By Marianna Kourti
Blackstone Group LP Chairman Emeritus Peter G. Peterson was honored two days ago at the 2011 gala dinner of the Museum of American Finance, in New York. Son of Greek immigrants who worked really hard, now at the age of 84, he considers himself as the lucky beneficiary. As he reported, the country’s future may be harmed by its national debt and the American dream is threatened. Peterson, who is a former chief executive of Lehman Brothers Holdings Inc. and a U.S. Secretary of Commerce under President Richard Nixon, as well as former Federal Reserve System Chairman Paul Volcker were honored with the John C. Whitehead Award for Distinguished Public Service and Financial Leadership. Whitehead, after whom the award was named, is a former co-chairman of Goldman Sachs Group Inc. and a very close friend of Peterson’s. It was him who asked the Greek titan to be the honoree and during the gala supported Peterson’s worries concerning the national debt.
The Greek founder of Blackstone turned his focus to philanthropy in 2007 when he received about $1.9 billion in proceeds from the New York-based private equity firm’s initial public offering the same year. In 2010, Peterson joined the Giving Pledge, a campaign launched by Bill Gates and Berkshire Hathaway Inc. Chairman Warren Buffett to persuade other American billionaires to donate most of their money to charity. Peterson said that he accepted the pledge immediately. “I had all the money I needed, and I wanted to devote my life to a problem that threatened the American dream.”
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