On the edge of the abyss: inside the race to stop the glass from collapsing…

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(as of Dec 02, 2024 22:05:58 UTC – Details)

When Hank Paulson, the former CEO of Goldman Sachs, was tapped in 2006 to become the nation's next Treasury Secretary, he knew 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 catastrophic financial crisis since the Great Depression. Major institutions such as Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, AIG, Merrill Lynch and Citigroup, among others – all steeped in a rich and long tradition – literally teetered on the brink of collapse. Panic gripped international markets. Worst of all, the credit crisis spread to every sector of the American economy and grew more sinister with each passing day, destroying jobs across America and undermining the financial security that millions of families had spent their lives building.

This was truly a once-in-a-lifetime economic nightmare. Events no one had thought possible were occurring in rapid succession, and people around the world were terrified that the continuing downward spiral would cause unprecedented chaos. All eyes were directed to the Secretary of the Treasury of the United States to avoid disaster.

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

More than a tale of numbers and credit risks gone wrong, On the Brink is an extraordinary story about people and politics, all coming together during the world's impending financial Armageddon.