Peter Shapiro (financier)
Peter Shapiro | |
|---|---|
| Born | 18 April 1952 Newark, New Jersey, U.S. |
| Died | 28 March 2024 (aged 71) South Orange, New Jersey, U.S. |
| Occupation(s) | Politician, financial executive |
| Years active | 1975–2019 |
| Known for | Youngest member elected to the New Jersey General Assembly; Essex County Executive; 1985 Democratic candidate for Governor of New Jersey |
Peter Ian Shapiro (April 18, 1952 – March 28 or 29, 2024) was an American executive in the financial services sector, a director on the board of the New Israel Fund, and a political figure from New Jersey. He holds the distinction of being the youngest individual elected to the New Jersey General Assembly and also served as the County Executive of Essex County. In 1985, Shapiro was the Democratic candidate for Governor of New Jersey, challenging the incumbent Republican Thomas Kean.
Early years
Shapiro was born in 1952 in Newark, New Jersey to Canadian-born parents Myron and Henrietta Shapiro. His upbringing took place across Orange, Millburn, and South Orange. He attended Columbia High School in Maplewood, where he was temporarily suspended for organizing a protest against the Vietnam War but was reinstated following intervention by the ACLU. He graduated cum laude with an A.B. in economics and history from Harvard College in 1974 and held the position of managing editor for The Harvard Crimson during his studies.
Political career
Following college, Shapiro returned to Essex County and embarked on his political journey after gaining experience working under New Jersey Commissioner of Transportation Alan Sagner during Brendan Byrne’s administration. In 1975, he campaigned door-to-door for a seat in the New Jersey General Assembly, narrowly surpassing Democratic contender Rocco Neri by just 183 votes. At 23 years old, he became the youngest Assembly member ever elected, serving two terms between 1976 and 1979. During this time, he chaired the Housing Committee and acted as vice chair of the Appropriations Committee.
In 1978, Shapiro played a key role in revising the Essex County charter to establish the position of county executive. He won this newly created office by overcoming the entrenched Democratic machine led by county chairman Harry Lerner and secured reelection four years later with 69% of the vote. His tenure as county executive focused on administrative reforms that streamlined government operations by merging 69 agencies into eight main departments.
Shapiro engaged actively in Democratic politics at both state and national levels, endorsing Ted Kennedy during the 1980 presidential primaries and Walter Mondale in 1984. Although he contemplated a U.S. Senate run in 1982 against Millicent Fenwick, he ultimately chose not to enter; Fenwick was subsequently defeated by Frank Lautenberg.
1985 gubernatorial campaign
At age 33, Shapiro sought the governorship of New Jersey, contesting against popular Republican incumbent Thomas Kean. His campaign emphasized innovative ideas reminiscent of Gary Hart’s 1984 presidential bid and drew parallels to Robert Redford’s character in The Candidate, adopting the slogan "A Better Way."
He emerged victorious in a five-way Democratic primary with 31% support, surpassing State Senate majority leader John F. Russo (27%) and Newark Mayor Kenneth A. Gibson (26%). However, in the general election, Shapiro lagged behind Kean throughout and suffered a decisive defeat by a margin of 71% to 24%, carrying only three municipalities: Audubon Park, Chesilhurst, and Roosevelt.
In 1986, Shapiro was defeated in his attempt to retain the Essex County Executive position by Republican Nicholas R. Amato by approximately 12,000 votes. This loss was partially attributed to a falling out with Raymond M. Durkin, who chaired both the New Jersey Democratic State Committee and Essex County Democratic committee.
Business career
Shapiro dedicated six years to Citibank, where he held the position of senior banker, overseeing the municipal derivatives division as well as the public finance sector. Following this, he spent five years as senior vice president at Euro Brokers, a prominent firm specializing in derivatives. In 1997, he established Swap Financial Group, an independent advisory and arranging firm focused on interest rate derivatives, before retiring from the company in 2019.
Personal life and death
In 1982, Shapiro wed educator Bryna Linett; together they had one son.
He battled lung disease and passed away due to respiratory failure at his residence in South Orange, New Jersey, in March 2024 at the age of 71. His death was reported by The New York Times on March 28, while the New Jersey Globe and funeral home announcement cited March 29.