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How Goldman Sachs Came to Rule the World

How Goldman Sachs Came to Rule the World

How Goldman Sachs Came to Rule the World

By William D. Cohan

By William D. Cohan

By William D. Cohan
Read by Rob Shapiro

Best Seller

Category: Business | 21st Century U.S. History

Category: Business | 21st Century U.S. History

Category: Business | 21st Century U.S. History | Audiobooks

Paperback $21.00

Jan 10, 2012 | ISBN 9780767928267

Ebook $14.99

Apr 12, 2011 | ISBN 9780385534970

Audiobook Download $35.00

Apr 12, 2011 | 1807 Minutes

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    Money and Power by William D. Cohan: 9780767928267 | PenguinRandomHouse.com: Books (4)

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    About Money and Power

    The bestselling author of the acclaimed House of Cards and The Last Tycoons turns his spotlight on to Goldman Sachs and the controversy behind its success.

    From the outside, Goldman Sachs is a perfect company. The Goldman PR machine loudly declares it to be smarter, more ethical, and more profitable than all of its competitors. Behind closed doors, however, the firm constantly straddles the line between conflict of interest and legitimate deal making, wields significant influence over all levels of government, and upholds a culture of power struggles and toxic paranoia. And its clever bet against the mortgage market in 2007—unknown to its clients—may have made the financial ruin of the Great Recession worse. Money and Power reveals the internal schemes that have guided the bank from its founding through its remarkable windfall during the 2008 financial crisis. Through extensive research and interviews with the inside players, including current CEO Lloyd Blankfein, William Cohan constructs a nuanced, timely portrait of Goldman Sachs, the company that was too big—and too ruthless—to fail.

    About Money and Power

    The bestselling author of the acclaimed House of Cards and The Last Tycoons turns his spotlight on to Goldman Sachs and the controversy behind its success.

    From the outside, Goldman Sachs is a perfect company. The Goldman PR machine loudly declares it to be smarter, more ethical, and more profitable than all of its competitors. Behind closed doors, however, the firm constantly straddles the line between conflict of interest and legitimate deal making, wields significant influence over all levels of government, and upholds a culture of power struggles and toxic paranoia. And its clever bet against the mortgage market in 2007—unknown to its clients—may have made the financial ruin of the Great Recession worse. Money and Power reveals the internal schemes that have guided the bank from its founding through its remarkable windfall during the 2008 financial crisis. Through extensive research and interviews with the inside players, including current CEO Lloyd Blankfein, William Cohan constructs a nuanced, timely portrait of Goldman Sachs, the company that was too big—and too ruthless—to fail.

    About Money and Power

    The bestselling author of the acclaimedHouse of CardsandThe Last Tycoonsturns his spotlight on to Goldman Sachs and the controversy behind its success.

    From the outside, Goldman Sachs is a perfect company. The Goldman PR machine loudly declares it to be smarter, more ethical, and more profitable than all of its competitors. Behind closed doors, however, the firm constantly straddles the line between conflict of interest and legitimate deal making, wields significant influence over all levels of government, and upholds a culture of power struggles and toxic paranoia. And its clever bet against the mortgage market in 2007—unknown to its clients—may have made the financial ruin of the Great Recession worse.Money and Powerreveals the internal schemes that have guided the bank from its founding through its remarkable windfall during the 2008 financial crisis. Through extensive research and interviews with the inside players, including current CEO Lloyd Blankfein, William Cohan constructs a nuanced, timely portrait of Goldman Sachs, the company that was too big—and too ruthless—to fail.

    Listen to a sample from Money and Power

    Also by William D. Cohan

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    Also by William D. Cohan

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    About William D. Cohan

    William D. Cohan is theauthor ofthe New York Times bestsellers House of Cards and The Last Tycoons,which wonthe 2007 Financial Times and Goldman Sachs Business Book of the Year Award. He is a contributing editor at Vanity Fair,has a biweekly… More about William D. Cohan

    About William D. Cohan

    William D. Cohan is theauthor ofthe New York Times bestsellers House of Cards and The Last Tycoons,which wonthe 2007 Financial Times and Goldman Sachs Business Book of the Year Award. He is a contributing editor at Vanity Fair,has a biweekly… More about William D. Cohan

