THE EDUCATION OF AN AMERICAN DREAMER: PETER G. PETERSON

For some reason I bought this book a couple of years ago, at the recommendation of conservative pundits, suggesting this was a story that everyone should read, one of a rags to extraordinary riches and power, a founder of financial powerhouse, The Blackstone Group, and friend to various Presidents.  And it is an Horatio Alger story of sorts, the kind that probably no longer can happen in the US.  The son of Greek immigrants, who ran a diner in Kearney, Nebraska, Peterson learned early what it was like to work hard, excelled in school, was admitted to MIT, to a world of privilege and wealth, was thrown out for plagiarizing, transferred to Northwestern, and he flourished.  He began his career, in retail, then advertising, and he worked his way up through various businesses, with an emphasis on analysis, on data driven decision making, ending up as the youngest CEO at Bell and Howell by the time he was in his early thirties.  From there, he began his steep climb into power, both business and government, working in the Nixon White House, as Commerce Secretary, but fortunately, was fired just before Watergate burst into the news.  From there, he went to Lehmann Brothers, eventually becoming CEO before he was again, let go, willingly, by his co CEO.  It was the best thing to happen to him, as he left with lots of stock options and the company, through mismanagement, had to be sold three years later.  He then along with Stephen Schwarzman, founded Blackstone Group, which by the early part of the 21st century, was one of the largest financial institutions in the United States.

He admits to letting his work destroy two marriages,  and he spent huge amounts of time heading Foundations, many quite well known, and was tireless in his work for them.  He established his own Foundation in the early 2000's, dedicated to helping the US come to terms with fiscal responsibility.  As an analyst at heart, he believes passionately in curbing our debt, through fiscal responsibility, both by cutting entitlements like Medicare and Social Security (financed on the backs of our grandchildren), as well as raising taxes, making them more fair and reasonable, especially for the poor and middle class, which he bemoans its disappearance.

He seems to have know just about everyone by the time he reaches eighty, in government, business, and the media, as well as the power brokers both in the East and Europe.  Toward the end, I got tired of him talking about all the foundations, committees, and all the groups he was part of, all the famous people who made them up, all political and rich and powerful, a big club as it were, with ideas on how to save the world, the US, capitalism, whatever.  The last five pages he summarizes what he has learned over the past eighyt years.  Nothing earth shaking...be yourself, work hard, stick to your beliefs, and hope you are lucky enough to live in a great country like the US where something like this can happen.  I like him more than most Republicans, probably because he wasn't a nut like today's conservative Republicans.  Today, he would almost be a Democrat, with his way of thinking.

I don't think I learned any great lessons, other than he did not take himself too seriously, and seems to have been easy to work with, someone who cared about his team, his workers, their jobs and salaries, and wished them the best.  He worked hard for them, hated the back biting and cut throat attitudes at Lehmann Brothers and made sure Blackstone Group did not follow that pattern.  A real American story of ONE.