Roger Altman, better known by her family name Roger Charles Altman, is a popular American Financial professional. Oh yes, sure. But I think the most that the Fed can be expected to do is move short rates. Oh sure, sure, well have another major Presidential uproar. In the last 48 or 72 hours, because that vote was also a cliffhanger, although not as close. But, in any event, the presentations were very effective and that was, I think, the most important single day in the evolution of that original policy. He has difficulty speaking. I thought, All right, well get half a loaf. No, it was not at all. Sure, I did. They just didnt do it. No, I was responding to a question about economic policy. Well, it can be revived at any time, the Congress can just vote to revive it. But the presumption was that the head of the agency of course did know that. Or Ill put it another waywe didnt know where the President was on NAFTA on that day. The country needs it, the Democratic Party needs it, I need it. So by the time I had to do it again I wasnt particularly concerned. She figured in some bumper stickers also. Primarily I had learned what doesnt work, and I had learned a couple of thingsyou can tell, I think, when youre exposed to a candidate enough times, whether hes going to work out there as a retail politician, as they say, an outdoor politician, and when he isnt. some of these were extemporaneous, he had no notes, but he was quite an impressive speaker, I thought. Was there a contrasting case in your experience in the Clinton administration where support was received both sides of the aisle and soughtwas it sought in the budget case? Were you privy to the conversations that he had? We talked a lot about the organization of economic policy-making and the role of the Treasury because I had a certain history. Its mostly things I learned that dont work. There was no surprise. I dont recall having a meaningful role at the convention. But I think if you study American history and you look at any number of earlier periods, the attacks on Abraham Lincoln for example comes to mind, the Andrew Jackson period, such extreme partisanship is common in American history. That certainly, in terms of social assistance to low-income working age people, that was a transformative administration. I did not have a crystal ball to the effect that he was going to make it and that the dominos were somehow going to fall in a certain way that enabled him to do so. Were seeing it today. I called him and said Id be interested in helping him in some form if there was a way to do that, and then one thing let to another and I got involved, not long thereafter, in his campaign, both from a fundraising point of view and from the point of view of economic policy and issue development. The Wall Street Journal reporter says to Secretary Bentsen, Mr. Secretary, if you were in the Senate, would you vote for the Presidents healthcare bill? That was in July or June or something. It traces to Clintons legendary wonkishness. Then we put on our battle armor and went back into battle. I ran into Alice on the plane. Its the biggest story in Washington, Hillary Clinton, the whole thing. If youre Secretary of X, its pretty easy to become quite happily accustomed to the perquisites of that. I also think Clinton knew he was going to go up against some of his oldest allies, whether it was Marian Wright Edelman, whomever it was, in terms of welfare reform, and was prepared to do it, but wasnt really looking forward to it. It struck outsiders as the administration never passed up an opportunity to say, This is the preserve of the Federal Reserve. Mr. Altman began his investment banking career at Lehman Brothers, advancing to general partner in 1974. Phil Gramm, Ill never forget, predicted that it would usher in a new depressionI mean depression, not recession. Japanese discussions were harder, but the G7 summit was fine, it was easy. No because Clinton had determined, as he well should havesee, Presidents often dont do this, or Presidents-elect, but they shouldBentsen had to be satisfied that this was something he wanted. Id had served before and seen how not to do it. So it was a combination of an organized role. He knew that if we lost this vote it was a severe blow. I mean just the vote itself and the fact that not a single Republican voted for this, which even by its critics is seen now as having been at least a contributor to the economic prosperity and fiscal balance that later resulted. Does that mean that the first initiative of the new President, should he, she, be a Democrat be healthcare? One was in connection with Putting People First, when we had the wonderful experience of taking a cab from the Little Rock airport and having the cab driver slow down and practically come to a stop for a second, and excitedly point out to us Gennifer Flowers apartment building. We know youre extremely busy. The first summit was easy; there were no huge international tensions. He was named the first week of December. Its always a mistake to get in any kind of hassle with the Federal Reserve Board, always. There was also a very memorable event that was held in the East Room of the White House, and recall