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Blackstone's Peterson: Bailout Size Is Mind-Numbing

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Blackstone's Peterson: Bailout Size Is Mind-Numbing

Business

Blackstone's Peterson: Bailout Size Is Mind-Numbing

Blackstone's Peterson: Bailout Size Is Mind-Numbing

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Congress and financial officials are busy wrangling over the proposed financial bailout package. The question is how to make sure this package works. Pete Peterson co-founded Blackstone Group, one of the country's biggest private investment firms. He says the size and the concept of the bailout package are mind-numbing. Peterson tells Linda Wertheimer that the credit crisis solution will have to be more imaginative than the one that fixed the savings and loan crisis nearly 20 years ago.

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