As prepared for delivery

Remarks at Walter Wriston Memorial Service

February 24, 2005

Henry A. Kissinger

I loved Walt Wriston. We live in an age of extraordinary self-consciousness; its fashionable representatives tend to evaluate themselves by their image rather than their long-term accomplishments. The goal is effect rather than achievement; frequently, the two are confused with each other. Walt represented other priorities. His ambition was to do, not to be. His impetus was a sense of duty; he did not strive for personal empowerment – that fashionable term would have been sardonically dismissed – but for an opportunity to serve, which implies values beyond the personal.

Lucky is the society that produces guides to take it from where it is to where it has never been, to bridge the gap between a familiar past and an as-yet uncertain future, which requires courage, dedication, and selflessness – in other words, character.

These are qualities that Walt exuded. He disdained the national self-doubt that infests so much of the intellectual community. To him, America's shortcomings were challenges to transcend, not failings in which to wallow. Walt believed deeply in freedom, initiative, and service, yet he never invoked these values to draw attention to his own importance. The celebration of life for him was to enable his society to live up to the best within it. As self-effacing as he was brilliant, Walt sought fulfillment in solving problems for which he was content to leave the credit to others. Several times mentioned as a potential secretary of treasury, he dismissed such speculation with some self-deprecating remark – though Walt would have been one of the greatest.

My appreciation of Walt would not be complete without touching on some of his less well-known qualities. I will begin with the saga of Walt's stump remover. Walt owned the only mechanical stump remover in our corner of Connecticut. He also thought I was

2

[N]

somewhat challenged in the field of economics. Taking both facts into account, Walt decided to teach me the dangers of monopoly or the advantages of competition. Every spring, he offered to lease me his stump remover for a fee that included wondrous marginal costs such as travel time, depreciation, and insurance against attacks from rabid animals. As the number of stumps on my property multiplied, so did Walt's formal bid, making him the Tiffany of stump removers. Unfortunately, the economics lesson was undermined by Walt's sentimentality, for which the market makes no allowance: I knew that if I got serious, he would remove the tree stumps for nothing.

Then there was Walt's brief career as a movie star. Milos Forman wanted him to play a bit part in a forthcoming film. Walt was enthusiastic until he found out the role Milos had in mind was that of a crook. This he would not do even in a make-believe world – except perhaps to give himself an edge in tennis. When partnering with his friend Oscar Dunn, he would put up a little placard to challenge their opponents: "Old age and treachery will overcome youth and skill."

All of us were so proud that President Bush last summer expressed the nation's gratitude by conferring on Walt the nation's highest civilian award, the Presidential Medal of Freedom – though by then he was no longer strong enough to make the trip to Washington to receive it in person.

It would be wrong to think of Walt in his last months as some kind of invalid. During the months of his illness, he would often answer an inquiry into his health by saying: "I still put in a day at the office." He kept working, simply adding the conquest of his illness to his tasks. Walt researched the subject, both its formal and its exploratory approach. When one talked to him about his condition, one heard a lot about the science of cancer treatment but nothing of his own travail.

All this sounds a little old-fashioned. And yet Walt was the most modern of men. He was ahead of his time in understanding modern technology – first for banking and, after his retirement, for society at large in both its positive and negative aspects. He was the kind of American – optimistic, humble, caring – who historically has made this country the hope of the world.

Feb 25 05 08:42a

FEB-24-2005 19:53

KAI DC

212 753 7248 P.03

As prepared for delivery

# Remarks at Walter Wriston Memorial Service

## February 24, 2005

## Henry A. Kissinger

I saw Walt Wriston for the last time perhaps two weeks before his death at a small Italian restaurant near his apartment where he was dining with Kathy and another couple. Our phone calls to his house in Sherman having gone unanswered for several weekends, Nancy and I feared that the terminal phase had begun. So when I found him sitting there, seemingly vital, I was so relieved.

My emotions grew out of phase with the capacity to express them. My last words to Walt were the banal "how are you doing." And the reply was laconic: "Better than the alternative."

I loved Walt Wriston. We live in an age of extraordinary self-consciousness; its fashionable representatives tend to evaluate themselves by their image rather than their long-term accomplishments. The goal is effect rather than achievement; frequently, the two are confused with each other. Walt's ambition was to do, not to be. His impetus was a sense of duty; he did not strive for personal empowerment - that fashionable term would have been sardonically dismissed - but for an opportunity to serve, which implies values beyond the personal.

