Especially at that private dinner in the spring of 2008 with hank paulson, secretary of the united states treasury. Extreasury secretary paulsons new prologue on financial. Paulson served as treasury secretary under president george w. Since leaving washington, the former treasury secretary has worked on bridging the gap between east and west through the paulson institute, which he describes not. Prologue on the morning of september 18, 2008, the phone rang in jamie dimons office.
And while a meltdown was averted, a disastrous recession was not. I was apprehensive and exhausted, having spent the entire weekend in marathon meetings with treasury and the fed. Hank paulson, scanning the horizon, sees a day of financial reckoning approaching. Treasury secretary, walks to the court of federal claims, in washington, d. A look back five years later on what happened, why it did, and could it happen again.
Amanda paulson and joshua rollins the new york times. But paulson had no idea that a year later, he would find himself at the very epicenter of the worlds most cataclysmic financial crisis since the great depression. His response to the 2008 financial crisis prevented a global depression. Paulson said he hears often and alludes to in a new prologue to his book, on the brink, which looks back on the crisis and is being reissued this week to coincide with its. Paulson, former treasury secretary, looks back on the financial crisis on its five year anniversary, and examines what happened, why it happened, and if it could happen again. Hank paulson, the treasury secretary, had hoped that the july announcement would calm nerves sufficiently that he would not have to take out his bazooka. Henry hank paulson is a man who needs no introduction.
But in his book, paulson reveals after returning to private life in the aftermath of the financial crisis, he lost his. Five years after tarp, misgivings on bonuses the new. Paulson five years later on the brink the new prologue. Sep 19, 2008 hank paulson came to washington reluctantly. The book jacket for ben bernankes book, the courage to act. What i learned from hank paulsons book real time economics. Paulson served as the 74th secretary of the treasury under president george w. Since leaving washington, the former treasury secretary has worked on bridging the gap between east and west. Paulson had previously served as chairman and chief. On the brink hank paulson pdf on the brink and over one million other books are available for amazon kindle. The thing is terrifying, and a huge distraction to anyone who happens to lay eyes on it, either in person or while its on display on tv during a. With his slightly oversized suits, quiet raspy voice and large digital watch, hank paulson comes across as someones kindly midwestern uncle in hank. Jan 14, 2019 hank paulson has a mangled pinky finger. Maria bartiromos book is a fly on the wall during lehman.
As treasury secretary, paulson was a member of the board of governors of the international monetary fund. Treasury secretary from july 10, 2006, to january 20, 2009. Prior to that, he had a thirtytwo year career at goldman sachs, serving. In on the brink, hank paulson talks about his wifes love for reusing things and recycling. Bull by the horns prologue monday, october 12, 2008 i took a deep breath and walked into the large conference room at the treasury department. Today his task is momentous, wrestling down the greatest financial crisis of our time. I found the book by tim geithner to be five star, better written and able to see more sides to the crisis which really came apart in september 2008. Oct 06, 2014 unlike other financial firms rescued, paulson said aig should have faced punishment.
For instance, during the ides of march 2008, when the board of directors of bear stearns, the venerable 85yearold investment bank, realized it had little choice but to sell the company over the weekend or file for bankruptcy on monday morning, at first it held out for a high price. When offered the job of treasury secretary in the spring of 2006, henry m. Paulson said that he decided to reissue his book on the 2008 financial crisis, plus a new prologue, because. He is now the chairman of the paulson institute, which he founded in 2011 to promote sustainable economic growth and a cleaner environment. This was little after the financial crisis, we were no longer at gs and just killing some time having dinner at jfk before a flight. Henry paulson acknowledges the fifth anniversary of lehman going bust with a new prologue to his book.
