Former Treasury Secretary Henry Paulson Provides insider's Perspective of 2008 Financial Collapse
San Jose residents and debtors alike will soon have intimate insider details surrounding the financial crisis of 2008 and its effect on former treasury secretary Henry Paulson. The former Treasury Secretary’s new book (On the Brink) will be released Monday but the associated press purchased an early release copy.
Associated Press writer Stevenson Jacobs, notes that in Paulson’s new book, a “jolt of fear” gripped Paulson as the enormity of the financial crisis threatened to plunge the U.S. economy into financial abyss. Jacobs quickly notes, however, that no new revelations are revealed in Paulson’s book. Instead the book offers an intimate perspective on one man trying to prevent financial catastrophe.
For example, in one passage Paulson describes one phone to his wife where he expressed fear when people were coming to him for answers he simply didn’t have. In another passage Paulson describes how exhaustion and fear finally revealed themselves in public. After an emergency meeting with congressional leaders on Capitol Hill to discuss the massive taxpayer rescue of insurer AIG Paulson began feeling nauseous and had to crouch behind a pillar. Paulson notes how thankful he felt that journalists did not witness the incident.
Paulson also details a meeting between CEOs of the nation's largest and most powerful banks, including JPMorgan and Goldman Sachs, in a desperate bid to save Lehman Brothers. Unfortunately, a deal never happened. Three days later Lehman Brother’s filed the biggest bankruptcy in U.S. History.
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