When George W. Bush wanted to run a sniff test for his audacious tax-cut program, which includes eliminating the levy on corporate dividends, he dispatched his new economics chief, Stephen Friedman, to New York City to wave it under the noses of such bankers as UBS America chairman Donald Marron and brokerage legend Muriel Siebert. Friedman is a polished pinstriper, a former Goldman Sachs chairman with the kind of Street cred the Administration lacked before purging its economic team last month. In four meetings, Friedman did as much listening as talking, knowing enough not to insult his former brethren with a...
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