Lucky is the society that produces guides to take it from where it is to where it has never been, to bridge the gap between a familiar past and an as-yet uncertain future, which requires courage, dedication, and selflessness - in other words, character.

Feb 25 05 10:29a

FEB-24-2005 19:53

KAI DC

212 753 7248

P.04

2

My appreciation of Walt would not be complete without touching on some of his less well-known qualities. I will begin with the saga of Walt's stump remover. Walt owned the only mechanical stump remover in our corner of Connecticut. He also thought I was somewhat challenged in the field of economics. Taking both facts into account, Walt decided to teach me the dangers of monopoly or the advantages of competition. Every spring, he offered to lease me his stump remover for a fee that included wondrous marginal costs such as travel time, depreciation, and insurance against attacks from rabid animals. As the number of stumps on my property multiplied, so did Walt's formal bid, making him the Tiffany of stump removers. Unfortunately, the economics lesson was undermined by Walt's sentimentality, for which the market makes no allowance: I knew that if I got serious, he would remove the tree stumps for nothing.

Feb 25 05 08:43a

FEB-24-2005 19:54

KAI DC

212 753 7248

P.05

3

All this sounds a little old-fashioned. And yet Walt was the most
modern of men. He was ahead of his time in understanding modern
technology - first for banking and, after his retirement, for society at
large in both its positive and negative aspects. He was the kind of
American - optimistic, humble, caring - who historically has made this
country the hope of the world.

Everyone whose life was touched by Walt Wriston will be
diminished by having to live in a world without him. So will the nation
be. But the magnitude of our loss testifies how much Walt has
ennobled our lives by sharing part of his with ours; it is a legacy that
will never end.

TOTAL P.05

["929 WORDS", "2/23/05-#7", "# Eulogy for Walter Wriston", "I saw Walt Wriston for the last time perhaps two weeks before his death at a small Italian restaurant near his apartment where he was dining with Kathy and another couple. Our phone calls to his house in Sherman having gone unanswered for several weekends, Nancy and I feared that the terminal phase had begun. So when I found him sitting there, seemingly vital, I was so relieved that ~~I embraced him, not a gesture he generally encouraged.~~", "~~My last words to Walt were:~~\n\n~~I could think of nothing more~~\n\n~~My last words to Walt were:~~\n\n~~I could think of nothing more~~\n\n~~I began to ask how he was doing, \"Better than the alternative\" was the matter of fact reply.~~\n\n~~I began

FEB-24-2005 17:49

KAI

212 759 0042

P.02

2

I loved Walt Wriston. It was not so much for his achievements, great as they were, as the preeminent banker of his period. What moved me so deeply were Walt's human qualities and his impact on our society.

We live in an age of extraordinary self-consciousness; its fashionable representatives tend to evaluate themselves by their image rather than their long-term accomplishments. The goal is effect rather than achievement; frequently, the two are confused with each other. Walt's ambition was to do, not to be. His impetus was a sense of duty; he did not strive for personal empowerment - that fashionable term would have been sardonically dismissed - but for an opportunity to serve, which implies values beyond the personal. During the months of his illness, Walt would often answer an inquiry into his health by saying: "I still put in a day at the office."

FEB-24-2005 17:49

KAI

212 759 0042

3

These are qualities that Walt exuded. He disdained the national self-doubt that infests so much of the intellectual community. To him, America's shortcomings were challenges to transcend, not fallings in which to wallow. Walt believed deeply in freedom, initiative, and service, but he never invoked these values to draw attention to his own importance. The celebration of life for him was to enable his society to live up to the best within it. As humble as he was brilliant, Walt sought fulfillment in solving problems for which he was content to leave the credit to others. Several times mentioned as a potential secretary of treasury, he dismissed such speculation with some self-

FEB-24-2005 17:49

KAI

212 759 0042

P.03

4

deprecating remark - though Walt would have been one of the greatest. He took enormous pride in the work of his friends who did reach high office, and he was devoted to his associates at the Manhattan Institute.

