The Education of an American Dreamer: How a Son of Greek Immigrants Learned His Way from a Nebraska Diner to Washington, Wall Street, and Beyond [Hardcover]

Peter G. Peterson (Author)

Book Description

Publication Date: June 8, 2009

With insight and refreshing candor, Peter G. Peterson describes his remarkable life story beginning in Kearney, Nebraska as an eight-year-old manning the cash register at his father's Greek diner through his "Mad Men" advertising days, to Secretary of Commerce in Nixon's paranoid White House, to the tumultuous days of Lehman Brothers, and to the creation of The Blackstone Group, one of the great financial enterprises in recent times.

In THE EDUCATION OF AN AMERICAN DREAMER, Peterson chronicles the progress of this journey with irony, humor and, sometimes, painful honesty. Within these pages are stories of marriage and family hardship; lessons in political gamesmanship; thoughts on his obsessive desire to succeed; and, finally, learning the meaning of "enough." From his advertising days in Chicago in the 1950's to becoming the youngest CEO of a Fortune 300 Company, he shares with us his rise to the top and the price paid along the way. As the youngest Cabinet member in the Nixon administration, he describes his survival techniques in a hubris-driven and paranoid White House, including his turbulent turf wars with Treasury Secretary John Connally leading to Peterson's abrupt and highly publicized firing. His stewardship of Lehman Brothers is a Shakespearian tale of a CEO who struggled to deal with partners who were plotting his demise and, at the same time, turning an institution on the brink of bankruptcy to one with 5 straight years of record profits.

His life's story is about doing well by doing good. In the wake of Blackstone's highly successful public offering, Peterson found himself an 80-year old instant billionaire, on the verge of retirement. And like many lifetime workers and over-achievers, he suddenly confronts an unexpected, depressing identity crisis. His solution? Committing a great bulk of his net proceeds to establish the Peter G. Peterson Foundation, his philanthropic endeavor to do something about America's politically untouchable challenges that threaten America's future, among them massive entitlement obligations, ballooning health care costs, and our energy gluttony.

Ultimately, this is a man's account of his legendary successes, humiliating failures, and personal tragedies - a testament to a remarkable life and, indeed, to the American Dream itself.

Editorial Reviews

Review

"For years, Pete Peterson has performed with distinction on the world's stage-both in finance and public policy. But he still remains the same Nebraska boy who counted change in his father's café. His journey is a remarkable story and his book is an entertaining and refreshingly honest account of his education in business and life." (Warren Buffett )

The name Peter G. Peterson brings to one's mind the word success. From advertising to finance to politics, Peterson has proved to one and all that he has the ability and foresight to lead a generation of thinkers. His ability to say no to things that would tempt even the strongest of us, he has made choices in his life based on his own ideals and the ability to look forward. He is definitely not a man who lives for today only. He has always been a forward thinker, even today, as he wrote this work, he worries about what leaving a mess for our children and grandchildren .. . . This was a good read. It provided a good analyst of today's problem areas while telling the story of a young Nebraskan man who made his life one that everyone will find interesting and motivating. In today's economy, $34.99 is a hefty price to pay for elective reading. However, I will go as far as to say, 'It may be one of the best investments you make this year.' (The Midwest Book Review )

"Dire economic times have left many people wondering if the American dream is just a fairy tale. In his autobiography, The Education of an American Dreamer (Twelve, $34.99), Peter G. Peterson offers a refreshingly credible, often cautionary tale of his own classic rags-to-riches rise -- and a few glimmers of hope, inspiration and guidance for the rest of us . . . At 83, Mr. Peterson is a child of the Depression, but his resume puts most modern-day multitaskers to shame. He is a self-made billionaire and philanthropist as well as a former ad executive, manufacturing mogul, Wall Street financier and secretary of commerce. What distinguishes this book from most memoirs by business titans is Mr. Peterson's ability to mix insider tidbits with humor, painful self-revelation and candid skepticism of the Eastern establishment that eventually welcomed him as a tuxedo-wearing member . . . Mr. Peterson recounts his private life with self-effacing candor . . . Mr. Peterson may be among the last of a dying breed, but it is still uplifting to be reminded that the son of Greek immigrants made his American dream come true." (The New York TImes Harry Hurt III )

"When the memoir of an important person contains insightful information, large dollops of self-deprecation, some humor and clear writing, count that memoir unusual. The memoir of Peter G. Peterson,The Education of an American Dreamer, qualifies as unusual ." (USA Today )

About the Author

Peter G. Peterson lives in New York City with his wife Joan Ganz Cooney, a founder of the Sesame Workshop, and is the father of five children and grandfather of nine. His most recent book, Running On Empty, was a national bestseller. He is the Chairman Emeritus and co-founder of The Blackstone Group, Chairman Emeritus of the Council on Foreign Relations and founding Chairman of the Peterson Institute for International Economics, founding President of The Concord Coalition, and retired Chairman of the Federal Reserve Bank of New York. He is also founding Chairman of the Peter G. Peterson Foundation.

