On the Brink

July 5, 2010
Paulson (U.S. Treasury Secretary from July ‘07 to January '09) has come under sharp criticism from both sides of the political spectrum for his role in bailing out the banks. In this fast-moving, insider's account of "the worst financial crisis since the Great Depression," he tells his side of the story. Working closely with Treasury Secretary Timothy Geithner (then president of the New York Federal Reserve Bank) and Ben Bernanke (chairman of the Federal Reserve Board), he cobbled together a series of rescue operations to prevent the collapse of major U.S. financial institutions. Paulson, and the rest of the team who worked tirelessly to avert an economic catastrophe, command respect, but his contention that their actions were the only possible approach to the crisis leaves many open questions. He has little of substance to say about the precipitating events, and his equally Reaganesque and Kafkaesque calls to get "the government out of the private sector as quickly as possible" result in a somewhat unconvincing page turner.

Starred review from April 1, 2010
As treasury secretary, former Goldman Sachs CEO Paulson was at the center of the maelstrom of the 200708 financial crisis. He recounts in copious detail his day-to-day dealings with partisan politicians and desperate financial executives. He tells of President Bush's steady support and the vital cooperation he received from the Federal Reserve's Ben Bernanke and Timothy Geithner. Paulson goes over the various steps and missteps he and his colleagues took in dealing with the crisis, sharing both his inner thoughts during the crisis and looking back on what was accomplished, thus filling in many of the gaps left by other books on the subject. He says that to save free-enterprise capitalism, he had to preside over government intervention and bank bailouts, so "I had been forced to do things I did not believe in to save what I did believe in." VERDICT This is the ultimate insider's account of the crisis, and, owing to its evenhanded tone and penetrating insights into government actions, it will also remain an important contribution to the historical record of the crisis, essential reading for everyone interested in knowing what happened. It superbly complements broader works such as Charles Gasparino's "Sellout" and Roger Lowenstein's "The End of Wall Street".Lawrence Maxted, Gannon Univ. Lib., Erie, PA

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