In many ways billionaire Peter Peterson epitomizes the American dream. He is the son of Greek immigrants. His father Georgios Petropoulos went from railroad dishwasher to running a diner in Kearny, Nebraska. Georgios’ hard work and savings enabled son Peter to attend college, first MIT, then Northwestern and eventually an MBA from the University of Chicago.
Peterson worked his way up the corporate ladder, made it to chief executive of Bell & Howell and then investment bank Lehman Brothers, was named Secretary of Commerce under Nixon and eventually founded one of the most successful private equity firms on the planet, Blackstone Group.
As Peterson approaches 87, he is pounding the table harder than ever about fiscal irresponsibility. He believes profligate spending is turning the American Dream into a nightmare.In 2008 he created the Peter G. Peterson Foundation with $1 billion to raise public awareness about the dangers of high deficits, excessive spending and entitlements. Among other things Peterson is a backer of The Fiscal Times, a news Web site devoted to reporting on fiscal issues.
In the accompanying video Peterson discusses his approach to charitable giving.