Product Details

• Hardcover: 384 pages
• Publisher: Twelve; 1 edition (June 8, 2009)
• Language: English
• ISBN-10: 0446556033
• ISBN-13: 978-0446556033
• Product Dimensions: 6.2 x 1.5 x 9.2 inches
• Shipping Weight: 1 pounds
• Average Customer Review: 4.5 out of 5 stars  See all reviews (11 customer reviews)
• Amazon Best Sellers Rank: #635,398 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

26 of 28 people found the following review helpful:

5.0 out of 5 stars Extremely Relevant Book to Read Right Now, June 3, 2009

By 

Dan Burstein (New York, United States) - See all my reviews

This review is from: The Education of an American Dreamer: How a Son of Greek Immigrants Learned His Way from a Nebraska Diner to Washington, Wall Street, and Beyond (Hardcover)

Pete Peterson's "The Education of an American Dreamer" is a summer reading book with extreme relevance to the worlds of business, finance, and public policy in the summer of 2009. One of the last true "lions of Wall Street," and one of America's most concerned public citizens, Peterson here tells his life story with serious introspection and often searing candor. From his origins in a Greek immigrant family in Nebraska, to becoming a billionaire with the success of The Blackstone Group, Peterson has never lost his ethical and moral bearings. For anyone thinking about the major issues faced by American business and by the Obama administration as we rebuild the American economy and the American dream, this is required reading. For any young person thinking about a career in finance or in government, this is a book that should be read before you go to your next interview.

16 of 16 people found the following review helpful:

5.0 out of 5 stars Smart, Insightful Read, June 25, 2009

By 

www.luxuryreading.com "Vera" (Cleveland, OH) - See all my reviews

This review is from: The Education of an American Dreamer: How a Son of Greek Immigrants Learned His Way from a Nebraska Diner to Washington, Wall Street, and Beyond (Hardcover)

Born to Greek immigrants and raised in Kearney, Nebraska in the 1930's, Peter Petersen learned the meaning of thrift and hard work from his father, who ran a 24-hour diner. From a young age, Peterson practiced his sales skills by selling meal cards to the diner's patrons; he did exceptionally well in his studies and set his sights on something bigger than the small town of Kearney. After a short stint at MIT and figuring out that he was not cut out for engineering, Peterson enrolled at Northwestern University.

His first post-college job was arguably the only dud of a job in Peterson's career, and he quickly realized that his "comparative advantage" did not lie in retail. What followed was a string of positions that led to Petersen being labeled as the "wunderkind" and the "economic Kissinger", among others. He was the youngest Vice President of an advertising company McCann-Erickson at age 27, the genius CEO at Black Bell & Howell, the commerce secretary under Nixon, CEO of Lehman Brothers, co-founder of the Blackstone Group, served on numerous boards and foundations and advised presidents on a variety of topics.

What sets Peterson apart is his lack of "preachiness". He does not pretend to know everything about building a career and he is the first to admit that he had no plan for his own. Throughout the book, he often refers to his promotions and achievements as just "dumb luck". What Peterson does do is bring attention to many worthwhile issues - some of the discussions sprinkled throughout the book focus on economic foreign policy, Cold War, U.S.' relationships with hostile countries, the Nixon administration and most importantly, U.S.' burgeoning budget deficits. Peterson is a strong believer that unless we make significant changes, our fiscal irresponsibility and the country's growing debt will significantly jeopardize future generations. His commitment to this issue has led to his latest project, the creation of the Peter G. Peterson foundation, to which he donated $1 billion of his own money.

If you're never picked up an autobiography before and even if you're not really interested in business and politics - try this book anyway. I doubt you will regret it. Peterson's candid writing interspersed with stories about his parents, his wives (he had three) and children (five) is very personal and enjoyable. His life is very compelling and there are many lessons to be learned in "The Education of an American Dreamer". If nothing else, you will appreciate the story of a true American dream, of pulling oneself up from meager beginnings to a position of influence and privilege.

19 of 23 people found the following review helpful:

4.0 out of 5 stars AN AMERICAN DREAMER FINDS SUCCESS, June 4, 2009

By 

Ann Allyn Slessman "Annie" (Michigan) - See all my reviews

This review is from: The Education of an American Dreamer: How a Son of Greek Immigrants Learned His Way from a Nebraska Diner to Washington, Wall Street, and Beyond (Hardcover)

THE EDUCATION OF AN
AMERICAN DREAMER
Peter G. Peterson
Twelve
Hackette Book Group
ISBN: 978-0-446-55603-3
$34.99
Reviewer: Annie Slessman

As I read THE EDUCATION OF AN AMERICAN DREAMER, How A Son Of Greek Immigrants Learned His Way From A Nebraska Diner to Washington, Wall Street and Beyond by Peter G. Peterson I heard the words of my own mother, "You and your willingness to work for it will determine what kind of life you have." It is apparent that Peter G. Peterson agrees with my mother.

Living in a small Nebraska town and working in his father's restaurant, Peterson learned early in life of the opportunities that living in America offered. Of Greek descent, his family worked hard and was very happy with the live they carved out for themselves in the U.S. Peterson's father financed his college education starting at MIT and eventually at Northwestern. No stranger to work, Peterson financed his social life at Northwestern by working as a waiter. Upon graduating from Northwestern he entered the advertising field and eventually worked his way into the financial sector.

The name Peter G. Peterson brings to one's mind the word success. From advertising to finance to politics, Peterson has proved to one and all that he has the ability and foresight to lead a generation of thinkers. His ability to say no to things that would tempt even the strongest of us, he has made choices in his life based on his own ideals and the ability to look forward. He is definitely not a man who lives for today only. He has always been a forward thinker, even today, as he wrote this work, he worries about what leaving a mess for our children and grandchildren. He even contributed one billion to finance his own Peter G. Peterson Foundation to hopefully educate our young in how to deal with the problems they are inheriting.

This was a good read. It provided a good analyst of today's problem areas while telling the story of a young Nebraskan man who made his life one that everyone will find interesting and motivating. In today's economy, $34.99 is a hefty price to pay for elective reading. However, I will go as far as to say, "It may be one of the best investments you make this year."