Pete had one wish and that was that he could have told the story to his father. His father had ran a Greek diner in Kearny, Nebraska and would have been elated at the success of his son.
Pete grew up in the 1930’s, a time when millionaires such as John Rockefeller and Andrew Carnegie were the talk of the day. Pete was a millionaire 1000 times over and he did not know what he would do with a a billion dollars.
The idea of trying to make it grow left him cold inside. His father, who had given away much of his hard earned money to help other people, had left him with the thought that big spenders were a bad thing.
So there went the yacht and all the big ticket wasteful spending. He was also wondering what he would do with himself. He was retiring from business at 81, though his mind and energy were still performing a good pace. As his work load slowed…the phone calls slowed and the e-mails became non-existent. His day held too many blank spots. He became free of the business action and found himself joyless.
Pete felt like he had nothing but old age to look forward to. He missed the frequent interactions with people he respected. He missed being in the loop and being needed.
So he started looking at the billionaires he admired – Bill Gates, Eli Broad and Mike Bloomberg. He found that all were giving away their un-needed money to charities and organizations that gave back to the community.
Where could he step in and help out? Due to his time as a cabinet member in the Nixon White House he knew there was a good chance that the American children of the future would not have the chance to succeed like his generation had.
Due to American policy in the economic sector Pete had forecast a trend where we would lower our standards in order to supply quick fixes that would not hold up our economy in the long run. So a billion dollars went into the new Peter G. Peterson group. It would be dedicated to finding long range fixes to help the future generations.