that within a week or two of this event, Clintons own position on NAFTA was still up in the air. I mean, it was just a morgue. But absent such a crisis, history tends not to treat you as a great President. He voted against it, we had a boom, he never paid a dimes worth of price for that. I think the days for that have largely passed, I dont think members of Congress care much about that. Thats how I feel about it. Here we are in June 2003 and the election as we all know is November 04, so its 16 months or so before the election, 17 months, and right now of course, the campaign among the Democratic aspirants for the nomination is hot, full-bore, and has been for several months. The economic plan was, to some degree, controversial from the beginning because of the tax increases and some feeling that the deficit reduction was unnecessary or could be counterproductive. So I would get, from Mike Levy, typically, what my assignments were. He seemed very tired, I remember that. If you think about who are almost universally considered the three or four greatest American Presidents, they all faced enormous crises, of course Lincoln, [George] Washington, FDR [Franklin Delano Roosevelt] and so forth, and Clinton didnt. He didnt want to be involved in the daily ins and outs of those jobs. We nominated this guy, thought he was quite capable and in one of the wonderful ironies of Washington, the quixotic ironies of Washington, the Democrats defeated the nomination. He had tried to offer every imaginable olive branch to the Iranian leadership. That was the fundamental choice they made in devising the reform. We did have goals. Somehow it came off successfully in Miami with all these heads of state and everybody was very happy with it. Dont ever talk down your currency; dont ever quarrel with the Federal Reserve Board. So we already had quite a taste of the Congressional dynamic and overall political dynamic. Im convinced to this day that sent a bolt of electricity through the Iranians and they figured they better not hold those hostages one hour into Ronald Reagans Presidency, and they didnt. During the day two or three people from the administration spoke to KerreyMack McLarty and Leo Panetta spoke to Kerrey. The President was all over this. But in any event, Madison Guaranty had failed. That raises the question then of the people he was meeting with here. When we had the opportunity to sit down, our own leadershipyou mentioned Leon Panetta, for example, having been chosenand formulate a fresh set of estimates based on all the then latest data, and obviously reaching out to a whole host of experts, it became clear that the deficit outlook was considerably worse than we thought. This wont help you because its not very original, but theres something about President Clinton that had the effect of rubbing salt on a wound as far as his opponents were concerned. He may be forever seen in the middle. So they came in and interviewed him. There was concern that we had already spilled an enormous amount of blood on the economic plan. I think hes deeply appreciated. I have to tell my most famous Bentsen story because it really illustrates what an extraordinary person Bentsen was. That has historically been, or at least in the modern era, a successful approach. There was a concern that wed spill all the rest of our blood on NAFTA and have nothing left. It will be differences of style, differences of perception. So its really a role that varies from Secretary to Secretary in terms of what that Secretary wants, and thats just a history of it. You indicated that the President did it right with Treasury. If Im not mistaken, we were looking at a $350 billion deficit, up from about $260 or something that we had been generally using during the campaign. But as often happens, there is a moment when positions shift. We had lunch. Can you tell us how you first got to know Bill Clinton? When we took office and took a hard look at the deficit estimates, they were considerably worse than we had thought. I was to call Bentsen promptly. I would say it was something like this. The thing was televised, nonstop. The ultimate plan was way too complicated for the Congress and the country to grasp and understand and soberly assess. Why? My assumption is that you must have been doing that from two perches, your first perch being in the Treasury Department and then eventually the war room was opened up, and then you at some point were moved into the war room. We were tough on them on autos. I was struck from the beginning that Clinton was blessed with a very weak field, which, for example, is not the case today. I didnt devise them on my own. All the groundwork had been done before the storm broke, so there were probably three to four hundred people. Were there different views? I appreciate that and I think youve done us a big favor today by illuminating that. Actually the bigger debate was over what came after NAFTA, welfare reform or healthcare. Will policy differences be the reason that candidate X or candidate Y emerges with the nomination? Not particularly. I think each person makes his or her own decision. No, but Clintons clear priority was, and was going to be, steps to