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When Hank Paulson came to Washington from Goldman Sachs in 2006, he could hardly have known that he would soon find himself at the center of the efforts to save the global financial system from collapse. As Fannie and Freddie began to falter, and as the global credit markets dried up, Paulson, in concert with Bernanke, Geithner, and others, worked tirelessly to prevent further catastrophes. As we all know, the situation became far worse, eventually reaching its peak in September of 2008 as formerly venerable firms such as Lehman Brothers and AIG faced imminent demise.
“On the Brink” gives a fascinating first-hand account of these events and provides a glimpse into the politics, strategy, and the economic realities of the financial crisis and the government’s controversial responses to it. Overall, Paulson does a good job of tying together the relevant facts and dynamics of the crisis with an interesting (and relevant) bit of personal narrative and character reflection. While “On the Brink” is a fairly pleasant read, some parts are a bit technical. As somewhat of an economics/finance nerd, I really appreciate this aspect of the book; however some may need to do a bit of Google-ing to keep up. Either way, I would certainly recommend “On the Brink” as a great way to understand the financial crisis and some of the major players involved.
“On the Brink: Inside the Race to Stop the Collapse of the Global Financial System” by Henry M. Paulson, Jr. was released by Business Plus (New York) earlier this month.
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