Peter G. Peterson

Peter G. Peterson
Name	Peter G. Peterson
Birth date	5 June 1926
Birth place	Kearney, Nebraska, U.S.
Death date	20 March 2018
Death place	Manhattan, New York, U.S.
Education	Kearney State College, Northwestern University (BS), University of Chicago (MBA)
Occupation	Businessman, government official, philanthropist
Spouse	Kris Krengel (m. 1953; div. 1956), Sally Hornbogen (m. 1958; div. 1979), Joan Ganz Cooney (m. 1980)
Children	5, including John Peterson
Known for	Co-founder of The Blackstone Group, Chairman of the Council on Foreign Relations, Founder of the Peter G. Peterson Foundation

Peter G. Peterson. He was a prominent American businessman, Secretary of Commerce, and philanthropist who co-founded the global investment firm The Blackstone Group. His career spanned leadership in corporate America, high-level service in the Richard Nixon administration, and later, dedicated advocacy for fiscal sustainability through his foundation and writings. Peterson was a influential voice on economic policy, serving as chairman of the Council on Foreign Relations and receiving honors like the Presidential Medal of Freedom.

Early life and education

He was born in Kearney, Nebraska to Greek immigrant parents. Peterson worked in his family's restaurant before attending Kearney State College. He transferred to and graduated from the Kellogg School of Management at Northwestern University, earning a bachelor's degree in business. He later received a Master of Business Administration from the University of Chicago Graduate School of Business, where he studied under future Nobel laureate Milton Friedman.

Business career

Peterson's corporate ascent began at the advertising firm McCann Erickson, followed by a rapid rise at the camera manufacturer Bell & Howell, where he became its youngest-ever president and later chairman. In 1971, he was named chairman and chief executive officer of Lehman Brothers. After his government service, he returned to Lehman Brothers before co-founding the private equity firm The Blackstone Group in 1985 with Stephen A. Schwarzman. Under his leadership, The Blackstone Group grew into a financial powerhouse, and he served as its first chairman.

Government service

In 1971, President Richard Nixon appointed him as Assistant to the President for International Economic Affairs. The following year, Nixon nominated him to serve as the United States Secretary of Commerce, a position he held from 1972 to 1973. During his tenure, he focused on international trade policy and U.S. economic relations with major partners like the Soviet Union and Japan. He also served as chairman of the Federal Reserve Bank of New York.

Philanthropy and policy advocacy

After retiring from The Blackstone Group, he dedicated himself to advocating for fiscal responsibility. He founded the Peter G. Peterson Foundation in 2008 to address long-term federal budget challenges, including entitlement reform and the national debt. He was a longtime chairman of the Council on Foreign Relations and served on the boards of the Institute for International Economics and the Committee for Economic Development. His advocacy work earned him the 2006 Presidential Medal of Freedom from President George W. Bush.

Personal life and death

He was married three times; his third wife was children's television pioneer Joan Ganz Cooney, co-founder of the Children's Television Workshop. He had five children, including documentary filmmaker John Peterson. A resident of Manhattan, he was also a member of the Metropolitan Club. He died in 2018 from complications of Marfan syndrome at his home in Manhattan.

Publications

He authored several books on economic and fiscal policy, articulating his concerns about America's financial future. His works include *Facing Up: How to Rescue the Economy from Crushing Debt and Restore the American Dream* and *Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It*. His memoir, *The Education of an American Dreamer*, details his journey from Nebraska to the heights of Wall Street and Washington, D.C..

Category:American businesspeople Category:United States Secretaries of Commerce Category:American philanthropists