Roger Altman

Roger Charles Altman (born April 2, 1946)[1] is an American investment banker, the founder and senior chairman of Evercore, and a former Democratic politician. He served as Assistant Secretary of the Treasury in the Carter administration from January 1977 until January 1981 and as Deputy Secretary of the Treasury in the Clinton administration from January 1993 until he resigned in August 1994, amid the Whitewater controversy.[2]

Roger Altman
United States Deputy Secretary of the Treasury
In office
January 1993 – August 17, 1994
PresidentBill Clinton
Preceded byJohn Robson
Succeeded byFrank Newman
Personal details
Roger Charles Altman

April 2, 1946 (age 73)
Brookline, Massachusetts, U.S.
Political partyDemocratic
Alma materGeorgetown University
University of Chicago

Early life and education

Altman was born in Brookline, Massachusetts, and was raised in Boston as a Catholic.[3] His father, a food broker, died when he was 10 years old, and his mother, a librarian, raised Altman and his brother as a single mother.[4] He attended the Roxbury Latin School.[5]

He attended Georgetown University, where he met future President Bill Clinton, and earned a bachelor of arts degree in 1967. In 1969 he earned an MBA from the University of Chicago Booth School of Business, but took time off in 1968 to work in Indiana organizing volunteers for Robert F. Kennedy's presidential campaign.[6]


Early career

After graduating from business school in 1969, Altman began working at Lehman Brothers, where he grew close to chairman Peter G. Peterson. In 1974, he was made general partner at the age of 28—the youngest in Lehman's history. He left Lehman in 1977 to serve as Assistant Secretary for Domestic Finance in the U.S. Treasury from 1977 to 1981 under President Jimmy Carter, for whom he had fundraised when Carter was Governor of Georgia, and campaigned for in 1976, as well as working on his transition team.[5] As Assistant Secretary, Altman played a "role in negotiating the Federal Government's $1.5 billion bailout of the Chrysler Corporation."[6]

In 1981, he returned to Lehman Brothers, where he became the co-head of investment banking and served on the board of the company and the management committee. During the 1980s, he was a lecturer and adjunct professor at the Yale University School of Management. In 1987, Altman joined the Blackstone Group as vice-chairman and head of its mergers and acquisitions advisory business.[7] During the Reagan-Bush years, he fundraised for Democratic politicians such as Vice President Walter F. Mondale, Massachusetts Governor Michael S. Dukakis, and Arkansas Governor Bill Clinton. He also advised two New York City Mayors, Ed Koch and David N. Dinkins.[2]

Clinton administration

When Bill Clinton was elected in 1992, he urged U.S. Treasury Secretary Lloyd Bentsen to take Altman on as his Deputy Secretary. He was confirmed in January 1993.[8] Once on the job, Altman was viewed as "the favorite to succeed the 73-year-old Treasury Secretary," and he played a large role in some of the Clinton administration's biggest legislative victories, such as the passage of the Omnibus Budget Reconciliation Act of 1993 and the "approval of the North American Free Trade Agreement."[2] He was associated with the moderate economic policies of the Clinton administration" and had a reputation as a "deficit hawk."[9]

However, he resigned in 1994 due to the fallout from his role in a record-keeping scandal connected to the Whitewater controversy.[10][11] After nearly 15 hours of testimony in February 1993 before the House and Senate Banking Committees, he submitted his resignation in August 1994, saying that he hoped his resignation would "help to diminish the controversy." He was succeeded by Frank N. Newman, who was the Under Secretary for Domestic Finance at the time.[2]

Return to private sector

In 1995, instead of returning to Blackstone,[12] he co-founded Evercore, an "independent investment banking advisory firm" in New York City, and currently serves as its Chairman. By 2014, Evercore was "a major player,"[13] and its investment management arm had more than $14 billion in assets under management, with its investment banking advisory arm boasting $1.5 trillion in "announced transactions."[14] Evercore advised General Motors through its bankruptcy, and was paid $46 million by GM pre-bankruptcy. However, when it asked for a $17.9 million "success fee," a U.S. bankruptcy trustee called the fees "staggering," "inordinately large," and "clearly [exceeding] the bounds of reasonableness" given that "Evercore had no success at finding a purchaser or funder for the Debtors."[15]

Politically, Altman continued to stay in the loop. He advised two presidential candidates—John Kerry in 2004,[16] and Hillary Clinton in 2008.[17] In 2010, President Barack Obama interviewed him as a potential candidate to replace Larry Summers as his National Economic Council director,[9] a job that ultimately went to Gene Sperling.[18]

