Saturday, November 29, 2008

The Peter G. Peterson Foundation Takes on the U.S. Economy

Business Week uses Peter Peterson as an example of several philanthropists who are giving this year despite the economic downtown.  See "Feeling Pinched, Some U.S. Philanthropists Give More."  Peterson is number 8 on Business Week's list of top donors.

As the Business Week story explains, in 2007, Blackstone Group went public and its co-founder Peter Peterson made a pile of money.  Early this year Peterson pledged $1 billion to his new foundation, the Peter G. Peterson Foundation he created with the goal of reducing the budget deficit and teaching Americans to save.  In August, shortly before the credit markets collapsed, the foundation released a documentary called "I.O.U.S.A."  The film was shown at Sundance (prior to its August release) and was also shown at both presidential conventions.  The film is being distributed around the country and has been described as being to the economy what "An Inconvenient Truth" was for the environment.  The foundation is also making grants to help develop new tools to teach young people about personal and public finance.  A news release on the Peterson Foundation website describes the documentary and a number of other projects already underway at the foundation.  A trailer for the documentary is available on the website.

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