Pete Peterson, seen in 1972 as U. S. commerce secretary, joined Lehman Brothers as CEO before co-founding Blackstone with Schwarzman. © Getty ImagesMy Personal HistoryHow a commercial paper business spiraled out of control and killed LehmanSTEPHEN SCHWARZMANOctober 11, 2026 07:00 JSTLehman Brothers was riven by internal strife. The conflict was not confined to rival divisions. It ran through them as well, driven by power, resentment and personal ambition. Read NextMy Personal HistoryRepaying my debt to Japan: Stephen Schwarzman (1)My Personal HistoryMoving showed me a different America: Stephen Schwarzman (2)My Personal HistoryStudent Body President: Stephen Schwarzman (3)My Personal HistoryBobby, My Best Friend: Stephen Schwarzman (4)My Personal HistoryYale University: Stephen Schwarzman (5)My Personal HistoryHarriman Experience: Stephen Schwarzman (6)My Personal HistoryMy doorway to Wall Street: Stephen Schwarzman (7)My Personal HistoryHarvard Business School: Stephen Schwarzman (8)My Personal HistoryLehman Brothers: Stephen Schwarzman (9)My Personal HistoryTropicana: Stephen Schwarzman (10)Latest on My Personal HistoryMy Personal HistoryTropicana: Stephen Schwarzman (10)My Personal HistoryLehman Brothers: Stephen Schwarzman (9)My Personal HistoryHarvard Business School: Stephen Schwarzman (8)