Other activities

Altman is a Trustee of the New York-Presbyterian Hospital (and serves on its Investment Committee), Vice Chairman of the Board of the American Museum of Natural History, and Chairman of New Visions for Public Schools. Additionally, he is a member of the Council on Foreign Relations, a Director of Conservation International,[19] and an Advisory Council member for The Hamilton Project, a Brookings Institution economic policy initiative.[20]

Altman is listed as a member of the Steering Committee of The Bilderberg Group, a controversial group of influential business and government leaders who meet annually behind closed doors to foster dialogue between Europe and North America. He participated in all their conferences between 2008 and 2016. [21][22]

Personal life

His first marriage ended in divorce, and he remarried at age 35 to journalist Jurate Kazickas in 1981. The Rev. James N. English of Holy Trinity Roman Catholic Church in Washington, D.C. performed the marriage ceremony at the San Luis Rey Chapel at Cat Cay in the Bahamas.[23] They adopted three children. In 1992, he collapsed while jogging in Central Park due to an irregular heartbeat.[6] His hobbies include jogging, skiing, fly-fishing, and tennis.[5]

Selected writings

  • "The Great Crash, 2008: A Geopolitical Setback for the West". Foreign Affairs. 88 (1). January–February 2009.
  • "Obama's Business Plan". The New York Times. July 19, 2010.
  • (with Richard Haass) "American Profligacy and American Power: The Consequences of Fiscal Irresponsibility". Foreign Affairs. 89 (6). November–December 2010.
  • "The Fall and Rise of the West: Why America and Europe Will Emerge Stronger From the Financial Crisis". Foreign Affairs. 92 (1). January–February 2013.


  1. ^ Peter B. Levy. Encyclopedia of the Clinton Presidency. p. 9. Retrieved 2016-02-02.
  2. ^ a b c d Bradsher, Keith (18 August 1994). "Altman Resigns His Post Amid Whitewater Clamor". The New York Times.
  3. ^ Vitello, Paul (2011-02-06). "Wealthy Donors Push for Change in Catholic Schools". The New York Times.
  4. ^ Uchitelle, Louis (August 2, 1994). "Altman's Double Life as a Politician Brings Him to the Edge of Scandal". The New York Times. Retrieved 17 June 2015.
  5. ^ a b c Greenhouse, Steven (August 1, 1993). "Washington at Work; War Room General Plots Fight on Economic Turf". The New York Times.
  6. ^ a b c Uchitelle, Louis (2 August 1994). "Altman's Double Life as a Politician Brings Him to the Edge of Scandal". The New York Times.
  7. ^ David Carey and John E. Morris, King of Capital: The Remarkable Rise, Fall and Rise Again of Steve Schwarzman and Blackstone (Crown 2010), pp. 57-58
  8. ^ "Deputy Treasury Secretary Confirmation Hearing, Senate Finance Committee". C-SPAN. January 13, 1993.
  9. ^ a b Ross Colvin; Glenn Somerville (November 16, 2010). "Obama interviews Altman as new economic adviser". Reuters.
  10. ^ "Cast of Characters", CNN, 1999.
  11. ^ "The RTC Investigation'", CNN, July 7, 1997
  12. ^ King of Capital, pp. 121-23.
  13. ^ Harrington, Jeff (October 17, 2014). "Roger Altman tells Tampa clients there's little to fear on the economic horizon". Tampa Bay Times.
  14. ^ "Overview: Evercore Partners". Evercore Partners. Retrieved 7 December 2014.
  15. ^ "Goldman Alum Roger Altman STEALS $46 Million From Taxpayers, Lobbies To Replace Larry Summers & Complete Government Sachs Round Trip #2 - Home". The Daily Bail. 2010-11-19. Retrieved 2016-02-02.
  16. ^ Gongloff, Mark (3 March 2004). "Kerry adviser a Whitewater casualty". CNN.
  17. ^ Balz, Dan (30 May 2006). "Clinton Is A Politician Not Easily Defined". Washington Post. Retrieved 2010-05-09.
  18. ^ Lori Montgomery (January 7, 2011). "Gene Sperling to replace Larry Summers as head of National Economic Council". Washington Post.
  19. ^ "Roger C. Altman: Founder and Executive Chairman". Evercore. Retrieved 7 December 2014.
  20. ^ "Advisory Council: Roger C. Altman". The Hamilton Project. Retrieved 7 December 2014.
  21. ^ "Steering Committee". Bilderberg Meetings. Retrieved 2016-02-02.
  22. ^ "Bilderberg Meeting 2009 Greece Complete Members List". Retrieved 2010-05-09.
  23. ^ "Jurate Kazickas Bride of Roger Altman". The New York Times. 7 December 1981.