    About William D. Cohan

    William D. Cohan is theauthor ofthe New York Times bestsellers House of Cards and The Last Tycoons,which wonthe 2007 Financial Times and Goldman Sachs Business Book of the Year Award. He is a contributing editor at Vanity Fair,has a biweekly… More about William D. Cohan

    Product Details

    Category: Business | 21st Century U.S. History

    Paperback | $21.00
    Published by Anchor
    Jan 10, 2012 | 672 Pages | 6-1/8 x 9-1/4 | ISBN 9780767928267

    Category: Business | 21st Century U.S. History

    Ebook | $14.99
    Published by Anchor
    Apr 12, 2011 | 400 Pages | ISBN 9780385534970

    Category: Business | 21st Century U.S. History | Audiobooks

    Audiobook Download | $35.00
    Published by Random House Audio
    Apr 12, 2011 | 1807 Minutes | ISBN 9780307939913

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    Praise

    “[The] definitive account of the most profitable and influential investment bank of the modern era.” —The New York Times Book Review

    “The best analysis yet of Goldman’s increasingly tangled web of conflicts. . . . The writing is crisp and the research meticulous.” —The Economist

    “[A] revelatory account of the rise and rise of Goldman Sachs. . . . A vast trove of material.” —Financial Times

    “Well done and absorbing. Cohan’s grasp of the . . . recent inside politics of the firm is sure and convincing.” —The Washington Post

    “The frankest, most detailed, most human assessment of the bank to date. Cohan portrays a firm that has grown so large and hungry that it’s no longer long-term greedy but short-term vicious. And that’s the wonder—and horror—of Goldman Sachs.” —BusinessWeek

    “Brings the bank’s sometimes ‘schizophrenic’ behavior to vivid life. . . . Cohan evinces an eye for telling images and an ear for deadpan quotations. . . . [and] puts his skepticism to good use.” —Bloomberg News

    “[Cohan is] one of our most able financial journalists.” —Los Angeles Times

    “A former Wall Street man and a talented writer, [Cohan] has the rare gift not only of understanding the fiendishly complicated goings-on, but also of being able to explain them in terms the lay reader can grasp.” —The Observer (London)

    “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.” —The New York Times

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    FAQs

    What is the book about the history of Goldman Sachs? ›

    Money and Power: How Goldman Sachs Came to Rule the World by William D. Cohan | Goodreads.

    What religion is the founder of Goldman Sachs? ›

    Marcus Goldman, the founder of Goldman Sachs, was born in Bavaria in 1821 to a Jewish family led by a peasant cattle drover. Marcus sailed to America as part of a wave of migration resulting from the European Revolutions of 1848 and antisemitism in Germany.

    How hard is it to get a job at Goldman Sachs? ›

    Goldman Sachs is the premier investment bank in the world. With an acceptance rate of roughly 4%, it's harder to get into Goldman than it is to get into Harvard or Yale. Let me share how to get a job at Goldman Sachs from someone who did.

    What is the Goldman Sachs scandal? ›

    The company has been criticized for lack of ethical standards, working with dictatorial regimes, close relationships with the U.S. federal government via a "revolving door" of former employees, and driving up prices of commodities through futures speculation.

    What is the history of Goldman Sachs group? ›

    With the addition of his son-in-law, Samuel Sachs, in 1882, and his son, Henry Goldman, in 1885, Marcus Goldman's enterprise became a partnership with a new name: Goldman, Sachs & Co. By the time the firm joined the New York Stock Exchange in 1896, Goldman Sachs was a leader in commercial paper sales.

    Did Warren Buffett save Goldman Sachs? ›

    Investment of $5 billion to Goldman Sachs

    In 2008, at the peak point of the global financial crisis, the legendary investor invested $5 billion in Goldman Sachs to strengthen the firm's capitalisation and liquidy in turbulent times. The then decision of Buffett has generated a return of roughly $3.1 billion for him.

    What was Goldman Sachs originally called? ›

    The firm adopts the name Goldman, Sachs & Co. to reflect the addition of Ludwig Dreyfuss as partner in 1888. In January 1888, accounting for the incorporation of Ludwig Dreyfuss as partner (another son-in law of Marcus Goldman), the firm changed its name from M. Goldman & Sachs to Goldman, Sachs & Co.

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