Xi jinpings problems are monumental foreign policy. Hank paulson faces the greatest financial crisis of our time. Hank paulson admits second thoughts about a lot of. Henry paulson is married to wendy judge, with whom he has two children. Former secretary of the treasury hank paulson who was at the very. Hank paulsons two decades of negotiations with china have left him with a wealth of anecdotes, presumably a sizeable stack of air miles and a new book. In private conversations that alarmed thentreasury secretary henry paulson, immelt laid out a different picture of ges. Bush at the time of the crisis and helped orchestrate the controversial tarp bailout program. 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 pau. Reuters hank paulson might be the closest thing america has to an economics movie star. On the brink is hank paulsons firstperson account of the catastrophic.
According to the book too big to fail, paulson, bernanke, new york federal reserve chairman timothy geithner, and fdic chairman sheila. Nov 18, 2008 no ones saying that hank paulson should have anticipated that the crisis would get as bad as it has. Bull by the horns book by sheila bair official publisher. We learn with whom she met, what was said, what decisions taken, and how things turned out. Get the latest hank paulson news, articles, videos and photos on the new york post. He learned nothing or he left it out of this update. Jun 04, 20 read cnn s hank paulson fast facts and learn more about the former us treasury secretary and ceo of goldman sachs. Author as the ceo of goldman sachs from 19992006 and then as the treasury secretary of the united states from 20062009 hank paulson has sat across the bargaining table from countless chinese politicians as both a banker and a statesman. Bush administration asking for a favorable introduction to anything. Hank paulson, hank paulson regulatory capture, hank paulson the new prologue, hank paulson tripling of leverage on wall street, henry paulson, henry paulson goldman sachs, paulson five years later on the brink the new prologue posted in general, henry paulson 3 comments.
Since leaving washington, the former treasury secretary has worked on bridging the gap between east and west through the paulson institute, which he. Department of the treasury into a pivotal role during his tenure. Beyond the wall hank paulson similar authors to hank paulson. The government let lehman brothers fail during the financial crisis because there was no other choice, former treasury secretary henry paulson said wednesday. The author wrote in the prologue to this 2009 book, if only ceo dick fuld had kept his anger, and rudeness under control. What was it like to work for and with hank paulson at goldman. Hank paulson uses careful language that will not bother the chinese censors unduly when they prepare the mainland edition of this book. As the ceo of goldman sachs from 19992006 and then as the treasury secretary of the united states from 20062009, hank paulson has sat across the bargaining table from countless chinese politicians as both a banker and a statesman. In their new book, ben bernanke, timothy geithner, and henry paulson describe fighting the fire of the 2008 financial crisis. For the second time in six months, paulson had a pressing question for the chairman and ceo of jpmorgan chase.
Former treasury secretary hank paulson on dealing with china. But in a new book, he warns, its not a question of if, but when, chinas financial system, particularly the trust companies, will. So, five years after the collapse of lehman brothers and the 2008 financial crash, former treasury secretary henry paulson is peddling a new forward, five years later, to his 2011 book on the brink. Treasury secretary henry paulson l and xi jinping, secretary of. Seventyfive men have served as treasury secretary of the united states. His elder son henry merritt paulson iii, is a majority share. But take another look at this new prologue and on the brink if we ever learn what really caused the crisis. Hank paulsons book is the best one ive found yet for explaining the things that. So to avoid any appearance of a conflict of interest, government rules forced mr. Henry paulsons goldman sachs stock and conflict of interest.
Henry paulson acknowledges the fifth anniversary of lehman going bust with a new prologue to his book on the brink. When hank paulson, the former ceo of goldman sachs, was appointed in 2006 to become the nations next secretary of the treasury, he knew that his move from wall street to washington would be daunting and challenging. Hank paulson, former treasury secretary, recently gave an interview to marketplace host kai ryssdal to mark the fifth anniversary of the lehman brothers bankruptcy. But it was treasurys responsibility to be ready in case the crisis did get that bad, and. Dealing with china, by henry paulson financial times. Few have had the impact of henry merritt paulson, jr. The book opens with a prologue that describes the legendary annual holiday party held at steve and christine schwarzmans opulent apartment at 740 park ave.
