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In 1985, Peterson and Stephen A. Schwarzman co-founded the private equity and investment management firm the Blackstone Group, and for many years Peterson was its chairman. [14] At Blackstone, he made a fortune, including the $1.9 billion he received when it went public in 2007, that funded many of his charitable and political causes.
Blackstone was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman with US$400,000 (equivalent to $1.1 million in 2023) in seed capital. [2]: 45–56 [3] The founders derived their firm's name from their names: "Schwarz" is German for "black"; "Peter", "petros" (πέτρος, masculine), or "petra" (πετρα, feminine) means "stone" or "rock" in Greek.
In 1985, Schwarzman and his boss, Peter Peterson, started The Blackstone Group, which initially focused on mergers and acquisitions. [ 13 ] [ 14 ] Blackstone branched into business acquisition, real estate, direct lending, alternative assets , and had $1.1 trillion in assets under management as of September 30, 2024.
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The cover of The Peter Principle (1970 Pan Books edition). The Peter principle is a concept in management developed by Laurence J. Peter which observes that people in a hierarchy tend to rise to "a level of respective incompetence": employees are promoted based on their success in previous jobs until they reach a level at which they are no longer competent, as skills in one job do not ...
A griddle, in the UK also called a girdle, is a cooking device consisting mainly of a broad, usually flat cooking surface.Nowadays it can be either a movable metal pan- or plate-like utensil, [1] a flat heated cooking surface built onto a stove as a kitchen range, [2] or a compact cooking machine with its own heating system attached to an integrated griddle acting as a cooktop.
Peter or Pete Petersen may refer to: Peter Petersen (soccer) (born 1981), South African footballer; Peter Christian Petersen (1791–1853), Norwegian naval officer; Peter Petersen (sport shooter) (1892–1964), Danish sports shooter; Robert E. Petersen (1926–2007), American publisher, known as Pete; Pete Petersen (politician) (born 1950 ...