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Volcker Helps Finance Museum Raise $470000 at Gala, Defy Slump

Paul Volcker, one of the men President-elect Barack Obama is counting on to save the U.S. economy, last night helped the Museum of American Finance raise about $470,000 at a gala dinner.

The former Federal Reserve chairman’s Rolodex and clout helped the museum come within $30,000 of the money raised at its inaugural gala before the crisis started last year.

Jeanne Driscoll, the museum’s development director, smiled as patrons arrived, including Merrill Lynch & Co. Vice Chairman William McDonough and Blackstone Group L.P. co-founder Pete Peterson. She said a Volcker-less affair and the absence of many of his rich and powerful friends would have raised much less in the current economy, which he is charged with fixing as head of Obama’s Economic Recovery Advisory Board.

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