My appreciation of Walt would not be complete without touching on some of his less well-known qualities. I will begin with the saga of the stump remover. Walt owned the only mechanical stump remover in our corner of Connecticut. He also thought I was somewhat challenged in the field of economics. Taking both facts into account, Walt decided to teach me the dangers of monopoly or the advantages of competition. Every spring, he offered to lease me his stump remover for a fee that included wondrous marginal costs such as travel time, depreciation, and insurance against attacks from rabid animals. As the number of stumps on my property multiplied, so did Walt's

FEB-24-2005 17:50

KAI

212 759 0042

P.05

5

Then there was Walt's brief career as a movie star. Milos
Forman wanted him to play a bit part in a forthcoming film. Walt was
enthusiastic until he found out the role Milos had in mind was that of a
crook. This he would not do even in a make-believe world - except
perhaps to give himself an edge in tennis. When partnering with his
friend Oscar Dunn, he would put up a little placard to challenge their
opponents: "Old age and treachery will overcome youth and skill."

All of us were so proud that President Bush last summer
expressed the nation's gratitude by conferring on Walt the nation's
highest civilian award, the Presidential Medal of Freedom - though by

FEB-24-2005 17:50

KAI

212 759 0042

6

P.06

It would be wrong to think of Walt in his last months as some
kind of invalid. To the end he kept working, simply adding the
conquest of his illness to his tasks. Walt researched the subject, both
its formal and its exploratory approach. When one talked to him about
his condition, one heard a lot about the science of cancer treatment
but nothing of his own travall.

FEB-24-2005 17:50

KAI

212 759 0042

P.07

7

Everyone whose life was touched by Walt Wriston will be diminished by having to live in a world without him. So will the nation be. But the magnitude of our loss testifies how much Walt has ennobled our lives by sharing part of his with ours; It is a legacy that will never end.

TOTAL P.07

934 WORDS

2/23/05-#6

# Eulogy for Walter Wriston

I saw Walt Wriston for the last time at a small Italian restaurant
near his apartment where he was dining with Kathy and another
couple. Our phone calls to his house in Sherman having gone
unanswered for several weekends, Nancy and I feared that the
terminal phase had begun. So when I found him sitting there,
seemingly vital, I was so relieved that I embraced him, not a gesture
he generally encouraged.

When our emotions are out of phase with the capacity to express
them, banality is often the consequence. I could think of nothing more
meaningful than to ask how he was doing. "Better than the
alternative" was the matter-of-fact reply.

2

We live in an age of extraordinary self-consciousness; its fashionable representatives evaluate themselves by their image rather than their long-term accomplishments. The goal is effect rather than achievement; more frequently, the two are confused with each other. Walt's ambition was to do, not to be. His impetus was a sense of duty; he did not strive for personal empowerment – that fashionable term would have been sardonically dismissed – but for an opportunity to serve, which implies values beyond the personal. During the months of his illness, Walt would often answer an inquiry into his health by saying: "I still put in a day at the office."

3

Lucky is the society that produces guides to take it from where it is to where it has never been; to bridge the gap between a familiar past and an as-yet uncertain future, requires courage, dedication, and selflessness - in other words, character.

These are qualities that Walt exuded. He disdained the national self-doubt that infests so much of the intellectual community. To him, America's shortcomings were challenges to transcend, not failings in which to wallow. Walt believed deeply in freedom, initiative, and service, but he never invoked these values to draw attention to his own importance. The celebration of life for him was to enable his society to live up to the best within it. As humble as he was brilliant, Walt sought fulfillment in solving problems for which he was content to leave the credit to others. Several times mentioned as a potential secretary of treasury, he dismissed such speculation with some self-

4

deprecating [remark] – though Walt would have been one of the greatest. He took enormous pride in the work of his friends who did reach high office, and he was devoted to his associates at the Manhattan Institute.

My appreciation of Walt would not be complete without touching on some of his less well-known qualities. [I will begin with] the saga of his stump remover. Walt was in possession of the only mechanical stump remover in our corner of Connecticut. He also thought I was somewhat challenged in the field of economics. [Taking both into account], he decided to teach me the dangers of monopoly or the advantages of competition. Every spring, Walt offered to lease me his stump remover for a fee that included wondrous marginal costs such as travel time, depreciation, and insurance against attacks from rabid animals. As the number of stumps on my property multiplied,

5

[so did] Walt's formal bid, making him the Tiffany of stump removers.

[unfortunately]

[But] the economics lesson was undermined by Walt's sentimentality, for which the market makes no allowance: I knew that if I got serious, he would do it for nothing.

Then there was Walt's [brief] career as a movie [star]. Milos Forman wanted him to play a bit part in a forthcoming film. Walt was enthusiastic until he found out [the] role [Milos had in mind] was that of a crook. This he would not do even [in a] make-believe [world] = except perhaps to give himself [an edge] in tennis. When partnering with his friend Oscar Dunn, he would put up a sign [for their opponents]: "Old age and treachery will overcome youth and skill."

