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内容简介:
From the bestselling, prize-winning author of THE LAST TYCOONS
and HOUSE OF CARDS, a revelatory history of Goldman Sachs, the most
dominant, feared, and controversial investment bank in the
world
For much of its storied 142-year history, Goldman Sachs has
projected an image of being better than its competitors--smarter,
more collegial, more ethical, and far more profitable. The
firm--buttressed by the most aggressive and sophisticated p.r.
machine in the financial industry--often boasts of "The Goldman
Way," a business model predicated on hiring the most talented
people, indoctrinating them in a corporate culture where partners
stifle their egos for the greater good, and honoring the "14
Principles," the first of which is "Our clients' interests always
come first."
But there is anothe***ay of viewing Goldman--a secretive
money-*** machine that has straddled the line between
conflict-of-interest and legitimate deal-*** for decades; a firm
that has exerted undue influence over government since the early
part of the 20th century; a company composed of "cyb***s" who are
kept in line by an internal "reputational risk department" staffed
by former CIA operatives and private investigators; a workplace
rife with brutal power struggles; a Wall Street titan whose clever
bet against the mortgage market in 2007--a bet not revealed to its
clients--may have made the financial ruin of the Great Recession
worse.
As William D. Cohan shows in his riveting chronicle of Goldman's
rise to the summit of world capitalism, the firm has shown a
remarkable ability to weather financial crises, congressional,
federal and SEC investigati***, and numerous lawsuits, all with its
reputation and its enormous profits intact. By reading thousands of
pages of government documents, court cases, SEC filings, Freedom of
Information Act papers and other sources, and conducting over 100
interviews, including interviews with clients, competitors,
regulators, current and former Goldman employees (including the six
living men who have run Goldman), Cohan has c***tructed a vivid
narrative that looks behind the veil of secrecy to reveal how
Goldman has become so profitable, and so powerful.
Part of the answer is the firm's assiduous cultivation of people
in power--dating back to 1913, when Henry Goldman advised the
government on how the new Federal Reserve, designed to oversee Wall
Street, should be c***tituted. Sidney Weinberg, who ran the firm
for four decades, advised presidents from Roosevelt to Kennedy and
was nicknamed "The Politician" for his behind-the-scenes
friendships with government officials. Goldman executives ran
fundraising efforts for Nixon, Reagan, Clinton and Ge***e W.
Bush. The firm showered lucrative c***ulting or speaking fees
on figures like Henry Kissinger and Lawrence Summers. Famously, and
fatefully, two Goldman leaders-- Robert Rubin and Henry
Paulson--became Secretaries of the Treasury, where their acti***
both before and during the financial crisis of 2008 became the
stuff of controversy and c***piracy theories.
Another major strand in the firm's DNA is its eagerness to deal
on both sides of a transaction, eliding questi*** of conflict of
interest by the mere assertion of their innate honesty and
nobility, a refrain repeated many times in its history, most
notoriously by current Goldman CEO Lloyd Blankfein's jesting
assertion that he was doing "God's work."
As Michiko Kakutani's New York Times review of HOUSE OF CARDS
said, "Cohan writes with an insider's knowledge of the workings of
Wall Street, a reporter's investigative instincts and a natural
storyteller's narrative command." In MONEY & POWER, Cohan has
marshaled all these gifts in a powerful and definitive account of
an institution whose public claims of virtue look very much like
ruthlessness when exposed to the light of day.
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作者介绍:
William D. Cohan is the author of the New York Times
bestsellers House of Cards and The Last
Tyco***, which won the 2007 FT/Goldman Sachs Business
Book of the Year Award. He is a contributing
editor at Vanity Fair, has a bi-weekly opinion column in
The New York Times, and writes frequently for The
Financial Times, Fortune, The Atlantic, and the Washington
Post, among other publicati***. A former investment
banker, Cohan is a graduate of Duke University, Columbia
University School of Journalism and the Columbia University
Graduate School of Business.
From the Hardcover edition.
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编辑推荐
"[A] definitve account of the most profitable and influential
investment bank of the modern era....recounts these events
capably.....[and explains] Goldman's cultivation of a reputation
for brilliance unique even in the rarefied precincts of Wall
Street.....gives readers the information they need to ponder
whether investment banking has moved in a c***tructive
direction."--The New York Times Book Review
书籍介绍
From the bestselling, prize-winning author of THE LAST TYCOONS and HOUSE OF CARDS, a revelatory history of Goldman Sachs, the most dominant, feared, and controversial investment bankin the world
For much of its storied 142-year history, Goldman Sachs has projected an image of being better than its competitors--smarter, more collegial, more ethical, and far more profitable. The firm--buttressed by the most aggressive and sophisticated p.r. machine in the financial industry--often boasts of "The Goldman Way," a business model predicated on hiring the most talented people, indoctrinating them in a corporate culture where partners stifle their egos for the greater good, and honoring the "14 Principles," the first of which is "Our clients' interests always come first."
But there is anothe***ay of viewing Goldman--a secretive money-*** machine that has straddled the line between conflict-of-interest and legitimate deal-*** for decades; a firm that has exerted undue influence over government since the early part of the 20th century; a company composed of "cyb***s" who are kept in line by an internal "reputational risk department" staffed by former CIA operatives and private investigators; a workplace rife with brutal power struggles; a Wall Street titan whose clever bet against the mortgage market in 2007--a bet not revealed to its clients--may have made the financial ruin of the Great Recessionworse.
As William D. Cohan shows in his riveting chronicle of Goldman's rise to the summit of world capitalism, the firm has shown a remarkable ability to weather financial crises, congressional, federal and SEC investigati***, and numerous lawsuits, all with its reputation and its enormous profits intact.Byreading thousands of pages of government documents, court cases, SEC filings, Freedom of Information Actpapersand other sources, and conducting over 100 interviews, including interviews with clients, competitors, regulators, current and former Goldman employees (including thesixliving men who have run Goldman), Cohan has c***tructed a vivid narrative that looks behind the veil of secrecy to reveal how Goldman has become so profitable, and so powerful.
Part of the answer is the firm's assiduous cultivation of people in power--dating back to 1913, when Henry Goldman advised the government on how the new Federal Reserve, designed to oversee Wall Street, should be c***tituted.Sidney Weinberg, who ran the firm for four decades, advised presidents from Roosevelt to Kennedy and was nicknamed "The Politician" for his behind-the-scenes friendships with government officials. Goldman executives ran fundraising efforts for Nixon, Reagan, Clinton and Ge***e W. Bush. The firm showered lucrative c***ultingor speaking fees on figures like Henry Kissinger and Lawrence Summers. Famously, and fatefully, two Goldman leaders-- Robert Rubin and Henry Paulson--became Secretaries of the Treasury, where theiracti*** both before andduring the financial crisis of 2008became the stuff of controversy and c***piracy theories.
Another major strand in the firm's DNA is its eagerness to deal on both sides of a transaction, eliding questi*** of conflict of interest by the mere assertion of their innate honesty and nobility, a refrain repeated many times in its history, most notoriously by current Goldman CEO Lloyd Blankfein's jesting assertion that he was doing "God's work."
As Michiko Kakutani's New York Times review of HOUSE OF CARDS said, "Cohan writes with an insider's knowledge of the workings of Wall Street, a reporter's investigative instincts and a natural storyteller's narrative command." In MONEY & POWER, Cohan has marshaled all these gifts in a powerful and definitive account of an institution whose public claims of virtue look very much like ruthlessness when exposed to the light of day.
From the Hardcover edition.
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