I went to lunch (with 150 others) with US Treasury secretary Paul O’Neill to judge whether the low opinions I hear universally about him were accurate. The answer is yes.
It’s not so much what O’Neill said, which was mostly familiar nostrums about developing countries needing to improve their governance and our need to find better ways to deploy aid. Two things struck me. First, he seems out of his depth when specific economic questions are asked. He tells an anecdote (of which more later) and then either — depending on your point of view — sidesteps the question or fails to get the point.
His anecdotes invariably harken back to his experiences as CEO of Alcoa. That’s my second takeaway: the only times O’Neill showed enthusiasm or interest were when he was talking about “his” company (he never used the past tense). I’d heard that vice president Cheney had to twist O’Neill’s arm to take the job. It seems clear that he really, really wishes he were still in Pittsburgh.