Baxter was born in Amityville, New York, and graduated from New York University. After graduating, he served in the U.S. Air Force from 1980 to 1985 and rose to the rank of captain. After he was discharged from the military, he enrolled at Columbia University where he received an MBA degree two years later. He worked in investment banking briefly before he joined Enron in 1991 where he rose to the executive position of chief strategy officer before his resignation.
