Jerome Powell, born in 1953, is the 16th chair of the Federal Reserve. He earned a degree in politics from Princeton University in 1975 and received his Juris Doctor from Georgetown University Law Center in 1979.
Powell began his career in investment banking, becoming a partner at the Carlyle Group until 2005. He then founded Severn Capital Partners, focusing on litigation finance and other investment areas.
His political involvement started in 1992 when he worked under the Secretary of the Treasury for domestic finance during the George H.W. Bush administration.
Jerome Powell (Credit: X)
In 2012, Powell was appointed to the Federal Reserve Board of Governors and became Fed Chairman in 2018, a position he was later renominated for by President Joe Biden.
According to a 2017 Bloomberg report, Jerome Powell’s net worth could be as high as $112 million, based on his financial disclosures. Previous estimates had placed his net worth at around $55 million, which would still make him the richest Fed chair in history.
A source noted that Powell is the wealthiest Fed chair since 1948, a fact that reflects his Ivy League education, extensive background in investment banking, and experience as a founder of a private equity firm.
Jerome Powell began working at the Carlyle Group, a leading private equity firm, in the late 1990s, but details about his earnings during his tenure as a partner remain undisclosed.
As of 2024, Carlyle Group has $426 billion in assets under management, solidifying its status as a major player in the market. Notably, since Powell became Fed chairman, Carlyle’s stock price has more than doubled.
Jerome Powell (Credit: Pinterest)
After leaving Carlyle in 2005, Jerome Powell founded Severn Capital Partners, a private investment firm.
Severn Capital Partners specializes in various financial disciplines, including litigation finance, litigation management, and product rationalization, among other areas.
“Severn Partners is a different kind of Private Equity partner. We take an active role in our investments. We seek to add value through hands-on participation, direction, and at times – full control. We believe that there is such a thing as “dumb money,” and we work hard to be more than just a financial partner,” the Severn Capital Partner team described their mission on their website.
With an estimated net worth of up to $112 million, Jerome Powell ranks among the wealthiest chairs of the Federal Reserve in U.S. history.
Although politically aligned as a Republican, he has gained the trust of Democratic President Joe Biden, highlighting his expertise in financial matters. In recent years, Powell has adeptly navigated the challenges of rising interest rates while combating inflation.
So far, he has successfully managed to control inflation without triggering an economic slowdown, a complex task that requires careful balancing.
Elisabeth Sparkle, played by Demi Moore, is a well-known aerobics instructor who gets fired on her 50th birthday. She struggles with her age and how society views her looks.
The entertainment industry often shows people trying extreme ways to look young, and many use filters and AI to create perfect images. In the movie X, Mia Goth plays two roles: a young starlet and an old woman named Pearl. Pearl warns Maxine that her looks will affect her chances of becoming famous.
The show The Boys also talks about this issue. Anthony Starr, who plays Homelander, complains about getting gray hairs. In one episode of the spin-off series, two characters use a cream that promises to make them look perfect.
At first, the cream works, and they become popular influencers, but they soon return to their real selves when their popularity fades. The idea of becoming the “best version of yourself” is not new. The 1994 film Interview with the Vampire also touched on this but showed that such promises often come with problems.
The Substance will be in theaters on September 20, 2024. It premiered at the Cannes Film Festival on May 19, 2024, where it won Best Screenplay.
After the theater run, it will be available on video and streaming services. The film competes with Transformers One and Halle Berry’s movie Never Let Go during its opening weekend.
A short clip from The Substance was shared after its Cannes premiere. It shows Elisabeth watching a video about the “Substance.” The teaser trailer, released on July 11, 2024, gives hints about the film’s plot and shows some surprising images without revealing too much.
The full trailer was released on August 15, 2024. It shows Elisabeth’s struggle as she misuses the “Substance” after her career takes off again.
Demi Moore, who has been acting for many years, says filming The Substance was freeing. She discussed how she once valued her body too much and felt less valuable when she didn’t look thin.
Now, she understands that these pressures exist for everyone, especially women as they age. She believes these experiences help people learn to love and accept themselves.
Still from the show (Mubi)
Margaret Qualley plays Sue, Elisabeth’s younger self. She is also known for her roles in other recent films. Dennis Quaid plays Harvey, the network executive who fires Elisabeth. He has acted in many films since 1975.
The Substance is about Elisabeth Sparkle, who feels lost after being fired. She sees an ad for a special substance that can make her look young again. She injects herself with it and becomes Sue, her younger self. However, she must spend one week in each body, and the offer may come with risks.
The film was made by Working Title Films and will be distributed by Mubi. Filming took place mostly in Paris, France. Dennis Quaid replaced Ray Liotta after Liotta passed away before filming started.
The Substance offers a critical look at society’s obsession with youth and beauty, exposing the lengths people go to in pursuit of these ideals. Through Elisabeth Sparkle’s journey, the film highlights the dangers of seeking unrealistic perfection and the emotional toll it can take.
Demi Moore’s powerful performance brings depth to the character, allowing audiences to connect with her struggles and triumphs.
As viewers witness the transformation and consequences of using the “Substance,” they are prompted to reflect on their own perceptions of beauty and self-worth.
Ultimately, The Substance encourages embracing authenticity and finding self-acceptance beyond external appearances.
The Substance challenges viewers to consider the societal pressures that dictate standards of beauty and success. By showcasing the often hidden costs of these pressures, the film serves as a reminder to prioritize inner worth over fleeting appearances.
