Washington: Creative Corpocrat

Creative Corpocrat

Back in November, Deputy Treasury Secretary Richard Darman startled the business community with a stinging critique of what he called the U.S. "corpocracy," management that was "bloated, risk-averse, inefficient and unimaginative." After such a harsh assessment of big business, it came as a surprise when Darman, 43, announced last week that he was leaving the Reagan Administration to become a managing director at Shearson Lehman Bros., one of the nation's largest investment-banking firms.

But Darman -- one of Reagan's brightest tacticians and a chief architect of last year's tax-reform plan -- believes he can be a catalyst for productive enterprise in...

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