Peter Peterson

$2.00 B

Ranked #1215 in World

About Peter Peterson

Peter George Peterson (1926-2018), an eminent American investment banker, philanthropist, and former U.S. Secretary of Commerce, hailed from Kearney, Nebraska. With roots tracing back to Greek immigrants, Peterson excelled academically, earning his M.B.A. from the University of Chicago Graduate School of Business after graduating with highest honors from Northwestern University. His illustrious career spanned several sectors, including a significant tenure as chairman and CEO of Bell and Howell, and co-founding The Blackstone Group in 1985. Peterson's government service under President Richard Nixon included chairing the National Commission on Productivity and serving as U.S. Chairman of the U.S.–Soviet Commercial Commission. Post-political career, he led Lehman Brothers and was pivotal in founding the Concord Coalition to address deficit issues. Peterson's profound commitment to fiscal sustainability was further demonstrated through the inception of the Peter G. Peterson Foundation. A dedicated philanthropist, he actively supported fiscal responsibility and opposed policies exacerbating national debt, leaving behind a rich legacy marked by his contributions to economic discourse and philanthropy.

Born

June 05, 1926 in Kearney, Nebraska, U.S.

Died

March 20, 2018 (aged 91)

Source Of Wealth

Investments

Industries

Finance And Investments

Citizenship

United States

Education

Bachelor of Arts/Science, Northwestern University

Peter George Peterson was born on June 5, 1926, in Kearney, Nebraska, to Greek immigrants. His father, George Peterson, was a farmer, and his mother, Mary (née Kalogeropoulos) Peterson, was a homemaker. Peterson grew up in a close-knit Greek-American community and was raised with a strong sense of family and community service.

Peter Peterson: Family

Peterson was married three times and had five children. His first marriage was to Sally Ann Hornbeck in 1948, and they had two children together. They divorced in 1967. His second marriage was to Joan Ganz Cooney in 1968, and they had three children together. They divorced in 1987. His third marriage was to Susan Mary Buffett in 1994, and they remained married until his death in 2018.

Peter Peterson: Career Highlights

Peterson had a distinguished career in business, government, and philanthropy. He served as the United States Secretary of Commerce from 1972 to 1973 under President Richard Nixon, where he chaired Nixon's National Commission on Productivity and was appointed U.S. Chairman of the U.S.–Soviet Commercial Commission.

In the private sector, Peterson was the chairman and CEO of Bell and Howell Corporation from 1963 to 1971, where he led the company's transformation into a diversified technology conglomerate. He later became chairman and CEO of Lehman Brothers (1973–1977) and Lehman Brothers, Kuhn, Loeb Inc. (1977–1984).

In 1985, Peterson co-founded the private equity firm The Blackstone Group and served as its chairman. Under his leadership, Blackstone grew into one of the world's largest and most successful private equity firms.

Peter Peterson: Companies

Peterson was associated with the following companies throughout his career:

McCann Erickson
Bell and Howell Corporation
Lehman Brothers
Lehman Brothers, Kuhn, Loeb Inc.
The Blackstone Group

Peter Peterson: Major Achievements

Peterson's major achievements include:

Leading Bell and Howell Corporation's transformation into a diversified technology conglomerate.
Co-founding The Blackstone Group, one of the world's largest and most successful private equity firms.

Serving as United States Secretary of Commerce and chairing Nixon's National Commission on Productivity.
Establishing the Peter G. Peterson Foundation to promote fiscal sustainability.
Funding the documentary film "I.O.U.S.A." and launching the news website The Fiscal Times.

Peter Peterson: Awards & Achievements

Peterson received numerous awards and honors throughout his career, including:

Golden Plate Award of the American Academy of Achievement
Woodrow Wilson Award for Corporate Citizenship
Elected a fellow of the American Academy of Arts and Sciences
The Peterson Institute for International Economics was named in his honor

Peter Peterson: Personal Life & Legacy

Peterson was known for his dedication to public service, philanthropy, and fiscal responsibility. He was a strong advocate for reducing the national debt and promoting economic sustainability. Peterson passed away on March 20, 2018, at the age of 91 in Manhattan, New York.

Peter Peterson: Trivia

Peterson was a licensed pilot and enjoyed flying his own plane.
He was a voracious reader and had a personal library of over 10,000 books.
Peterson was a talented pianist and often played for his family and friends.
He was a strong supporter of the arts and served on the boards of several cultural institutions.

