The history, mystique, and remarkable success of Goldman Sachs, the world s premier investment bank, are examined in unprecedented depth in this fascinating and authoritative study Former Goldman Sachs Vice President Lisa Endlich draws on an insider s knowledge and access to all levels of management to bring to life this unique company that has long mystified financial plThe history, mystique, and remarkable success of Goldman Sachs, the world s premier investment bank, are examined in unprecedented depth in this fascinating and authoritative study Former Goldman Sachs Vice President Lisa Endlich draws on an insider s knowledge and access to all levels of management to bring to life this unique company that has long mystified financial players and pundits The firm s spectacular ascent is traced in the context of its tenacious grip on its core values Endlich shows how close client contact, teamwork, focus on long term profitability rather than short term opportunism, and the ability to recruit consistently some of the most talented people on Wall Street helped the firm generate a phenomenal 3 billion in pretax profits in 1997 And she describes in detail the monumental events of 1998 that shook Goldman Sachs and the financial world Her book documents some of the most stunning accomplishments in modern American finance, as told through the careers of the gifted and insightful men who have led Goldman Sachs It begins with Marcus Goldman, a German immigrant who in 1869 founded the firm in a lower Manhattan basement After the turn of the century, we see his son Henry and his son in law Sam Sachs develop a full service bank Sidney Weinberg, a kid from the streets, was initially hired as an assistant porter and became senior partner in 1930 We watch him as he steers the firm through the aftermath of the Crash and raises the Goldman Sachs name to national prominence When he leaves in 1969 the firm has a solid gold reputation and a first class list of clients We see his successor, Gus Levy, a trading wizard and in his day the best known man on Wall Street, urging greater risk, inventing block trading which revolutionized the exchanges , and psychologically preparing Goldman Sachs for the complex and perilous financial world that was the 1980s Endlich shows us how co CEOs John Whitehead and John Weinberg turned the family firm into a highly professional international organization with a culture that was the envy of Wall Street She shows as well how Steve Friedman and Robert Rubin brought the firm to the pinnacle of investment banking, increased annual profits from 900 million to 2.7 billion, and achieved dominance in most of the businesses in which the firm competes internationally We see how Goldman Sachs weathered both an insider trading scandal and the fallout from its relationship with Robert Maxwell We are taken to the present day, as Jon Corzine and Hank Paulson lead the firm out of turmoil to face the most important decision ever placed before the partnership the question of a public sale For many years the leadership wrestled with the issue behind closed doors Now, against the backdrop of unforeseen events, we witness the passionate debate that engulfed the entire partnership A rare and revealing look inside a great institution the last private partnership on Wall Street and inside the financial world at its highest levels.
Goldman Sachs The Culture of Success The history mystique and remarkable success of Goldman Sachs the world s premier investment bank are examined in unprecedented depth in this fascinating and authoritative study Former Goldman Sach
This is my second time reading this book The book is written by an insider, so of course there is a certain amount of bias to it Still I enjoyed the book enough the first time to give it another read Mainly, I m looking forward to posting some of my insights on the PMBA group website I ve always been fascinated by cultures of excellence, and by people who are very motivated In the early part of the book, the author spends a great deal of time discussing the unique culture of Goldman Sachs and ho [...]
Lisa Endlich looks at the history of Goldman Sachs through the company going public and the unique culture that developed around one of the most exclusive partnerships in economic and business history Lisa Endlich uses her past as a VP in Goldman to bring the story to life and show what some may regard as a truly distributing culture of greed and workaholic obsession that lead people to forsake families and give everything they have to the partnership for the legendary bonuses Endlich tracks the [...]
1 10Penguin Readers, Level 4Time 1 10 40minutes, 11 30minutes, 12 30minutes.7 words Goldman Sachs, Finance, Bank, Money, Investment, Insider Success.Discussion Questions 1 Now the Japanese Yen falls day by day What do you think how much the Japanese yen against the US dollar is good for Japanese society I think a range from 80 yen to 85 yen is appropriate The reason is because most nuclear power plants in Japan are now stopped, so Japan needs to spend money on importing energies than usual 2 Ho [...]
very good account of GS history you can feel the vibe of old times while reading the book.
