Volcker is like the man in a pure white suit, walking through a slum. The big question, though, is why did the 74-year-old Volcker take the job?
As he made very clear in an interview with the New York Times, hes not getting paid, hes rich enough. Its a step down for the former chairman. It was Volcker who saved the dollar when he was named Fed chairman in 1979 isnt that enough?
Now hes agreed to help the humbled auditing firm get out of the hot water it got itself into, and for what?
The only thing we and others who know him well can think of is that he misses the limelight. Suddenly Volckers back before the cameras, being interviewed by leading newspapers, and once again is the star.
Even the great, including Volcker, are human. And part of being human is to enjoy being admired, or even revered. Many a man of power finds it difficult to move out of the spotlight. Look at former New York City Mayor Ed Koch, whod prefer making a fool of himself than be forgotten. Or the once powerful Abe Rosenthal, former executive editor of the New York Times, who retired and became a Times columnist. After getting kicked out as a columnist, he joined the New York tabloid, The Daily News.
And basketball superstar Michael Jordan, who originally retired from the Chicago Bulls in 1993, looking to add to his legend, rejoined the Bulls and won three league championships, and retired a second time in 1999. But even that wasnt enough, and at 39, he is gambling his sterling reputation by playing for the Washington Wizards, a third-rate team (which is performing well since Jordan joined).
So, Paul Volcker is human, after all.
