Peter G. Peterson Quotes

To deal with entitlements we must either raise taxes, cut benefits, or borrow inordinate amounts of money.

Peter G. Peterson
Peter G. Peterson
  • Born: June 5, 1926
  • Died: March 20, 2018
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Peter George Peterson June 5, 1926 – March 20, 2018) was an American investment banker who served as United States Secretary of Commerce from February 29, 1972 to February 1, 1973 under the Richard Nixon administration. 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, and served as Chairman. 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. He was also known as founder and principal funder of The Peter G. Peterson Foundation, which is dedicated to promoting fiscal sustainability.

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