On the Brink

Inside the Race to Stop the Collapse of the Global Financial System

By: Henry M. Paulson Jr.

Narrated by: Dan Woren

When Hank Paulson, the former CEO of Goldman Sachs, was appointed in 2006 to become the nation's next Secretary of the Treasury, he knew that his move from Wall Street to Washington would be daunting and challenging.

But Paulson had no idea that a year later, he would find himself at the very epicenter of the world's most cataclysmic financial crisis since the Great Depression. Major institutions including Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, AIG, Merrill Lynch, and Citigroup, among others-all steeped in rich, longstanding tradition-literally teetered at the edge of collapse. Panic ensnared international markets. Worst of all, the credit crisis spread to all parts of the U.S. economy and grew more ominous with each passing day, destroying jobs across America and undermining the financial security millions of families had spent their lifetimes building.

This was truly a once-in-a-lifetime economic nightmare. Events no one had thought possible were happening in quick succession, and people all over the globe were terrified that the continuing downward spiral would bring unprecedented chaos. All eyes turned to the United States Treasury Secretary to avert the disaster.

This, then, is Hank Paulson's first-person account. From the man who was in the very middle of this perfect economic storm, On the Brink is Paulson's fast-paced retelling of the key decisions that had to be made with lightning speed. 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. Bush.

More than an account about numbers and credit risks gone bad, On the Brink is an extraordinary story about people and politics-all brought together during the world's impending financial Armageddon.©2010 Henry M. Paulson; (P)2010 Hachette

best book i have listened to

If you are interested in economics (and I am), this is a great book. In depth, but still easy to understand. This is the first 5 star review (in 20 or so books) I have given. Really great book!

Firsthand insight on the 2007-08 financial debace

For those wanting to round out their understanding of the finacial abyss we faced in 2007-08, this book is an excellent addition to The Big Short and Too Big Too Fail. The other two drew me into the events in more riviting narratives. I recomend reading them first. But Paulson was in the middle of things; this book completes the story. I was not a big fan of Paulson before this book. I now understand and appreciate why he, Bernanke, and Geithner did what they had to do. His suggestions for fixing the system are too mportant to miss. Unfortunately, special interests and their lobbyists will never let those corrections go forward.

A must listen

Must listen if you want to learn more about the financial crisis. Performance was generally ok but I found the imitation of accents and voices of other people annoying!

INTERESTING - BUT IS IT A WHITE WASH?

It was interesting and easy to listen to.
It shed light on some parts of the Financial Crisis but overall it was unfulfilling in that it did not identify the cause of the root cause or the culprits. Paulson rosy picture of how most people acted with ulterior motives for the good of the country sounds hollow and jingoistic.

Paulson assertion that AIG and others had to be bailed out to save "main street" is never substantiated and is hard to believe. Many have credibly argued that the bail out was of Wall street (the perpetrators of the problem) at huge cost to the tax payer.


Largely because of the Financial Crisis, the Federal debt has recently hit $19Trillion
- THIS IS A MINDBLOWING BIG NUMBER.
As soon as an American is born he is immediately in debt to the tune of about $58,000.

America is on the same road as Greece; Greece is just a little ahead.

The book was written in 2009 - it would interesting to know if Paulson has any additional thought now.

Great book for a layman to understand

Loved this book, was well written and really suspsenseful as you lived through the ongoing crises with them. Financial terms explained so a layman could understand and this book is unbaised and does not go about bashing people to lay blame but simply states the facts of what happened. Overall the book is very readable and considering the subject matter, finance, is really engaging as they lurch from one crisis to the next one. Highly recommend!