stimulate the economy and indeed, as soon as he took office, he submitted a package of measures which constituted his stimulus program and they rather promptly went down to defeat. Its possible that President Clinton rues the fact that 9/11 didnt occur on his watch, because it was a transforming crisis and did transform, at least to date, the present President. We just kept the pressure on the best we could. Im not sure. But I mean, when you were sitting in the Roosevelt Room, where most of those meetings took place, all of the players were there. Did it come from DAmato, or what? Thats one where the Federal role is much bigger and one of the things we didnt discuss is why the administration did not latch onto that early on, even though the President was on the populist side of reform. Well, I was thinking of both actually, but in the bill. I think history will probably record that as the most important achievement of President Clintons overall Presidency, not the vote itself of course, but the ultimate effects of it. I ran three times for student office while I was there. If we have another Iran-Contra therell have to be an independent counsel, thered have to be. So were in a partisan phase. I think Clinton authentically saw healthcare as more important, believed it was a bigger national problem, and thought he was tackling the bigger of the two. It turned out that the thing had really been left by the wayside and there was very little of the necessary planning that had gone into it and it was about two months off. And that kind of input isnt available during the campaign. No, what Im trying to say is that there were several points of view advanced by some of the people there, who had, in one form or another, policy experience. Were there follow-up meetings with Japan that you were involved in after the summit? Roger Altman, Evercore senior chairman and founder, joins Squawk on the Street to share his thoughts on Bidens infrastructure plan and the corporate tax debate. One of the reasons it was bloodless was because the Soviets knew what they had and didnt have and what we had and they didnt have. Did it succeed? Perhaps history will give Clinton credit for having been the man who made welfare reform happen. Im a little too close to this, because Im not sure how history will view it. Thats just exactly what I said. He said, Its up to you. Ive never either been attracted to that approach nor felt that it was an effective one. Now, it may last five or six more years, it may last 25 more years, I dont know. In retrospect, a limited, very grudging change. Did you ever get the sense that there were some people who mystified him? He lost that election. We talked for about 12 seconds about any role that I might play. Do you think that making this effort was driven by foreign policy considerations first and foremost, or was it genuinely an economic policy? Had it always been assumed that Rubin would take that position? Certainly on free trade you would say that there was a consistency in his rhetoric during the campaign and the behavior of the administration after he was elected. He and Kerrey had a very close relationship. I mean, after all, Whitewater ultimately amounted to nothing. And that was fairly late, right, when Bowles came in? There were not pitched battles. By the way, when the three-judge Washington panel that chose Fiske threw him out and replaced him with [Ken] Starr, Starr went back to the beginning and went over the entire thing again and came to the same conclusion. WebKathryn Reed Altman and Roger Altman attend State of the Union Dinner at The Re-Opening of the Plaza Hotel Ballroom on January 28, 2008 in New York Roger Altman and Mayor Michael Bloomberg attend THIRTEEN and WLIW 21 Annual Gala Salute at Gotham Hall on April 30, 2007 in New York City. @ 34.032138, -118.722249. So if you survey the 50 most senior people who ever served in the Clinton administration, about 25 of them will say welfare reform was a great triumph for the President, about 25 of them will say he just caved. He gave the best speech I, at least to that point, had ever heard him give, and I think almost everyone in the administration who was in the room felt the same way. You couldnt say to yourself, Well in the end hell be fine. I have to admit I didnt. That ostracism certainly hasnt afflicted the Clinton alumni. He knew what the House would do. I mean, theyre all just issuing healthcare plans right now and there are some important differences among them, but 99 percent of the primary voters will not know those differences. and Lloyd would say, I wouldnt do it, Mr. President, or I would do it. Those characteristics I thought were rather evident upon meeting him just a few times. I knew a lot about Perot, having been heavily involved in Wall Street for many years. It was not an accident that he did that. No, but it wasnt just entirely that. When you say the coordinator, you mean of the Presidents message? For one reason or other, Clinton developed some very powerful antagonists in the press, most notably Howell Raines of the New York Times editorial page, and the New York Times treatment of Clinton became a virtual industry unto itself. I mean, youre