About the book
Tim Geithner's memoir recounts the 2008 financial crisis from inside the Federal Reserve Bank of New York, which he led, and the Treasury, where he served as Barack Obama's secretary. He starts with his childhood as an American abroad and his early Treasury work on the international crises of the 1990s, then moves to the rescue of Bear Stearns, the weekend Lehman Brothers failed, the AIG bailout and the anger over its bonuses, and the fights within the administration over his plan to end the crisis. Journalist Michael Grunwald is credited as his collaborator. It held a place on the New York Times nonfiction list for five weeks running after its release in May 2014.
Bill Gates found it a surprisingly good read from a Treasury Secretary once accused of communicating poorly, with a human portrait of fighting a meltdown and critics at once. Warren Buffett was reported to call it required reading for any manager.
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This book has 2 recommendations
Warren Buffett (CEO/Berkshire Hathaway)
Buffett says that the former secretary of the U.S. Treasury's book about the financial crisis is a must-read for any manager.
Bill Gates (Founder/Microsoft)
The central irony of Stress Test is that a guy who was accused of being a lousy communicator as U.S. Treasury Secretary has penned a book that is such a good read. Geithner paints a compelling human portrait of what it was like to be fighting a global financial meltdown while at the same time fighting critics inside and outside the Administration as well as his own severe guilt over his near-total absence from his family. The politics of fighting financial crises will always be ugly. But it helps if the public knows a little more about the subject—what’s at stake, what the options are, what has worked in similar situations—so that the loud talkers resonate a bit less and the knowledgeable ones a bit more. If Stress Test continues to attract lay readers, it could make at least a modest difference the next time around.
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