External links

Political offices
Preceded by
John Robson
United States Deputy Secretary of the Treasury
Succeeded by
Frank Newman
2015 Bilderberg Conference

The 2015 Bilderberg Conference took place between 11-14 June 2015 at the Interalpen-Hotel Tyrol in Telfs-Buchen, Austria. The hotel had previously held the Bilderberg Conference in 1988.

The 41st G7 summit took place the week before the conference, and was held at the Schloss Elmau, sixteen miles away near Garmisch-Partenkirchen, in Bavaria, Germany.

2016 Bilderberg Conference

The 2016 Bilderberg Conference took place between 9-12 June 2016 at the Taschenbergpalais grand hotel in Dresden, Germany.

2017 Bilderberg Conference

Bilderberg conferences are an annual private gathering of 120 to 150 people of the European and North American political elite, experts from industry, finance, academia, and the media, established in 1954 by Prince Bernhard.The 2017 Bilderberg Conference took place between 1-4 June 2017 at the Westfields Marriott Hotel in Chantilly, Virginia, United States. Previous Bilderberg conferences were held here in 2002, 2008 and 2012.

Altman (surname)

Altman is a surname. Notable people with the surname include:

Benjamin Altman (1840–1913), American retailer, founder of B. Altman & Co. and art collector

David R. Altman (1915–2000), American advertising executive

Dennis Altman (born 1943), Australian academic and pioneering gay rights activist

Doug Altman, English statistician

Edith Altman (born 1931), German-American artist

Edward I. Altman, (born 1941), American professor of finance, creator of Altman Z-score bankruptcy prediction model

Georges Altman (born 1901), French journalist and resistance fighter

Howard Altman (born 1960), American journalist

Ida Altman (born 1950), American historian

Jeff Altman (born 1951), American comedian

John Altman (actor) (born 1952), English actor

John Altman (composer), English soundtrack composer

Joseph Altman, American neuroscientist and biologist who discovered adult neurogenesis in the 1960s

Koby Altman (born 1982/1983), American basketball executive

Mark Altman (disambiguation), several people

Mike Altman (born 1955), American songwriter

Mitch Altman, hacker and inventor

Moyshe Altman (1890–1981), Russian Yiddish writer

Naomi Altman, Canadian-American statistician

Nathan Altman (1889–1970), Russian painter

Phyllis Altman (1919–1999), South African trade unionist and anti-apartheid activist

Roger Altman, founder of Evercore Partners and former U.S. Deputy treasury secretary

Robert Altman (1925–2006), American film director

Robert A. Altman, American lawyer involved in Bank of Credit and Commerce International scandal

Sam Altman, President of Y Combinator

Scott Altman (born 1959), American astronaut

Sean Altman (born 1961), American musician and songwriter

Semen Altman (born 1946), Ukrainian football coach

Sidney Altman (born 1939), Canadian biologist

Stuart Altman (born 1937), American Health-care economist

Tosia Altman (1918–1943), Polish Jewish resistance fighter

American Media, Inc.

American Media, Inc. (AMI), is an American publisher of magazines, supermarket tabloids, and books based in New York City. Originally affiliated with only the National Enquirer, the media company's holdings expanded considerably in the 1990s and 2000s. In November 2010, American Media filed for Chapter 11 bankruptcy protection due to debts of nearly $1 billion, but has continued to buy and sell magazine brands since then.

AMI has been in the news affiliated with accusations of catch and kill operations. On December 12, 2018, the U.S. Attorney's Office reported that AMI admitted to paying $150,000 to Karen McDougal in concert with a candidate's presidential campaign for the sole purpose of preventing damaging allegations prior to the 2016 US presidential election.According to its September 2018 non-prosecution agreement with Southern District of New York federal prosecutors, AMI "shall commit no crimes whatsoever" for three years, otherwise "A.M.I. shall thereafter be subject to prosecution for any federal criminal violation of which this office has knowledge."On April 10, 2019, Chatham Asset Management, which controls 80 percent of AMI's stock, forced AMI to sell the National Enquirer. This came after Chatham owner Anthony Melchiorre, who AMI has also relied on for survival, expressed dismay over the tabloid magazine's recent scandals involving hush money assistance to US President Donald Trump's 2016 campaign and blackmail of Jeff Bezos. On April 18, 2019, AMI agreed to sell not only the National Enquirer, but two of its other publications, Globe and National Examiner, to Hudson News.

