Billionaire Wall Street financier and co-founder of Blackstone Group has died

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Billionaire Wall Street financier Peter Peterson, who co-founded private equity company Blackstone Group LP as well as offered as UNITED STATE President Richard Nixon’s commerce secretary, died on Tuesday of all-natural causes, his family members claimed. He was 91.

“As a first-generation American birthed in Kearney, Nebraska, Pete surpassed all his expectations in ending up being an effective business person, statesman and benefactor,” the Peterson family members claimed in a statement.

The boy of Greek immigrants that ran a diner in Kearney, Peterson started Blackstone in 1985 with Stephen Schwarzman, with an initial investment of $200,000 United States. The firm, which is still led by 71-year-old Schwarzman, now handles greater than $400 billion in possessions and also went public in 2007.

Forbes approximated Peterson’s web worth at $2 billion. Peterson and also Schwarzman picked the Blackstone name by integrating the German definition of ‘schwarz’, which is black, with the meaning of ‘petros’ in Greek, which equates as stone.

“Pete led an incredible life, leaving a long lasting mark on both Blackstone and the more comprehensive world. On part of the firm and its more compared to 2,000 workers, we expand our inmost condolences to the Peterson family members,” Schwarzman said in a declaration.

Peterson got an undergraduate level from Northwestern University in 1947 and also an MBA from the University of Chicago Graduate School of Business in 1951. After functioning in advertising and marketing he joined Bell and Howell and also ascended to the duty of chairman and also CEO of the firm, among the biggest manufacturers of flick electronic cameras at the time.

He joined the Nixon administration in 1971, working as assistant to the head of state for worldwide financial events then business assistant from 1972-73.

From Washington he mosted likely to Wall Street and also was chairman as well as president at investment bank Lehman Brothers, where he worked until 1983. In his later years, Peterson focused extra on philanthropy and in 2008 established the Peter G. Peterson Foundation.

In 2010, he authorized The Giving Pledge, a campaign by investor Warren Buffett and Microsoft founder Bill Gates to encourage the globe’s billionaires to hand out at the very least 50 percent of their wide range to charity.

Peterson is endured by his partner, 5 children as well as nine grandchildren.

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