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Former U.S. Treasury Secretary Timothy Geithner to Write Inside Account of Global Financial Crisis for Crown Publishers

Behind-the-scenes account of the American response to the global financial crisis

Contact: Carisa Hays
212-782-9277
chays@randomhouse.com

(New York, NY, March 14, 2013) — Former U.S. Treasury Secretary Timothy Geithner has reached agreement with Crown Publishers, an imprint of Random House, Inc.’s Crown Publishing Group, to write his behind-the-scenes account of the American response to the global financial crisis.

 In telling this inside story, Secretary Geithner will chronicle how decisions were made during the most harrowing moments of the crisis, when policy makers faced a fog of uncertainty, risked catastrophic outcomes, and had no institutional memory or recent precedent to guide them.  He will also describe the relationships, debates about strategy, and strength of collaboration among key decision makers in the crisis, including Hank Paulson, Ben Bernanke, President Obama, senior White House advisors, and finance ministers and central bank governors of other key economies around the world whose own financial fires threatened to derail the U.S. and global recovery.

 Secretary Geithner will aim to answer the most important – and to many the most troubling – questions about the choices he and his colleagues made, the strategies they adopted, and the economic aftermath.  By describing what went right, what went wrong and the lessons learned along the way, Secretary Geithner intends to provide a “play book” that future policy makers can draw on and that the public can use to understand how and why governments act in crisis.

In writing about the craft of crisis response, Mr. Geithner will draw upon his unique perspective and experience as President and Chief Executive Officer of the Federal Reserve Bank of New York from 2003 through 2009 and his tenure as Treasury Secretary from 2009 through early 2013, as well as his prior experience with international crises as Under Secretary of the Treasury for International Affairs under Treasury Secretaries Robert Rubin and Lawrence Summers.

 The announcement was made today by Molly Stern, Senior Vice President, Publisher, Crown Publishers, who acquired world, audio, electronic, and first and second serial rights from Robert Barnett of Williams & Connolly.  As yet untitled, Secretary Geithner’s book is scheduled for publication in 2014 and will be released simultaneously in print and digital formats.  It will be edited by Vanessa Mobley, Executive Editor at Crown.  Financial terms were not disclosed.

 Said Molly Stern, “We are honored to publish Secretary Geithner’s book, which will be essential reading for anyone who seeks a deeper understanding of the global financial crisis from which we are now emerging.  His book will not only be the definitive account of this period in history, but will also offer invaluable lessons for the practice of crisis response.”

 The parent company of Random House, Inc. is Bertelsmann SE & Co. KGaA.

 

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