sent down there, you have no training for it. Was there a representative of the campaign. He helped me in my efforts and then a year later I helped him in his. If you read Putting People First, first of all it was domestic policy as a whole, it was not just economic policy. Sure, sure. On the policy issues at this point are you beginning to see any kind of evolution or any kind of establishment of governing priorities, or again, is this a question thats held off on until after the election? And, of course, the ATF agents didnt know what they were going to experience and he found himself exposed to an open line of fire. If you can think of a great President, a President who is seen as really great, who didnt have such a crisis, Id like to hear it, because I dont think there is one. So this is the case where basically hes saying, My Presidency and this party are going to rise or fall based on whether we succeed in this or not. That process had been going on. They were cutting deals like there was no tomorrow. I took an hour plus to do this. Yes. President Bush was very vulnerable, and so Clinton was attacking on the economy and basically saying, if you remember, this rather famous line, he was going to focus like a laser on the economy. I think at the Pond House meetings there were also some of the Congressional leaders, werent there? Rubin was well known as an economic conservative, and Bentsen, of course, had a very long legislative record, which was in the same direction. He has his own views in private, of course. Well, within about two weeks of the election, certainly by the end of November, the actual transition offices were established in Washington. We didnt know if we were going to win. Scientist, architect, botanist, Copyright 2023. So there are the four main elements. Is he somebody who, from your perception, makes close friends at all? So by the time 93 was over, he was not doing well. We had wonderful cooperation, at least in the Treasury. It wasnt particularly formed before then. I know this sounds a bit odd, I hadnt thought about it a huge amount, partly because I had a full-tilt business career, and I was trying to separate the two. The presumption of course at the beginning was that I knew what the substance of the investigation was, or what the actual issues were from an investigatory legal point of view, and that I had conveyed that to the White House, which was impossible by its turn, absolutely impossible, but in politics thats not often the important thing. It just depended on the size of the concession. Were they talking broad strategy, were they keeping whip counts? I can remember feeling very chastened because he talked about how many children we were helping and how many families we were helping and I chose to try to makejust in the spirit of celebration, a few jokes. We had a couple of others. That was not clear to me. Born on April 2, 1946 in United States of America, Roger Altman started his career as Financial professional . At best I had an input, and in some cases it was just obvious that some of these other folks had to be in it. The politics of the Btu tax per se versus other types of energy taxes, including the gas tax, which we ultimately fell back on, werent well considered. Bentsen advised him to take it. No, the rest of those were really in the purview, in the ambit of Larry Summers. Web(Studio: Charles Gibson) Earlier interview held with Evercore Partners Roger Altman about the House vote and the market reaction. There were deals being cut like crazy, deals on tomatoes, deals on Florida citrus. That was about the last time he didnt listen to Bentsen, but he should have. We can all speculate. So monetary policy has gone from being considerably more powerful than fiscal policy in 93, to being the only policy in town in 2003. Mrs. Bentsen responded. You had some experience with Japan before? One of the things that you mentioned that was in your portfolio was selling the budget package. But that battle was resolved in favor of the revolution, the most sweeping alternative, and I dont really have a lot to add beyond whats been written. I want to be sure that there is a clear picture of that because he cant offer it himself. I do have one question about the National Economic Council. I cant think of anything you didnt ask me, or anything I didnt say that I would have liked to have said, so with that exception. But why was it bloodless? There just wasnt a candidate who had the capability to do that. Were you involved in discussions at this point about what would be next in the queue for the administration, because there were some other. I think. I knew Bentsen enough by reputation to know it was not by any means all set up, so to speak, by the time I went in there. That was absolutely true also of Secretary Brady and all of his people, couldnt have been more cooperative. That they felt that people who had served the President. It was easy. No. Id met Bentsen a few times. So he was frantically calling members of Congress as various requests came in for him to do so. There was quite a discussion that day about long-term interest rates, as I said the credit markets rather than the Fed. It was really