William Simon

William E. Simon was a Wall Street bond trader who became US Treasury Secretary in 1974 under Presidents Nixon and Ford, after serving as the government's energy chief during the oil crisis. In 1974 he led the negotiations with Saudi Arabia that channelled the kingdom's surging oil revenues into US Treasury securities, a cornerstone of what became known as the petrodollar system. He was a strong advocate of free markets and later ran a foundation and private investment funds. He became a prominent Catholic philanthropist in his later years.