Peter Peterson gives $1 billion to anti-national debt group

What are those "key economic challenges"? The soaring national debt, excessive consumption and our sub-zero savings rate. The group distributes the most excellent documentary I.O.U.S.A and its accompanying book, both of which I highly recommend.

But there's something a little strange about Peterson as the figurehead for this movement. For one, Blackstone's acquisition strategy involved buying companies, stacking them with massive amounts of debt, and then using the cash flow to pay off the debt -- leaving the company for Blackstone when that affair was over. The co-founder of a private equity firm just seems like a strange guy to go around warning people about the dangers of debt, but maybe that's just me.

And where did Peterson's wealth come from? In fiscal year 2006, Mr. Peterson was paid $212.9 million -- and saw his net worth explode when the company was taken public at an offering price of $31 per share. Now the stock sits at $10.50 per share after bottoming out at $3.55 earlier this year. Why doesn't Mr. Peterson take some of his cash and use it to reimburse the people who lost billions when he offered up the company at the top of the market?

And what about the choice of charity? While I'm sympathetic to some of its stances on the issues, WalletPOP writer Geoff Williams summed up his reaction in an email: "One billion dollars and it's going into this foundation to come up with ideas, basically, on how better to spend money? Well, right there, he's failed. I'm sure there are a gazillion existing foundations that he could have donated the money to and had a far bigger impact."