Former CFR Chairman Buys I.O.U.S.A. Documentary, Concerned About US's $9.5 Trillion of Debt (Keynesianism)
Blackstone's Peterson Backs Film on U.S. Debt Through Nonprofit
By Patrick Cole
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July 11 (Bloomberg) -- Blackstone Group LP co-founder Peter G. Peterson celebrated the launch of his $1 billion foundation last night by showing off his latest acquisition: a documentary that examines the perils of the U.S.'s debt.
As he stood a few feet from a portrait of himself at the Council of Foreign Relations in Manhattan -- he's a former chairman -- Peterson, 82, addressed an elite crowd of 150 that included philanthropists David Rockefeller and Donald B. Marron; former U.S. Secretary of State Henry Kissinger; former New York Governor Mario Cuomo; Quadrangle Group LLC co-founder Steven Rattner and Robert Rubin, the former U.S. treasury secretary.
Peterson told the crowd that the Peter G. Peterson Foundation has bought the rights to the feature-length documentary, ``I.O.U.S.A.,'' which will open in 10 cities on Aug. 22. The distributor is Roadside Attractions.
Directed by Patrick Creadon, the film features interviews with investor Warren Buffett and former Federal Reserve chairmen Alan Greenspan and Paul Volcker, who discuss the dangers of U.S.'s national debt, which is about $9.5 trillion, according to the Bureau of Public Debt, an arm of the U.S. Treasury.
``Over time, taxes would have to double to pay for the debt and that's unthinkable,'' Peterson said.
Peterson announced in February that he would create a foundation to address the U.S.'s economic, environmental and social problems.
`Why So Difficult?'
The nonprofit will help promote the film's release and offer free DVDs of ``I.O.U.S.A.'' to the public after its theatrical run, said foundation spokeswoman Elizabeth Wilner. It will also spend $5.3 million in grants to help young people learn about public and personal finance.
``We're not going to be just another think tank,'' Peterson said to the group. ``Our mission is to create awareness and to bring Americans together to achieve real results. Why is that so difficult?''
The film's trailer was shown on big-screen monitors in the wood-paneled room as the audience drank cocktails and ate chicken on skewers.
``This is going to be an economic version of `An Inconvenient Truth,''' said the foundation's chief executive officer David Walker, the former U.S. comptroller general who has a speaking part in the new film.
``Pete knows business, he knows the economy -- I think it's a terrific idea,'' Kissinger said in an interview after viewing the film clip. ``If we continue on this road, it would be awful.''
To contact the reporter on this story: Patrick Cole in New York at pcole3@Bloomberg.net.
By Patrick Cole
Enlarge Image/Details
July 11 (Bloomberg) -- Blackstone Group LP co-founder Peter G. Peterson celebrated the launch of his $1 billion foundation last night by showing off his latest acquisition: a documentary that examines the perils of the U.S.'s debt.
As he stood a few feet from a portrait of himself at the Council of Foreign Relations in Manhattan -- he's a former chairman -- Peterson, 82, addressed an elite crowd of 150 that included philanthropists David Rockefeller and Donald B. Marron; former U.S. Secretary of State Henry Kissinger; former New York Governor Mario Cuomo; Quadrangle Group LLC co-founder Steven Rattner and Robert Rubin, the former U.S. treasury secretary.
Peterson told the crowd that the Peter G. Peterson Foundation has bought the rights to the feature-length documentary, ``I.O.U.S.A.,'' which will open in 10 cities on Aug. 22. The distributor is Roadside Attractions.
Directed by Patrick Creadon, the film features interviews with investor Warren Buffett and former Federal Reserve chairmen Alan Greenspan and Paul Volcker, who discuss the dangers of U.S.'s national debt, which is about $9.5 trillion, according to the Bureau of Public Debt, an arm of the U.S. Treasury.
``Over time, taxes would have to double to pay for the debt and that's unthinkable,'' Peterson said.
Peterson announced in February that he would create a foundation to address the U.S.'s economic, environmental and social problems.
`Why So Difficult?'
The nonprofit will help promote the film's release and offer free DVDs of ``I.O.U.S.A.'' to the public after its theatrical run, said foundation spokeswoman Elizabeth Wilner. It will also spend $5.3 million in grants to help young people learn about public and personal finance.
``We're not going to be just another think tank,'' Peterson said to the group. ``Our mission is to create awareness and to bring Americans together to achieve real results. Why is that so difficult?''
The film's trailer was shown on big-screen monitors in the wood-paneled room as the audience drank cocktails and ate chicken on skewers.
``This is going to be an economic version of `An Inconvenient Truth,''' said the foundation's chief executive officer David Walker, the former U.S. comptroller general who has a speaking part in the new film.
``Pete knows business, he knows the economy -- I think it's a terrific idea,'' Kissinger said in an interview after viewing the film clip. ``If we continue on this road, it would be awful.''
To contact the reporter on this story: Patrick Cole in New York at pcole3@Bloomberg.net.
posted by The Builder at
10:08 AM
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