No doubting the author s skill and knowledge of subject, I found this book to be interesting despite its absolute and complete bias It is fairly clear the esteem in which she holds her former employers and this probably allowed her the access to get direct opinions from the host of important players in the firm s history At times, She talks about these figures like deities, elevating the sector to the importance they all think they deserve I found it revealing how much time was spent discussing [...]
I really wasn t sure what to expect from this book judging by the sub title of this book The Culture of Success I sort of went in expecting something about how Goldman Sachs culture was superior to others in a very detailed manner That s really not what this book was this was basically a pretty broad overview of the Goldman Sachs history In retrospect I think I preferred it to be the firm s history than what I had initially thought it was would be It does discuss how important culture was to the [...]
This book mainly narrates the history of the Goldman Sachs and how it became a public company Narration interspersed with flashbacks is used at the beginning of the book to stress on the track of being a public company, I think, which is the core of this story About a hundred years ago, a private firm was built, and then it was passed on generation by generation while it became stronger and stronger as a result of its leaders wisely operating At the almost end of the 20th century, the leaders of [...]
All in all, Endlich does a pretty decent job of capturing the cultural evolution at Goldman Sachs Good for some background knowledge of the firm s history and the industry, though it is impossible to take her claims at face value Given the name of the book, it s hardly surprising that it s a biased account, but the writer has a tendency to make unqualified statements like there is complete agreement and it is beyond a doubt without providing evidence Writing style is quite dry, but the author do [...]
An enlightening book with few surprises Want to know how to make 50m 100m in a few days read on As a trader admits in page 192 too big to fail A 100m loss, a 50m loss, it means nothing We re too big now They won t let us fail Senior partner of Lazards said The believe if they are successful it is because they are particularly smart and then because they are particularly smart they can do anything The book details high risk strategies undertaken to accumulate extraordinary wealth for a few Are Go [...]
This was a decent book as it discussed the formation of Goldman Sachs and how the amazing culture was formed at the firm It discussed the history of the firm from the founders to the process of going public and why the people at the firm have such high values and an amazing reputation For a person who was so focused and driven to be a future investment banker, I thought this was a golden must read at the time Looking back now, this is not something I would recommend anyone to read.
Well the culture of success in the firm is still as strong as ever The pride in some cases bordering on hubris is still there Long term greedy Greedy for sure Long term Nay Only thing that surprised was the absence of technology and its pioneers within the firm from the narrative May be till 1999 technology did not play as big a role as it does today but I am still surprised A good entertaining book and long live Goldman
Goldman Sachs Author Lisa Endlich 60minutes 1goldman sachs 2 bank 3financial 4brother 5earn 6investment 7money Q1 what kind of job do you want to get A1 I want to be a teacher or police or firefighter Q2 if you can establish company, what kind of company would you like to establish A2 I would like to establish company of tour.
This book is like a just the facts history of Goldman Sachs, vulnerabilities, disappointments, and all If you re looking for the magical secret to Wall Street, you re going to be disappointed However, it is an excellent study of American corporate history and changes in both financial services and the global economy over the last 100 years.
interesting documentation of the history of the company both in terms of its success failure though i think the author kind of glorified the company a bit in terms of its failure i find it hard to believe that a company could really retain its partnership culture post IPO.
I had to put this one in there as it still sits on my bookshelf I read this right before joining Goldman Sachs in the summer of 2003 to get to know a bit of history on the company I d only recommend reading it if you are seriously interesting in investment banks.
This book was recommended to me by a faculty member at the BYU business school He told me this would give me a glimpse of what life is like at Goldman Sachs The book was pretty entertaining, although I have no way of knowing how accurate a portrayal it really is.
Ok book if you like investment banking Writing style could have been engaging.
Goldman Sachs rule the world
I dont know why i read this
I read this in high school, a good account of how Goldman Sachs came to be the company culture it embodies today A little dry at times.
Enjoyable if you are a fan of financial industry history Tough to not respect GS if you are a capitalist.
Supports the myth of Goldman s uniqueness and deserved success A lot of good fact presenting, but basically a propaganda book.
Engaging account of Goldman and its rise to pre eminence on Wall Street.
Really good look at Goldman s history, people and expectation of its personnel Made me feel proud and a little nervous to be a part of it
This is one of the difficult books to read I sometime found myself sleeping I think the subject is difficult for me.
great book a little slow to start off but keep on reading, it s worth it.
Tedious hagiography Although the title probably should have given that much away.