“Time and again” in On the Brink, Paulson admits his own mistakes and concedes that some choices risked “distorting markets.” No reader will conclude that every decision was right, but most will recognize that Paulson’s book is “a persuasive portrait” of a man caught in an unenviable predicament.Former Secretary of the Treasury Hank Paulson - who was at the very epicenter of the crashing financial markets - provides a startling, first- person account of what really happened during this time of global financial crisis - and this revised edition features fresh and original material from Paulson on the five-year-anniversary of the 2008 financial crisis.įrom the man who was in the very middle of this perfect economic storm, Paulson puts the reader in the room for all the intense moments as he addressed urgent market conditions, weighed critical decisions, and debated policy and economic considerations with of all the notable players-including the CEOs of top Wall Street firms as well as Ben Bernanke, Timothy Geithner, Sheila Bair, Nancy Pelosi, Barney Frank, presidential candidates Barack Obama and John McCain, and then-President George W. Still, Paulson deserves credit for going on record with the rationales for the decisions he was making, said James Pressley in. Lehman’s fall “obliterated the world economy.” Yet the British chancellor blames Paulson for refusing to share the risk. He claims that the investment bank Lehman Brothers collapsed when Britain chickened out of helping facilitate its sale. The only explanation he gives for decisions to bail out some companies and not others is “the phrase ‘we had little choice.’” On the Brink leaves a reader with “the spectacularly unsettling sense that world history is decided by an assortment of guys who are improvising, and may not be particularly good at it.” Paulson also is less than honest about his most controversial choice, said Lawrence McDonald in the New York Post. It’s hard to embrace a hero whose distinguishing traits are exhaustion from overwork and a tendency to dry-heave when pressure spikes. If the architect of Washington’s TARP bailouts intended to burnish his legacy, On the Brink is a flop, said Max Abelson in The New York Observer. Though he provides few revelations, he offers “plenty to keep the pages turning.” “But was Paulson the savior of the world’s financial system or just an overpromoted banker in the wrong place at the wrong time?” In his new memoir, he lays bare both his strengths and his weaknesses, said The Economist. government’s late-2008 attempt to stave off a global financial calamity. The onetime Goldman Sachs CEO was a central player in the U.S.
Treasury Secretary Hank Paulson has some explaining to do, said James Quinn in the London Daily Telegraph.
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