Billionaire Seeks to Ensure American Dream
After building fortune in the U.S.A., Pete Peterson is out to spread the wealth.
June 10, 2009 -- Pete Peterson, who rose from humble origins in Kearney, Neb., to become a billionaire New York power broker, is certainly living the American dream. But it's a dream that Peterson says has fallen into peril. So now the 83-year-old is focusing his vast fortune on finding solutions to the fiscal imprudence he believes is jeopardizing the country.
In his new book, "The Education of an American Dreamer," Peterson unfolds his rags-to-riches story, from his childhood as the son of Greek immigrants running a 24-hour diner in Nebraska to his life as a billionaire Wall Street tycoon. Recently he sat down with "Nightline's" Cynthia McFadden to talk about his book, his life and his outlook.
Watch the full story on "Nightline" Wednesday at 11:35 p.m. ET
Peterson credits much of his success to his upbringing. His parents moved to the United States when they were both 17. His father took a job on the railroad and saved money to open a 24-hour Greek diner. Peterson, who began working at the diner at the tender age of 8, said his father was the hardest-working man he's ever seen.
"I got a tradition out of him, unconsciously maybe, of a work ethic," said Peterson. "[Another] thing I loved about him: he believed in the American dream, not just for himself, but for his kids."
And with that background, Peterson excelled. He left Kearney to study at Northwestern University and the University of Chicago Graduate School of Business. By the age of 34 he was the youngest CEO of a Fortune 300 Company, president of Bell & Howell. While there, he spurred innovation, including the creation of the boom box.
At age 45, Peterson was tapped by President Richard Nixon to be Secretary of Commerce, becoming the first Greek-American ever appointed to a Cabinet post. Peterson left the administration just before Watergate.
"I didn't get along very well with the White House staff," Peterson said, echoing his public statements at the time. "The next thing you know, I am this courageous, far-seeing, prescient person who anticipated what they were. I got fired is what the truth was."
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