On the Brink

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

By: Henry M. Paulson Jr.

Narrated by: Dan Woren

Length: 15 hrs and 4 mins

Publisher's summary

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.

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.

Download the accompanying reference guide.

©2010 Henry M. Paulson (P)2010 Hachette

Very interesting reading

Very interesting reading from a man with knowledge and willignes to finish the job. Worthy puechase

Terribly dull

I used to work in banking, and now (and in 2008) I work in the financial/equities industry, and I could barely tolerate this book. I tried and stopped half a dozen times, it was monotone and monotonous, and it barely kept my attention. I found myself unable to pay attention, and eventually just gave up. I have a feeling reading the book would be much more interesting and productive, but the dry story in audio form just didn't work for me at all. I'm sure the story is probably a semi-interesting one for people interested in the specifics of what went on in the financial industry in 2008, but even experiencing it firsthand, this book could barely keep my attention for more than 30 minutes. Had to give up. I can't recommend this at all, with so many other, better books (and movies) out there.

Captivating

I selected this title after listening to Stress Test. This was such a good listen as Hank carried us listeners through the challenges he faced during this crisis, the success, the failures and difficult decisions he made. Was very enjoyable how he kept me engaged for the entire narrative. Next up Bernanke...

Lmao the voices

Good book, a lot of quotes by characters read using impersonations. You've heard it all when you heard sentences in a chinese accent, a British accent and a Massachusetts accent all in the same chapter.

Story wise I would say this book makes the most sense after bernanke's. And should be followed by geithners book as the sequel when he was secretary of the treasury.

More Depth than "Too Big to Fail"

I read this book not long after "Too Big to Fail." It has the benefit of being a first-hand account by the senior government official in the midst of the 2008 financial crisis: we learn much more in this book of the background thinking and concerns of top Treasury and Fed officials who were trying to cope with the onset of financial panic and meltdown. Put another way, the book offers much clearer context and explanation of the policy thinking than did the Sorkin book. The book keys on personal conversations and meetings, which keeps it interesting. There are revealing sketches of Mr. Paulson's interactions with Congressional leaders and the President, which show how completely unprepared they all were for the scope and severity of the financial crash. The weakest part of the book is the Afterword in which Mr. Paulson lays out the policy reforms that are needed in order to avoid a like financial disaster in the future. Although a vitally important and urgent reform (and one Congress and the Administration to their shame have still not addressed 18 months after the 2008 meltdown), this part of the book reads like a bland press release from the Treasury Department.

This book is well worth reading for a better understanding of the 2008 financial collapse. It is focused on the response to the financial meltdown at the highest levels of government and industry. It does not, however, provide particular insights into the irresponsible business practices that led to the crisis in the first place.

A good complement to Too Big to Fail

I listened to this as a follow up to Too Big to Fail and did not have much expectation. I was pleasantly surprised. This book provided an in depth view from inside the government. I came away feeling that Hank, Ben and Tim all were trying their best in a situation that kept blind siding them with new problems. It was like the proverbial snowball going downhill. I came away glad that they were in their roles and that they were willing to take chances with big solutions. It will be interesting to see how history judges their actions. We will need to remember that others took over and subsequent decisions may have created different outcomes than originally planned at the time of the original decisions.

Want to understand the 2008 financial turmoil

This book is written first hand by one of the key people who had to valiantly work behind the scenes to save the US and the World from total financial collapse. I found it very engaging and very well read. I highly recommend it to people who want to know how close the world came to total financial turmoil and how this was averted. Certainly this is one man's perspective but it is a man who was right there for the entire mess.

" There are no idealogues in a financial crisis"

I may be a little dense, but after reading several books on the subject of the 2008 financial crisis, I still didn't have much of a firm grasp of the series of cascading events that led to "the brink". Until this book that is.

Mr. Paulson was somehow able to gauge unerringly the point at which the lay reader (especially a dense one) was going to need an explanation of an arcane financial term or would need to know the significance of a given event. Additionally, we are very fortunate to hear the story from someone who was privy to all almost all the discussions and disagreements as well as someone who knows all the players personally. The result is a complete review of the entire catastrophe from the first hints of trouble at a French bank to TARP.

He avoids hyperbole, tries hard not to speak ill of anyone (although it is possible to pick up the occasional bit of rancour) but still manages to convey the the atmosphere of those dreadful months.

This is a book he should be very proud of and, after the pressure cooker he endured, I hope it gave him some relief to tell the story. It certainly gave me many hours of great reading.

PS: I'm also glad that he had some very nice things to say about your much-maligned former president: George W. Bush.

A must read!!!

The book lays out what happened day by day...event by event with great detail. If the reader wants to understand the facts and details of the financial crisis this is a must read!!!

3rd of 3 fin. crisis books

good to hear the govt. side of things. insane pace. to work with this quality of people would have been excilerting.