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Forum Post: Wall Street billionaire Pete Peterson is scheming to "Fix the Debt," but if he wins, we lose.

Posted 5 years ago on Feb. 25, 2013, 7:23 p.m. EST by GirlFriday (17435)
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The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." Through this special report -- and in partnership with The Nation magazine -- the Center for Media and Democracy exposes the funding, the leaders, the partner groups, and phony state "chapters" of this $60 million "astroturf supergroup," whose goal is to achieve a grand bargain on austerity by July 4, 2013.[1]




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[-] 2 points by shoozTroll (17632) 5 years ago

This guy gives vulture capitalists a bad name by virtue of their not being vulturistic enough.

"The housing crisis provides a good window into the way Peterson operates. In 2007, Blackstone owned the Financial Guaranty Insurance Company, the world’s fourth-largest insurer, which had branched out from municipal bonds into home-equity securities and subprime mortgage debt. FGIC went belly up in 2010, but by that time Peterson had sold most of his shares in a Blackstone IPO that netted $4 billion. Again, Peterson left others holding the bag. The AFL-CIO had warned the Securities and Exchange Commission that the Blackstone IPO was riddled with problems: the firm was structuring itself to avoid regulation and its real assets and values were unknown. Perhaps Chris Cox, George W. Bush’s man at the SEC, should have listened. A year later, Blackstone’s value had dropped 40 percent. Today, it is trading at $18 a share, showing no signs of the recovery that other Wall Street firms have enjoyed. "


[-] 2 points by GirlFriday (17435) 5 years ago

Perhaps he owns it.

Which is prolly why Mr Cox didn't listen.

It's like the never ending list of dirt bags.

[-] 2 points by DKAtoday (33496) from Coon Rapids, MN 5 years ago

Assholes Abound Everywhere.

Let's stay sharp People!!!!

[-] 2 points by GirlFriday (17435) 5 years ago

You crack me up.

[-] 3 points by imagine40 (383) 5 years ago

Great of you to uncover this phony group.

They present themselves as trying to by helpful. But it's just an extension of the "starve the beast" scheme devised more than 30 years ago to blow up the debt and claim "we gotta cut Social Security, Medicare"

Thank you

[-] 2 points by GirlFriday (17435) 5 years ago

Thanks, but I hit that accidentally searching for something completely different.

[-] 1 points by imagine40 (383) 5 years ago

Funny how things happen.

[-] 1 points by GirlFriday (17435) 5 years ago


[-] 2 points by DKAtoday (33496) from Coon Rapids, MN 5 years ago

Thx - we all need some sort of stress relief.