Austin Beutner

Austin Michael Beutner (born April 8, 1960) is an American businessman, civic leader and philanthropist, who was selected as the superintendent of the Los Angeles Unified School District (LAUSD) on May 1, 2018, by the Los Angeles Board of Education. LAUSD is the second largest school district in the U.S. The school district spans over 720 square miles with over 640,000 students, 900 schools, 187 public charter schools, 60,000 employees, and a $7.5 billion budget.

He co-founded Evercore Partners and is the former publisher and CEO of the Los Angeles Times and the San Diego Union-Tribune. He was the first deputy mayor of Los Angeles in 2011 and ran for Mayor of Los Angeles in 2012.


Evercore Inc., formerly known as Evercore Partners, is a global independent investment banking advisory firm founded in 1995 by Roger Altman, David Offensend, and Austin Beutner.Evercore's Investment Banking business advises its clients on mergers and acquisitions, divestitures, restructurings, financings, public offerings, private placements and other strategic transactions and also provides institutional investors with macro and fundamental equity research, sales and trading execution. Evercore's Investment Management business comprises wealth management, institutional asset management and private equity investing. Evercore serves clients from 28 offices in North America, Europe, South America and Asia. Since 1995, the firm has advised on more than $3 trillion of merger, acquisition, recapitalization, and restructuring transactions.

Evercore Wealth Management

Evercore Wealth Management, LLC is the wealth management division of Evercore, a global independent investment advisory based in New York City. The firm is a registered investment advisor, delivering customized investment management, financial planning, trust and custody services to high net worth individuals, families and related institutions across the United States.

Frank N. Newman

Frank Neil Newman (born April 20, 1942) is an American banker who served as Under Secretary of the Treasury for Domestic Finance from 1993 to 1994 and as United States Deputy Secretary of the Treasury from 1994 to 1995.

George Stephanopoulos

George Robert Stephanopoulos (; born February 10, 1961) is an American television host, political commentator, and former Democratic advisor. Stephanopoulos is currently the chief anchor and the chief political correspondent for ABC News, a co-anchor of Good Morning America, and the host of ABC's Sunday morning This Week. Stephanopoulos is a regular substitute anchor for ABC World News Tonight.

Prior to his career as a journalist, Stephanopoulos was an advisor to the Democratic Party. He rose to early prominence as a communications director for the 1992 presidential campaign of Bill Clinton and subsequently became White House communications director. He was later senior advisor for policy and strategy, before departing in December 1996.

Independent advisory firm

An independent advisory firm (sometimes less accurately called an advisory boutique) is an investment bank that provides strategic and financial advice to clients primarily including corporations, financial sponsors, and governments. Revenues are typically generated by providing deal-specific advice related to mergers and acquisitions and financing. The WSJ noted in January 2016 that "boutique is a fuzzy label, defined as much by what these firms do (mostly give M&A advice) as what they don’t do (trading, lending, much in the way of underwriting)."

Jeff Maurer

Jeff Maurer (born June 9, 1947) is the founder and chief executive officer of Evercore Wealth Management, the former CEO of U.S. Trust Corporation and the author of the book Rich in America: Secrets to Creating and Preserving Wealth.

John E. Robson

John E. Robson (June 21, 1930 – March 20, 2002) was an American attorney who served as Chairman of the Civil Aeronautics Board from 1975 to 1977, United States Deputy Secretary of the Treasury from 1989 to 1992 and Chairman and President of the Export–Import Bank of the United States from 2001 to 2002.

He died of cancer on March 20, 2002, in Washington, D.C. at age 71.

List of University of Chicago Booth School of Business alumni

This list of University of Chicago Booth School of Business alumni consists of notable people who graduated or attended the University of Chicago Booth School of Business (Chicago Booth), formerly known as the University of Chicago Graduate School of Business. The business school was renamed in 2008 in honor of the $300 million gift made by David G. Booth. Chicago Booth has over 49,000 alumni.

Roxbury Latin School

The Roxbury Latin School, which was founded in Roxbury, Massachusetts, by the Rev. John Eliot under a charter received from King Charles I of England, is the oldest school in continuous existence in North America. Since its founding in 1645, it has educated boys on a continuous basis.

Located since 1927 at 101 St. Theresa Avenue in the West Roxbury neighborhood of Boston, the school now serves roughly 300 boys in grades seven through twelve. Eliot founded the school "to fit [students] for public service both in church and in commonwealth in succeeding ages," and the school still considers instilling a desire to perform public service among its principal missions.

The school's endowment is estimated at $189 million, the largest of any boys' day school in the United States. The school maintains a need-blind admissions policy, admitting boys without consideration of the ability of their families to pay the full tuition.

