard was a Director of the United States Office of Management and Budget. ... Clawson Roop was a Director of the United States Office of Management and Budget. ... Lewis Douglas on the cover of Time Magazine Lewis Williams Douglas (July 2, 1894 â€“ March 7, 1974) was an American politician, diplomat, businessman and academic. ... James E. Webb James Edwin Webb (October 7, 1906â€“March 27, 1992) was the second administrator of NASA, serving from February 14, 1961 to October 7, 1968. ... Frank Pace, Jr. ... Joseph Dodge was a chairman of the Detroit Bank, and later served as an economic advisor for postwar economic stabilization programs in Germany and Japan. ... Rowland Hughes was a director of the United States Office of Management and Budget from April 16, 1954 until April 1, 1956. ... Maurice Stans Maurice Hubert Stans (March 22, 1908 - April 14, 1998) was the finance chairman for the commmittee to re-elect United States President Richard Nixon (CREEP). ... David E. Bell was a director of the United States Office of Management and Budget from January 22, 1961 until December 20, 1962. ... Kermit Gordon (1916, Philadelphia, Pennsylvania-1976, Washington, D.C) was Director of the United States Bureau of the Budget(now the Office of Management and Budget) (December 28, 1962 - June 1, 1965) during the administrations of Presidents John Kennedy and Lyndon Johnson and President of the Brookings Institution. ... Charles L. Schultze (1924-) is an economist and public policy analyst. ... Charles Zwick was a director of the United States Office of Management and Budget from January 29, 1968 until January 21, 1969. ... Robert Mayo was a director of the United States Office of Management and Budget from January 22, 1969 until June 30, 1970. ... Shultz in his official D.O.L. portrait. ... Caspar Willard Cap Weinberger, GBE (August 18, 1917 â€“ March 28, 2006), was an American politician and Secretary of Defense under President Ronald Reagan from January 21, 1981, until November 23, 1987, making him the third longest-serving defense secretary to date, after Robert McNamara and Donald Rumsfeld. ... Roy L. Ash (born 1918 in Los Angeles, California-) was the co-founder and president of Litton Industries and director of the Office of Management and Budget (February 2, 1973 - February 3, 1975) during the Nixon and Ford Administrations. ... James Thomas Lynn (born 1927) was a U.S. administrator. ... Thomas Bertram Lance, known as Bert Lance, was director of the Office of Management and the Budget (OMB) during the presidency of Jimmy Carter. ... James T. McIntyre was a director of the United States Office of Management and Budget from September 24, 1977 until January 20, 1981. ... Joseph Robert Wright Jr. ... James C. Miller III (born June 25, 1942 in Atlanta, Georgia) is a former U.S. government official and economist who served as chairman of the Federal Trade Commission between 1981 and 1985 and as Budget Director for President Ronald Reagan between 1985 and 1988. ... Joseph Robert Wright Jr. ... Richard (Dick) Gordon Darman was born May 10, 1943. ... Leon Edward Panetta (born June 28, 1938) is a former White House Chief of Staff to Bill Clinton, a former member of the United States House of Representatives, and the founder and director of the Panetta Institute. ... Alice Rivlin Alice Mitchell Rivlin (born March 4, 1931 in Philadelphia) is an economist and expert on the American budget. ... Franklin Delano Raines (born January 14, 1949 in Seattle, Washington) is the former chairman and chief executive officer of Fannie Mae who served as White House budget director under President Bill Clinton. ... Jacob Jack J. Lew (born August 29, 1955 in New York, New York) was Director of the United States Office of Management and Budget (or OMB) from 1998 to 2001 and a principal architect of fiscal policy under the administration of President Bill Clinton. ... Mitchell Elias Mitch Daniels, Jr. ... Categories: People stubs | Directors of the Office of Management and Budget | American lawyers | 1955 births ... Robert Jones Rob Portman (born December 19, 1955) is an American lawyer and a former Director of the Office of Management and Budget. ... James Allen Jim Nussle (born June 27, 1960, Des Moines, Iowa) is an American politician. ... Image File history File links OMB Seal (modified, from their web site) However, this seal is also found on the Web Site of the United States Trade Representative. ...

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