BARRINGTON – "It's not often I can stand in front of someone and thank them for saving the world," said an audience member at a Barrington High School Alumni Legends event Thursday.

Former U.S. Secretary of the Treasury (2006-08) Henry "Hank" Paulson, Jr. was interviewed on the BHS auditorium stage in front of attendees of all ages, former peers, and his wife, Wendy. Paulson returned home to Barrington Hills a few years ago, having graduated from BHS in 1964.

Celebrating his 50-year reunion during the school's homecoming week, Paulson tackled questions from fellow classmate Jack Train about his childhood, work in the White House and the future of the country's economy.

Paulson has grown comfortable with tackling crises, he said, after all, he was the chairman and CEO of Goldman Sachs after his education as an English major and an offensive lineman at Dartmouth College; and as a business major at Harvard University, where he received his master's degree.

After college, Paulson was an U.S. Assistant Secretary of Defense at The Pentagon from 1970-72, in addition to his working as an assistant in the White House during President Richard Nixon's administration. His corporate career began in Chicago when he joined global investment firm Goldman Sachs in 1974, and eventually relocated to New York upon promotion.

Paulson told the audience he "did not at all prepare for the job" at the White House.

"I turned President George [W.] Bush down the first couple of times I was approached," Paulson said. "But on the third time, I accepted, because I realized I was only running away because of fear of failure."

Paulson joked there were few people, at the time, who had "gone to Washington" and came away with a better reputation than they had when they started.

"Don't worry if you don't have your life planned out in high school," Paulson said. "I actually question the people who do."

Upon entering the White House, Paulson fielded countless phone calls and meetings on a day-to-day basis, he said – "It was like playing offense."

Paulson said he knew he could handle the task of bailing the U.S. out of its economic crisis because he'd been in stressful situations all his life and "stress is stress."

"Once the water is boiling, it doesn't matter how hot of a situation it is," Paulson said. "You just have to figure it out."

Nowadays, Paulson is doing "absolutely nothing commercial," he said.

Paulson is chairman of the non-governmental, Chicago-based Paulson Institute, which is working to further the relationship between the U.S. and China, he said.

"We need to make that global relationship work," Paulson said. "If it works, we have a better chance of solving environmental and economic sustainability issues. If it doesn't work, we're going to be in trouble."

Paulson's book, "Dealing with China," will be released in the spring 2015.

Hank and Wendy Paulson continue to promote their lifelong interest in outdoor conservation. Wendy Paulson leads frequent nature and bird walks in the area.

Addressing the future, Paulson said financial crisis will always be a possibility, as long as economic systems exist.

The key is managing crises before they erupt, Paulson said.

"People don't know how closely we came to economic Armageddon," Paulson said. "Most people never will understand it, but our staff forgot about poll popularity and politics, and did what it took to save the country."

The Alumni Legends event was partially sponsored by the Barrington 220 Educational Foundation who brings accredited alums back to the school to inspire students.

Foundation chairwoman Donna Penyak said the event was special because it gave the community the opportunity to "listen and learn from someone who once walked the same halls of BHS." A dinner after the interview was sold-out as a fundraiser to the Foundation, which has raised more than $2.3 million in educational program donations since 1999.