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Feb 1

On the Brink: Inside the Race to Stop the Collapse of the Global Financial System

Posted by abiao at 10:43 | Review | Comments(0) | Reads(6395)
Henry Merritt Paulson, Seventy-five men served as Treasury Secretary of the United States, blurted out when he learned U.K.'s Financial Service Authority was reluctant to approve a prebankruptcy deal for Barclays PLC to acquire Lehman, "The British screwed us."  This was revealed in Paulson's new book "On the Brink: Inside the Race to Stop the Collapse of the Global Financial System", where the author tell us the key decisions that had to be made with lightning speed under urgent market conditions, about Lehman Brothers, AIG, and other financial institutions.

Selected author's note from the book On the Brink: Inside the Race to Stop the Collapse of the Global Financial System:
The pace of events during the financial crisis of 2008 was truly breathtaking. In this book, I have done my best to describe my actions and the thinking behind them during that time, and to convey the breakneck speed at which events were happening all around us.

I believe the most important part of this story is the way Ben Bernanke, Tim Geithner, and I worked as a team through the worst financial crisis since the Great Depression. There can't be many other examples of economic leaders managing a crisis who had as much trust in one another as we did. Our partnership proved to be an enormous asset during an incredibly difficult period. But at the same time, this is my story, and as hard as I have tried to reflect the contributions made by everyone involved, it is primarily about my work and that of my talented and dedicated team at Treasury.

--Henry M. Paulson





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