All of us were so proud that President Bush last summer expressed the nation's gratitude by conferring on Walt the nation's highest civilian award, the Presidential Medal of Freedom – though [by

6

It would be wrong to think of Walt in his last months as some
kind of invalid. To the end, he kept working. He simply added a
conquest of his illness to his tasks. When one talked to him about his
condition, one heard a lot about the science of cancer treatment but
nothing of his own travail. Walt had researched the subject, both its
formal and its exploratory [approach]. He would invariably discuss
hopeful aspects, never their impact on him.

7

Everyone whose life was touched by Walt Wriston will be
diminished by having to live in a world without him. So will the nation
be. But the magnitude of our loss testifies how much Walt has
ennobled our lives by sharing part of *them* with us; it is a legacy that
will never end.

Message

Theresa Cimino

**From:** Weil, Mabel [mweil@Manhattan-Institute.org]
**Sent:** Thursday, March 03, 2005 3:58 PM
**To:** Theresa Cimino
**Subject:** RE: Remarks at Wriston memorial

Thanks so much Theresa, and, of course, Dr. Kissinger. We very much appreciate his sharing with us his lovely
and very fitting remarks.

-----Original Message-----

**From:** Theresa Cimino [mailto:tcimino@kmaglobal.com]
**Sent:** Thursday, March 03, 2005 10:14 AM
**To:** Weil, Mabel
**Subject:** Remarks at Wriston memorial

Dear Mabel:

As you requested, attached please find Dr. Kissinger's remarks at the February 24
memorial service for Walter Wriston.

Thank you,
Theresa Cimino
Office of Dr. Kissinger
212/759-7919

3/8/2005

1020 WORDS

2/23/05-#5

With edits

Eulogy for Walter Wriston

I saw Walt Wriston for the last time at a small Italian restaurant
near his apartment where he was dining with Kathy and another
couple. Our phone calls to his house in Sherman having gone
unanswered for several weekends, Nancy and I feared that the
terminal phase of his illness had begun. So when I found him sitting
there, seemingly vital, I was so relieved that I embraced him, not a
gesture he generally encouraged.

When our emotions are out of phase with the capacity to express
them, banality is often the consequence. I could think of nothing more
meaningful than to ask how he was doing. "Better than the
alternative" was the matter-of-fact reply. When Walt left the

2

restaurant, he sent the waiter over with an apology: He had not
wanted to disturb my table by coming over to say goodbye. When I
recalled the event with his beloved Kathy after Walt's death, she gave
me a better explanation: "It had been a bad day."

I loved Walt Wriston. It was not so much for his achievements, great as they were, as the preeminent banker of his age: the inventor of the bank holding company, of the ATM machine, of international banking as we know it today. His impact can be measured by comparing Citibank's position when he became CEO and where it was by the time he turned it over to his successor. What moved me so deeply were Walt's human qualities, his impact on me

We live in an age of extraordinary self-consciousness; its fashionable representatives evaluate themselves by their image rather than their performance. The goal is effect rather than achievement;

3

more frequently, the two are confused with each other. Walt's ambition was to do, not to be. A product of simpler values, his impetus was a sense of duty; he did not strive for personal empowerment - that fashionable term would have been dismissed - but for an opportunity to serve, which implies values beyond the personal. During the months of his illness, Walt would often answer an inquiry into his health by saying: "I still put in a day at the office."

Lucky is the society which produces guides that take it from where it is to where it has never been; to bridge the gap between a familiar past and an as-yet uncertain future requires courage, dedication, and selflessness - in other words, character.

These are qualities that Walt exuded. He understood

rejection of the national self-doubt that infests so much of the intellectual communes.

4

failings in which to wallow. Walt believed deeply in freedom, initiative, and service, but he never invoked these values to draw attention to his own importance. The celebration of life for him was to enable his society to live up to the best within it. He was always available for advice; he never obstructed it. As humble as he was brilliant, Walt sought fulfillment in solving problems for which he was content to leave the credit to others. Several times mentioned as a potential secretary of treasury, he dismissed such speculation with some self-deprecating comment – though Walt would have been one of the greatest. He took enormous pride in the work of his friends who did reach high office, and he was devoted to his associates at the

Manhattan Institute.

