Peter George Peterson

Who is Peter George Peterson?

Peter George "Pete" Peterson is an American businessman, investment banker, fiscal conservative, philanthropist, and author, who served as United States Secretary of Commerce from February 29, 1972 to February 1, 1973. He is also known as founder and principal funder of The Peter G. Peterson Foundation, which he established in 2008 with a $1 billion endowment. The group focuses on raising public awareness about U.S. fiscal-sustainability issues related to federal deficits, entitlement programs, and tax policies. In recognition of his support, the influential Peterson Institute for International Economics was named in his honor in 2006.

Before serving as Secretary of Commerce, Peterson was Chairman and CEO of Bell & Howell, from 1963 to 1971. From 1973 to 1984 he was Chairman and CEO of Lehman Brothers. In 1985 he co-founded the private equity firm, the Blackstone Group, which went public in 2007. Peterson was Chairman of the Council on Foreign Relations until retiring in 2007, after being named chairman emeritus. In 2008, Peterson was ranked 149th on the "Forbes 400 Richest Americans" with a net worth of $2.8 billion.