Well-informed and timely decision-making is critical to managing risk, yet most companies acknowledge that their ability to make good decisions needs improvement. In this lesson, former US Secretary of the Treasury Timothy Geithner describes how he, Larry Summers and President Barack Obama structured their decision-making process during the 2008 Financial Crisis. By the end of it, you’ll have a strategy for leading high-stakes group decision-making sessions.
(soothing music) … - [Timothy] Larry Summers, he's the greatest, … I think the best mind in policy, … really almost anywhere, … and we were, I think, a very effective team together. … Not everybody agrees with what we did, … but we were effective in part because we debated … so forcefully and openly. … We didn't hide those disagreements, … we worked through them. … And what his great strength was … and it was tremendously valuable to the President, … and me and the crisis, … was to take a proposal and a recommendation, … and to try to see how robust it would be to argument. … To try to expose it to criticism from all dimensions, … to look at what its greatest risks might be … if you were off, and that was a great value, … so let me tell you how I think about … how you make these choices in this context. … Remember, these things, they're so rare … and it's so uncertain, it's so hard to tell … what's going to work, what's not going to work, … and you're trying to make this choice of … should you escalate early or should you wait? …
This course includes videos from:
Lawrence H. Summers, American economist and Harvard professor
Timothy Geithner, president of Warburg Pincus, a Wall Street private equity firm
Maria Konnikova, New York Times bestselling author (The Confidence Game)
Michael Slaby, global leader in digital and social media strategy, technology, and data analytics
Olivia "Liv" Boeree, poker player, TV presenter, and model
Note: This course was produced by Big Think. We are pleased to host this content in our library.