Walt had a puckish sense of humor[, a good example being] the same quality in others. This is the well known saga of the stump remover. Walt was in possession of the only

5

Combining the two, he decided to teach me the dangers of monopoly
or the advantages of competition. Every spring, Walt offered to lease
me his stump remover for a fee that included wondrous marginal costs
such as travel time, depreciation, and insurance against attacks from
rabid animals. As the number of stumps on my property multiplied,
Walt's formal bid grew, making him the Tiffany of stump removers. Of

Walt's petition for a formal bid was turned down, and he was put on a
massive訴 in which he was accused of sentimentalism.

In course, his sentimentality undermined his economics lesson: I knew
that if I got serious, he would do it for nothing.

Then there was Walt's short career as a movie actor. Milos
Forman wanted him to play a bit part in a forthcoming film. Walt was
enthusiastic until he found out his role was that of a crook. This he
would not do even for make-believe - except perhaps to give himself

6

courage in tennis. When partnering with his friend Oscar Dunn, he
would put up a sign: "Old age and treachery will overcome youth and
skill."

All of us were so proud that President Bush expressed the
nation's gratitude by conferring on Walt (last summer) the nation's
highest civilian award, the Presidential Medal of Freedom – though he
was no longer strong enough to make the trip to Washington to
receive it in person.

It would be wrong to think of Walt in his last months as some
kind of invalid. To the end, he kept working. He simply added the
conquest of his illness to his tasks. When one talked to him about his
condition, one heard a lot about the science of cancer treatment but
nothing of his own travail. Walt had researched the subject, both its

7

formal and its exploratory aspects. He would invariably discuss
hopeful aspects, never their impact on him.

All this sounds a little old-fashioned. And yet ~~as hard as it is to~~ understand for the contemporary mind – Walt was the most modern of men. He was ahead of his time in understanding modern technology – first for banking and, after his retirement, for society at large in both its positive and negative aspects. He was the kind of American – optimistic, humble, caring – that historically has made this country the hope of the world.

Everyone whose life was touched by Walt Wriston will be diminished by having to live in a world without him. So will the nation be. But the magnitude of our loss testifies how much Walt has ennobled our lives by sharing part of them with us; it is a legacy that will never end.

FEB-23-2005 10:12

FEB-22-2005 17:39

KAI

KHI DC

212 759 0042

P.01

967 WORDS

2/22/05-#4

Eulogy for Walter Wriston

I saw Walter Wriston for the last time at a small Italian restaurant
near his apartment where he was dining with Cathy and another
couple. My phone calls to his house in Sherman had gone unanswered
for several weekends, which Nancy and I took as a sign that the
terminal phase of his illness had begun. So when I found him sitting
seemingly vital
there, I was so relieved that I embraced him, not a gesture he
generally encouraged.

When our emotions are out of phase with the capacity to express
them, banality is often the consequence. I could think of nothing to
say other than to ask how he was doing. "Better than the alternative"
was the matter-of-fact reply. When Walter left the restaurant, he sent

FEB-23-2005 10:12

KAI

212 759 0042

P.02

FEB-22-2005 17:39

KAI DC

2

in apologetry
the waiter over with a message: He had been happy to see me, but

he did not want to disturb our table by coming over to say goodbye.

When I recalled the event with Cathy after Walt's death, she gave me
a better explanation: "It had been a bad day."

I loved Walt Wriston. It was not so much for his achievements,
great as they were, as the preeminent banker of his age: the inventor
of the bank holding company, of the ATM machine, of international
banking as we know it today. His impact can be measured by
comparing Citibank's position when he became CEO and where it was
by the time he turned it over to his successor. What moved me so
deeply were Walt's human qualities.

We live in an age of extraordinary self-consciousness; its
fashionable representatives evaluate themselves by their image rather
than their performance. The goal is effect rather than achievement.

FEB-23-2005 10:13

KAI

212 759 0042

P.05

FEB-22-2005 17:39

KAI DC

212 753 7488 P.05

4

who prevailed by his integrity, his brilliance, his humanity and his
insistence on that one true decision to be a true artist and a true artist
selflessness. He was always available for advice; he never obtruded it.

Asumble as it was, that決断決 lifo was

His fulfillment was to contribute to solving problems for which he was
content to leave the credit to others. Several times mentioned as a
potential secretary of treasury, Walt dismissed such speculation with
a glance and moved on to other matters.

Some self-deprecating comment. He took enormous pride in the work
of his friends who did reach high office, and he was devoted to his
associates at the Manhattan Institute.

