“President Donald Trump has chosen another money man to lead the Navy. Trump’s nomination of Richard V. Spencer to be secretary of is his second try at filling the job, after financier decided not to serve because of the . Given Spencer’s wealth, it is not surprising that the reported in early May that he “is also caught up in a mess of financial entanglements that have proved tricky to unwind.”
Another potential problem is the hostility of movement conservatives, who have criticized Spencer’s membership on the board of advisors of the (CNAS), a bipartisan foreign policy group that generally takes middle of the road, establishment positions. Spencer’s confirmation hearing before the Senate Armed Services Committee was scheduled for June 22, but was postponed. If confirmed, Spencer would succeed , who has served since 2009.
Richard Vaughn Spencer was born on January 18, 1954, in Waterbury, Connecticut, the son of Charles Eldridge Spencer III and Catherine (Ahern) Spencer. Spencer, whose father was owner and president of the in Wolcott, Connecticut, and grandfather was president and chairman of the First National Bank of Boston, grew up in a privileged environment. He graduated from the exclusive Brooks School in North Andover, Mass., in 1972, and earned a B.A. in Economics at Rollins College in Florida in 1976.
Upon graduation, Spencer joined the U.S. Marine Corps and served until 1981, rising to captain while serving with the Southern California-based 3rd Marine Air Wing as a helicopter pilot.
After leaving the Marine Corps Spencer was vice president of Spirit Airways, which operated a commuter helicopter service called Spirit Heliporter in San Francisco, before heading east to find his fortune on Wall Street.
Spencer worked on Wall Street for 16 years, from 1982 to 1998, at big Wall Street firms including Bank of Boston (his late grandfather’s firm), A.G. Becker, Paine Webber, Goldman Sachs, Bear Stearns, Merrill Lynch and Donaldson, where he was a director in the Private Equity Group, and Lufkin, Jenrette, where he was senior vice president in its Private Fund Group.
Spencer was the president of Crossroads Investment Management LLC., a venture capital and private equity fund-of-funds investment firm, from January 1999 to November 2001. He was responsible for private equity partnerships and direct/co-investments. He also was the head of client development activities.
He was vice chairman and chief financial officer of Intercontinental Exchange, Inc., an electronic commodity futures exchange, from November 2001 through January 2008, where he was responsible for the transition of the company from private to public. In January 2007, he became vice chairman of the New York Board of Trade.
Since 2008, Spencer has been the sole proprietor and managing partner of private investment company Fall Creek Management LLC of Wilson, Wyoming, which specializes in capital acquisition and management consulting. He is a director of , which specializes in protecting its clients’ “accumulation, income, wealth transfer and end-of-life needs.”
At the time of his nomination, Spencer was on the board of directors of eleven other corporations and companies, as well as five non-profits. Spencer is vice chairman of the .
Spencer served on the from 2009 through 2015, and was eventually its vice chairman. In 2010, while at the Board, he proposed saving taxpayer money by closing all 179 commissaries at domestic military bases and outsourcing the stores to private retail chains like Wal-Mart and Costco. Not only were the chains not interested, but the companies that sell goods to the commissaries objected and contacted members of Congress, who complained to Secretary of Defense Robert Gates…and the proposal was quashed. Spencer also chaired the Board’s task force on modernization of the military retirement system.
According to his ethics statement filed with the United States Office of Government Ethics, as secretary of the Navy he would resign from his positions with Global Atlantic Financial Group Limited, CX Technologies LLC, 86 Borders LLC, StarPound Technologies, Inc., ENGAGEcx, Global Atlantic Financial Life Limited, Ariel Re (Holdings) Limited, Commonwealth Annuity and Life Insurance Company, First Allmerica Financial Life Insurance Company, Accordia Life and Annuity Company, Forethought Life Insurance Company and Forethought National Life Insurance Company, as well as the five non-profits.
Spencer contributed to Donald Trump’s presidential campaign and, before that, to the campaigns of George W. Bush and Mitt Romney.
Spencer, who resides in Wilson, Wyoming, has been to Erin Linda Wolf since August 1983. The couple has two adult children, Averil and Pierce.”
-Matt Bewig, David Wallechinsky