only when Erskine Bowles became Deputy Chief of Staff that a structure began to be built around Clinton that enabled all those processes to become more organized. He told me what was going to happen to the Clinton healthcare bill the day it was announced, actually before it was announced. But I interpreted that to mean, Maybe you should, because I felt that if he thought I shouldnt, hed say so. Bentsen had run for Congress at a very young age, successfully, was re-elected two or three times, then quit and went into business and was very successful in business. Roger C. Altman is Founder and Senior Chairman of Evercore, which has become the most active independent investment bank in the world. TR, extraordinarily colorful President. Before we close, Id like to make one pitch though. Whether you had disagreements with him or not, or felt warmly or less warmly toward him or not, he gave you the opportunity to do it, whether youre a Cabinet officer or anybody else. Then there was the other dynamic, which istheir personalities could not have been more different. I didnt think it was going to be that bad. But the program wasnt structured that would give you half a loaf, was it? I was not involved in the decision as to the sequencing of healthcare versus welfare reform. For a variety of reasons, I dont think he had the pure luxury of just saying, Lets do NAFTA a year from now. There were certain others, I cant recall now, but a group of six or eight or nine, and we literally sat around with pieces of paper and drafts and hammered it out. Right as it was up, the Wall Street Journal does a full-page profile on Bentsen, right here on the right. Is that a fair assessment? The answer to that is yes. Roger Altman is Founder and Senior Chairman of Evercore, the most active independent investment bank in the world today. Did you have close relations with people in Cuomos operation, because I think, at least in the early stages, there was still a consideration that he might come out? Is it okay if we move away from the crisis of getting the big things through to just the more mundane ways that the government ran while you were there? I recall speaking about 20 minutes before the vote to Marjorie MargoliesMezvinsky,with whom I had developed a friendship, and it became evident to me that she was very reluctant but willing to vote for the bill. Theyre going to ask you about it, say nothing. I consider that another important legacy, since not that many Presidents of the 20th century have it. He saw the opportunity, he seized it, went against the grain and, lets face it, presided over a period of unprecedented prosperity and balanced the budget for the first time in approximately 50 years. Right, but if you take too much pain up front. You referred earlier to the cycles of political partisanship, policy issues. Founder and Senior Chairman | Because it promotes a lack of confidence in financial markets and, for that matter, a lack of confidence in the business community, a sense that that administration doesnt know what its doing. There are some very famous stories about Bentsens war experience. WebRobert Altman's House (former) Malibu, California (CA), US Like Tweet Share Pin The film director, known for making films that are highly naturalistic, but with a stylized That was the first time we had an opposition takeover. It wasnt evident to me the day after New Hampshire that he had recovered from it. So I ended up serving in this job for 12 or 13 months, and I had a very disciplined approach to it. The questions from all these different parts of the countryOregon, Louisiana, Michiganwere all the same. Once you get NAFTA behind you, my guess is that there were further discussions at that point about what ought to be next and this is when healthcare becomes a priority. Thomas Jefferson is under-appreciated as a President. But I think one misunderstood aspect of his embracing NAFTA wasat that point he was being widely criticized for lacking in principle, lacking in conviction, a weathervane all over the place politically. Just promotes disunity and so forth. Doing concerted, multilateral action of the type youre referring to is really only appropriate in the midst of a crisis. Yes, we could have had that. I would say that had probably as much to do with the onset of a partisan period as did the Andrews Air Force Base summit, but Im just playing amateur historian here. Wasnt that a state-chartered institution? You see a lot of candidates you know arent going to work that way. So if you want to call it the politics of the economy, The labor unions were overwhelmingly opposed. But was there any perspective then that in fact, the Japanese economy was weak relative to the other G7? I did. They had a very unsuccessful discussion, which resulted in name calling and cursing. I have to confess it was the spring of my senior year and I was paying a little more attention to girls and golf than I was to the normal ebb and flow of events on the campus. I dont think Id ever met her, but we were serving on the same board together and we became acquainted and occasionally talked about getting together some way or other. 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