Walt had a puckish sense of humor. When playing doubles in
a match against England, he would put up a sign:
"Old age and treachery will overcome youth and skill." The joke was
that he was never old and that cheating was infeasible to him.

Then there is the saga of the stump remover. Walt was in
possession of the only mechanical stump remover in our corner of

FEB-23-2005 10:13

FEB-22-2005 17:39

KAI
KAI DC

212 759 0042

5

Connecticut. He also thought I was somewhat challenged in the field of economics. Combining the two, he decided to teach me the dangers of monopoly or the advantages of competition. Every spring, Walt offered to lease me his stump remover for a fee that included wondrous marginal costs such as travel time, depreciation, and insurance against attacks from rabid animals. As the number of

gren
stumps on my property multiplied, so did Walt's formal bid, making him the Tiffany of stump removers. Of course, his sentimentality undermined his economics lesson: I knew that if I got serious, he would do it for nothing.

All of us were so proud that President Bush expressed the nation's gratitude by conferring on Walt last summer the nation's highest civilian award, the Presidential Medal of Freedom - though he

FEB-23-2005 10:13

KAI
KAI DC

212 759 0042 P.08

FEB-22-2005 17:40

7

optimistic, humble, caring - that historically has made this country the
hope of the world.

Everyone whose life was touched by Walt Wriston will be
diminished by having to live in a world without him. So will the nation
be. But the magnitude of our loss testifies how much Walt has
ennobled and enriched our lives by sharing part of them with us; it is a
legacy that will never end.

TOTAL P.08

TOTAL P.08

FEB-22-2005 17:39

KAI DC

212 753 7248 P.02

967 WORDS

2/22/05-#4

# Eulogy for Walter Wriston

I saw Walt Wriston for the last time at a small Italian restaurant
near his apartment where he was dining with Cathy and another
couple. My phone calls to his house in Sherman had gone unanswered
for several weekends, which Nancy and I took as a sign that the
terminal phase of his illness had begun. So when I found him sitting
seemingly vital
there, I was so relieved that I embraced him, not a gesture he
generally encouraged.

When our emotions are out of phase with the capacity to express
them, banality is often the consequence. I could think of nothing to
say more
meaningful
than to ask how he was doing. "Better than the alternative"
was the matter-of-fact reply. When Walt left the restaurant, he sent

FEB-22-2005 17:39

KAI DC

212 753 7248 P.03

2

an apology

FEB-22-2005 17:39

KAI DC

212 753 7248 P.04

3

more frequently, the two are confused with each other. Walt's motivating force was the opposite. His ambition was to do, not to be.

A product of simpler values, his impetus was a sense of duty; he did not strive for personal empowerment - the fashionable term would have been dismissed - but for an opportunity to serve, which implies values beyond the personal. During the months of his illness, Walt would often answer an inquiry into his health by saying: "I still put in a day at the office."

Work for him was to resist and to transcend the national self-doubt of so much of the intellectual community. Far from blind to America's shortcomings, he treated them as a challenge to enable our country and free peoples to live up to the best within themselves. He

believed deeply in the freedom, initiative, and service but never invoked these values to advertise his own importance. Rather Walt was a natural leader.

FEB-22-2005 17:39

KAI DC

212 753 7248 P.05

4

who prevailed by his integrity, his brilliance, his humanity, and his
selflessness. He was always available for advice; he never obtruded it.

His fulfillment was to contribute to solving problems for which he was
content to leave the credit to others. Several times mentioned as a
potential secretary of treasury, Walt dismissed such speculation with
some self-deprecating comment. He took enormous pride in the work
of his friends who did reach high office, and he was devoted to his
associates at the Manhattan Institute.

Walt had a puckish sense of humor. When playing doubles in
tennis with his friend Oscar Dunn as a partner, he would put up a sign:
"Old age and treachery will overcome youth and skill." The joke was
that he was never old and that cheating was inconceivable to him.

FEB-22-2005 17:39

KAI DC

212 753 7248 P.06

5

Connecticut. He also thought I was somewhat challenged in the field of economics. Combining the two, he decided to teach me the dangers of monopoly or the advantages of competition. Every spring, Walt offered to lease me his stump remover for a fee that included wondrous marginal costs such as travel time, depreciation, and insurance against attacks from rabid animals. As the number of stumps on my property multiplied, ~~so did~~ *grew* Walt's formal bid, making him the Tiffany of stump removers. Of course, his sentimentality undermined his economics lesson: I knew that if I got serious, he would do it for nothing ~~for a friend~~.