Peter G. Peterson Foundation Donates to Financial Education

Peter G. Peterson Foundation gives out grants

The head of a newly established grant organization, the Peter G. Peterson Foundation, will be in attendance this week when President Barack Obama holds a summit on fiscal responsibility.

According to Park University’s Center for International Civil Engagement, “the Peter G. Peterson Foundation is dedicated to increasing public awareness of the nature and urgency of several key challenges threatening America’s future.”

Financing financial education

Among the grants that the Peter G. Peterson Foundation gave out when it was first established was $500,000 for opinion research and citizen engagement organization Public Agenda. The money is intended for Public Agenda’s program Facing Up to the Nation’s Finances.

The $500,000 grant will fund a two-year program called Students Face Up to the Nation’s Finances. Park University says the grant money will be used:

To refine and disseminate a package of learning materials designed to raise college students’ awareness of our national fiscal challenges and engage college students across the nation in a discussion of the solutions.

Use money wisely

I hope part of the program will be teaching students about no teletrack payday loans and how to use them wisely. That’s something students should learn about before they finish college.

Ideally, students should be informed about all of their financial options, with stress placed on making sure to always use money responsibly. They should also be well versed on the consequences of misuse.

Background on Peter G. Peterson Foundation

The Peter G. Peterson Foundation was started by and named after the senior chairman of the Blackstone Group. Peterson started the foundation last year using profits from Blackstone’s IPO.

According to Wikipedia, Blackstone “is an alternative asset management and financial services company that specializes in private equity, real estate, and marketable alternative investment strategies, as well as mergers and acquisitions (M&A), restructuring, and fund-placement advisory services.”

Background on Peterson

“In 1971, Peterson was named Assistant to the President for International Economic Affairs” during the Nixon administration, according to Wikipedia. Before that he worked in market research, advertising, ran a movie-equipment making company and was chairman of the Commission on Foundations and Private Philanthropy, which later became known as the Peterson Commission.

After working for Nixon, he was chairman of Lehman Brothers, and he started the Blackstone private equity fund in 1985.

Dissenters question agenda

According to A Pakistan News:

Mr. Peterson has never been shy about using his Wall Street wealth to try to cut Social Security and Medicare, and he recently stepped up his efforts. … Peterson’s main story is that these programs are bankrupting the government and will impose an unbearable burden on future generations.

The same opinion article also says:

Mr. Peterson is known as one of the top beneficiaries of the (Blackstone) fund managers’ tax break, through which he personally pocketed tens of millions of dollars.

Beneficiaries

According to Wikipedia:

To date, the Peterson Foundation has awarded nearly $11 million in grants. Recent grant recipients include the Center for the Study of the Presidency, the Institute for Advanced Policy Solutions at Emory University, the Institute of Medicine, and the Common Good Institute.

For those f you who just have to know, the G. is for George.