Greenspan taps Fortune wordsmith
Peter Petre, who worked with Gen. Norman Schwarzkopf and ex-IBM boss, will help former Fed chairman tell his story.
NEW YORK (CNNMoney.com) - Former Federal Reserve maestro Alan Greenspan has chosen Peter Petre, a senior editor at large at Fortune Magazine, to help him write his memoir, the magazine said Tuesday.
Speculation had swirled for months around who would help the former Fed chairman write his book. Greenspan is revered for keeping inflation low and guiding the economy through the longest expansion in its history during his nearly two-decade tenure, but is not generally known as an easy speaker.
Petre has helped other notables author books, including Gen. Norman Schwarzkopf and Thomas Watson Jr., the former chairman of IBM.
A spokeswoman for Greenspan's publisher, Penguin Press, told the New York Times that Perte will only assist in the writing and that Greenspan will be solely responsible for the first and final drafts.
It is not known how much Petre is being paid, but he reportedly received $500,000 for his work with Schwarzkopf, according to the Times.
Greenspan sold the rights to his memoir in March for $8.5 to $9 million, according to an earlier report in the New York Post.
It was the second-highest advance ever for a work of nonfiction, trailing former President Bill Clinton, who received $12 million for his memoir "My Story," according to the newspaper.