Its previous headmaster, F. Washington Jarvis, who retired in the summer of 2004 after a 30-year tenure, published two books about Roxbury Latin: a history of the school and a collection of his speeches to boys at Roxbury Latin (With Love and Prayers). The title of the former, Schola Illustris, was the phrase Cotton Mather used to describe the school in 1690, following John Eliot's death. In addition to those books, Richard Walden Hale published Tercentenary History of the Roxbury Latin School in 1946.

Roxbury Latin is a member of the Independent School League and NEPSAC. It has an unofficial sister school relationship with the Winsor School in Boston as well as an African brother school, the Maru a Pula School.

Steven Rattner

Steven Lawrence Rattner (born July 5, 1952) is an American financier who served as lead adviser to the Presidential Task Force on the Auto Industry in 2009 for the Obama administration. He is currently Chairman and Chief Executive Officer of Willett Advisors LLC, the private investment group that manages billionaire former New York Mayor Michael Bloomberg's personal and philanthropic assets. He continues to be involved in public policy matters as the economic analyst for MSNBC's Morning Joe, and as a contributing opinion writer for The New York Times Op-Ed page.

Before joining the Obama Administration, he was a managing principal of the Quadrangle Group, a private equity investment firm that specialized in the media and communications industries. Prior to co-founding Quadrangle, he was an investment banker at Lehman Brothers, Morgan Stanley, and Lazard Freres & Co., where he rose to deputy chairman and deputy chief executive officer. Rattner began his career as a journalist for The New York Times.

Ted Ammon

Robert Theodore Ammon (August 30, 1949 – October 20, 2001) was an American financier and investment banker. Born in Pittsburgh, Pennsylvania, he was murdered in his home in 2001 by electrician Daniel Pelosi, who was not convicted until 2004. Ted and his wife, Generosa Ammon, were in the midst of a divorce at the time of his death, and Daniel Pelosi was later romantically linked to Ammon's soon-to-be ex-wife. Ammon and his wife had originally married on February 2, 1986, and had two children, the twins Greg Ammon and Alexa Ammon, whom they adopted from the village of Medvedivtsi in the Mukachevo Region of Ukraine, in October 1992.

At the time of the murder, the couple were near finalization of their divorce. The custody agreement had been signed on October 18, 2001, and the divorce agreement/judgment was expected to be consented to the following week. After Ted's death, Generosa married Daniel Pelosi but she died of cancer on August 22, 2003.

United States Deputy Secretary of the Treasury

The Deputy Secretary of the Treasury, in the United States government, advises and assists the Secretary of the Treasury in the supervision and direction of the Department of the Treasury and its activities, and succeeds the secretary in his absence, sickness, or unavailability. The deputy secretary plays a primary role in the formulation and execution of Treasury policies and programs in all aspects of the department's activities.

In addition, the deputy secretary is the only official other than the secretary who can sign a Treasury Order, which is a document that delegates authority residing in the secretary or deputy secretary to another Treasury official, establishes Treasury policy, and establishes the reporting relationships and supervision of officials. Former Deputy Secretaries include Roger Altman, Lawrence Summers, Stuart E. Eizenstat, Kenneth W. Dam, and Samuel W. Bodman.The office of deputy secretary is the successor of the "Under Secretary of the Treasury", the former chief deputy to the secretary. Today, several officials hold the title of "Under Secretary" of the Treasury. Among those who served as under secretary when it was the number-two position in the department include Dean Acheson, Henry Morgenthau, Jr., John W. Hanes II, and O. Max Gardner (1946–47).The current Deputy Secretary is Justin Muzinich. President Donald Trump announced his nomination of Muzinich on March 13, 2018. The nomination was confirmed by the U.S. Senate on a vote of 55-44.

United States Secretary of the Treasury

The Secretary of the Treasury is the head of the United States Department of the Treasury which is concerned with financial and monetary matters, and, until 2003, also included several federal law enforcement agencies. This position in the federal government of the United States is analogous to the Minister of Finance in many other countries. The Secretary of the Treasury is a member of the President's Cabinet, and is nominated by the President of the United States. Nominees for Secretary of the Treasury undergo a confirmation hearing before the United States Senate Committee on Finance before being voted on by the United States Senate.

The Secretary of the Treasury, the Secretary of State, the Attorney General, and the Secretary of Defense are generally regarded as the four most important cabinet officials because of the importance of their departments. The Secretary of the Treasury is a non-statutory member of the U.S. National Security Council and fifth in the United States presidential line of succession.

Investment strategy
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