Wealth History

Timeline

1926

Peter George Peterson is born in Kearney, Nebraska, to Greek immigrants.

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Graduates from Northwestern University with highest honors.

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Receives an M.B.A. from the University of Chicago Graduate School of Business.

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Joins advertising agency McCann Erickson as a director.

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Serves as executive vice president of Bell and Howell Corporation.

1963-1971

Becomes chairman and CEO of Bell and Howell.

1972-1973

Serves as United States Secretary of Commerce under President Richard Nixon.

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Chairs Nixon's National Commission on Productivity.

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Appointed U.S. Chairman of the U.S.–Soviet Commercial Commission.

1973–1977

Chairman and CEO of Lehman Brothers.

1977–1984

Chairman and CEO of Lehman Brothers, Kuhn, Loeb Inc.

1985

Co-founds the private equity firm The Blackstone Group and serves as its chairman.

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Co-founds the Concord Coalition, a bipartisan organization advocating for deficit reduction.

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Serves on various commissions and boards, including the Council on Foreign Relations and the Federal Reserve Bank of New York.

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Founds the Peter G. Peterson Foundation to promote fiscal sustainability.

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Funds the documentary film "I.O.U.S.A." and launches the news website The Fiscal Times.

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Signs "The Giving Pledge," committing to donate at least half of his wealth to charity.

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Married three times and had five children.

2018

Dies at the age of 91 in Manhattan, New York.

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Receives the Golden Plate Award of the American Academy of Achievement.

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The Peterson Institute for International Economics is named in his honor.

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Honored with the Woodrow Wilson Award for Corporate Citizenship.

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Elected a fellow of the American Academy of Arts and Sciences.

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Authored several books on economic and fiscal issues, including "Facing Up" and "Gray Dawn."

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Published articles in "Foreign Affairs" and other publications.

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Contributed to the Peter G. Peterson Foundation to promote fiscal responsibility.

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Opposed the Tax Cuts and Jobs Act of 2017 due to its impact on the national debt.

Peter Peterson : FAQs

What is Peter Peterson's net worth?

As of 2018, Peter Peterson's net worth was $2.00 billion.

What are Peter Peterson's main sources of wealth?

Peter Peterson's main source of income comes from Investments.

In which industry does Peter Peterson primarily operate?

Peter Peterson is primarily involved in the Finance And Investments industry.

What is Peter Peterson educational background?

Peter Peterson holds a Bachelor of Arts/Science from Northwestern University.

Is Peter Peterson dead?

Yes, Peter Peterson died on March 20, 2018 (aged 91).

How many children does Peter Peterson have?

Peter Peterson has 5 children.

Who was Peter George Peterson and what is his significance in the finance world?

Peter George Peterson was an American investment banker and philanthropist, notable for co-founding the private equity firm The Blackstone Group and serving as its chairman, significantly impacting the financial sector.

What contributions did Peter Peterson make to the U.S. government?

Peter Peterson served as the United States Secretary of Commerce from 1972 to 1973 under President Richard Nixon, chaired Nixon's National Commission on Productivity, and was appointed U.S. Chairman of the U.S.–Soviet Commercial Commission, highlighting his political and economic influence.

How did Peter Peterson influence economic policy and public awareness on fiscal issues?

Through founding the Peter G. Peterson Foundation, funding the documentary film "I.O.U.S.A.," and launching The Fiscal Times, Peterson played a pivotal role in promoting fiscal sustainability and raising public awareness on economic policy and fiscal issues.

What awards and recognitions did Peter Peterson receive throughout his career?

Peter Peterson received numerous honors including the Golden Plate Award of the American Academy of Achievement, being named for the Peterson Institute for International Economics, the Woodrow Wilson Award for Corporate Citizenship, and election as a fellow of the American Academy of Arts and Sciences.

How did Peter Peterson's personal beliefs and actions reflect on his philanthropic efforts and political viewpoints?

Peterson's signing of "The Giving Pledge" committing to donate at least half of his wealth to charity, founding of the Peter G. Peterson Foundation, and opposition to the Tax Cuts and Jobs Act of 2017 due to concerns over national debt, reflect his deep commitment to fiscal responsibility and philanthropy.