Blackstone’s co-founder sets up $1 billion foundation

Source: Exec Digital USA

Date :2/18/2008 9:39:55 AM

Blackstone co-founder Peter G. Peterson has announced his $1 billion plans to address the USA's most critical environmental, economic and social problems.

Mr. Peterson has pledged at least $1 billion of his personal fortune to the project, which will target problems including federal entitlement programs, high health-care costs, low savings rates, the budget and trade deficits, "gluttonous" energy consumption and the education system.

"I have been around a very long time, and I have never seen so many simultaneous challenges that I would describe as undeniable, unsustainable and virtually untouchable politically," said Mr. Peterson, a former U.S. Commerce Secretary, in a statement.

Call for action

"We've reached the make or break point in American history. These problems have reached tidal proportions and festered for more than two decades due to political irresponsibility -- now is the time to put politics aside and put the country first, and begin to solve these problems with courage and clarity. This is the moment in our history when we do what is necessary to remain a first class country."

The foundation will be run by David Walker, who is stepping down as comptroller general of the United States and head of the U.S. Government Accountability Office.

Walker will be president and chief executive of the Peter G. Peterson Foundation.

In June, Blackstone launched what was then the largest initial public offering in the United States in five years, raising $4.13 billion.

February 18, 2008