Business: Pete and the Petro-Dollars

"My calves were too fat. I couldn't click my heels." That was Peter G. Peterson's explanation of why, as Secretary of Commerce, he ran afoul of White House Strongmen H.R. Haldeman and John Ehrlichman. Peterson was ungracefully let go last December, but the Administration's loss became investment banking's gain. The personable, witty Peterson, 47, has been named chairman of Wall Street's Lehman Brothers, succeeding Frederick Ehrman, 67, who is retiring. "Pete" Peterson, a master at arranging international deals, will speed Lehman's expansion in international finance. Among opportunities that he foresees: helping some oil-rich...

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