What matters to you.
0:00
0:00
NEXT UP:
 
Top

Forum Network

Free online lectures: Explore a world of ideas

Funding provided by:

Timothy Geithner: Stress Test - Reflections on Financial Crises

In partnership with:
Date and time
Tuesday, May 27, 2014

Harvard Book Store welcomed Timothy F. Geithner, the seventy-fifth secretary of the U.S. Department of the Treasury, and Harvard Kennedy School's David Gergen for a discussion of Secretary Geithner's first book, Stress Test: Reflections on Financial Crises. In Stress Test, Secretary Geithner provides an illuminating, candid, and definitive account of the unprecedented effort to save the U.S. economy from collapse in the wake of the worst global financial crisis since the Great Depression. Drawing upon his unique perspective and experience, Geithner takes readers behind the scenes during the darkest moments of the crisis. Swift, decisive, and creative action was required to avert disaster, but policy makers faced a fog of uncertainty, with no good options and the risk of catastrophic outcomes. Stress Test explains in accessible and forthright terms the most controversial and politically unpalatable decisions of Geithner's tenures at the Federal Reserve Bank of New York and at the Treasury, including the harrowing weekend Lehman Brothers went bankrupt; the searing crucible of the AIG bonuses controversy; the development of his widely criticized but ultimately successful plan in early 2009 to end the crisis; the bracing fight for the most sweeping financial reforms in seventy years; and the lingering aftershocks of the crisis, including high unemployment, the fiscal battles, and Europe's repeated flirtations with the economic abyss. Geithner also shares his personal and professional recollections of key players such as President Obama, Ben Bernanke, Hank Paulson, and Larry Summers, among others, and examines the tensions between politics and policy that have come to dominate discussions of the U.S. economy. In Stress Test, Geithner draws upon nearly three decades of public service to share lessons in the craft of crisis response to help guide policy makers and the public alike during future financial crises.

timothy-geithner.jpg
Timothy F. Geithner became the ninth president and chief executive officer of the Federal Reserve Bank of New York on November 17, 2003. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee, the group responsible for formulating the nation's monetary policy. President Obama nominated Mr. Geithner to be the 75th Secretary of the Treasury and the U.S. Senate confirmed him to the position on January 26, 2009. Mr. Geithner joined the Department of Treasury in 1988 and worked in three administrations for five Secretaries of the Treasury in a variety of positions. He served as Under Secretary of the Treasury for International Affairs from 1999 to 2001 under Secretaries Robert Rubin and Lawrence Summers. He was director of the Policy Development and Review Department at the International Monetary Fund from 2001 until 2003. Before joining the Treasury, Mr. Geithner worked for Kissinger Associates, Inc. Mr. Geithner graduated from Dartmouth College with a bachelor’s degree in government and Asian studies in 1983 and from the Johns Hopkins School of Advanced International Studies with a master’s in International Economics and East Asian Studies in 1985. He has studied Japanese and Chinese and has lived in East Africa, India, Thailand, China, and Japan. Mr. Geithner serves as chairman of the G-10’s Committee on Payment and Settlement Systems of the Bank for International Settlements. He is a member of the Council on Foreign Relations and the Group of Thirty.