Feb 06, 2010 david wessel, who authored a book on the financial crisis, offers a list of nuggets he gleaned from henry paulsons account of the period. Sep 23, 20 hank paulson, former treasury secretary, recently gave an interview to marketplace host kai ryssdal to mark the fifth anniversary of the lehman brothers bankruptcy. This is a book for aficionados of infuriating detail. Mar 24, 2020 henry paulson, in full henry merritt paulson, jr. Paulson, former treasury secretary, looks back on the financial crisis on its five year anniversary, and examines what happened, why it happened, and if. Id like to wish goldman sachs lloyd blankfein a happy retirement. Behind the scenes, ges top exec confided credit woes. Paulsons proposals, at the end of this prologue, are the same as he would have said in 2006. He is the founder and chairman of the paulson institute. Hank paulson explains his disfigurement dealbreaker.
When it comes to trump, a republican treasury secretary says. The former goldman sachs ceo and secretary of the treasury under george w. Buy on the brink book online at best prices in india on. When hank paulson, the former ceo of goldman sachs, was appointed in. Few were more intimately involved with manging the financial crisis than hank paulson, president. Jun 24, 2016 donald trump holds up his book the art of the deal, given to him by a supporter as he speaks in birmingham, ala. It was hank paulson, the secretary of the treasury. The former treasury secretary, who was at the helm of. Hank paulsons book is the best one ive found yet for explaining the things that led to the financial crisis of 200708. May 02, 2009 when hank paulson agreed to become treasury secretary in may of 2006, he found himself in a bit of a pickle.
Paulson s background, direct personal style, and opinions regarding the economy propelled the u. As treasury secretary, i worked to help stem the panic and restore the economy amid a witches brew of a bursting housing bubble. When the financial crisis erupted, the same thought may have crossed the minds of hank paulson, ben bernanke and tim geithner, who were us treasury secretary, chairman of. He was a wall street veteran himself, former boss of goldman sachs. He had served as the chairman and chief executive officer of goldman sachs, and is now chairman of the paulson institute, which he founded in 2011 to promote sustainable economic growth and a cleaner environment around the world, with an initial focus on. An insider unmasks the new economic superpower in april 2015. You dont want the prologue to drag on for half the book. There are many who still dont understand just how frighteningly close to the brink we got, or how critical the decisions were. Keep the languagetone consistent within the prologue, i. Treasury secretary hank paulson at a hearing before the federal crisis inquiry commission in 2010. Bull by the horns is the story of financial calamity seen from the perspective of this public servant, rendered from detailed notes.
Apr 16, 2015 paulson told me that chinese reforms, which his book describes stalling substantially in 2003 after the retirement of reformist premier zhu rongji, nonetheless have a long way to go. David wessel, who authored a book on the financial crisis, offers a list of nuggets he gleaned from henry paulson s account of the period. The man charged with averting that was henry paulson, president bushs secretary of the treasury. Hank paulson reflects on economic crisis, five years later. Buy on the brink book online at low prices in india on. In a recent interview with andrew ross sorkin, of the times and cnbc, hank paulson, the man who, as treasury secretary, was primarily responsible for the.
Treasury secretary hank paulson and i had sat side by side in tan leather armchairs. Treasury secretary and former new york fed president, and ben bernanke, former federal reserve chair, join cnbcs andrew. Paulson, former treasury secretary, looks back on the financial crisis on its five year anniversary, and examines what happened, why. Dec 02, 2016 i asked this exact question a few years ago from an expartner at gs. Facebook founder mark zuckerberg selected the book for the mark zuckerberg book club. But while they did rebuild the burnt towers of wall street, they left main street to dig out from the rubble. He was right in the center of the storm, and had a lot to do with how each choice was made. Hank paulson says another financial crisis is inevitable. In 2008, the united states faced a classic financial panic. Prior to his role in the department of the treasury, paulson was the chairman and chief executive officer ceo of goldman sachs. Treasury secretary hank paulson was at the center of the storm during the worst economic crisis since the great depression.
1017 429 529 148 1164 1533 902 933 66 1038 1485 1451 1038 1532 1241 193 383 1587 448 743 656 300 82 879 1086 1441 915