Money and Power: How Goldman Sachs Came to Rule the World (eBook)


Description


From the bestselling, prize-winning author of HOUSE OF CARDS, a revelatory history of Goldman Sachs, the most dominant, controversial and feared investment bank in the world 
 
Goldman Sachs has always projected an image of being better than its competitors. The firm—buttressed by an aggressive and sophisticated PR machine—often boasts of "The Goldman Way," a business model predicated on hiring the most talented people, indoctrinating them in a corporate culture of “the greater good,” and honoring the 14 Principles, the first of which is "Our clients' interests always come first."
 
But there is another way of viewing Goldman -- a secretive money-making machine that has straddled the line between conflict-of-interest and legitimate deal-making for decades; a firm that has exerted undue influence over government since the early part of the 20th century; 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 Great Recession worse.
 
The firm has also shown a remarkable ability to weather financial crises, congressional, federal and SEC investigations, and numerous lawsuits, all with its reputation and enormous profits intact.  By reading thousands of pages of government documents and conducting over 100 interviews, including those with clients, competitors, regulators, current and former Goldman employees (as well as the six living men who have run Goldman), Cohan has constructed a vivid narrative that looks behind the veil of secrecy to reveal how Goldman has become so profitable, and so powerful.
 
 
William D. Cohan is the author of the New York Times bestsellers House of Cards and The Last Tycoons, which won the 2007 FT/Goldman Sachs Business Book of the Year Award.  He writes frequently for Vanity Fair, The New York Times, The Financial Times, Fortune, The Atlantic, and the Washington Post.  A former investment banker, Cohan is a graduate of Duke University, Columbia University’s School of Journalism and Graduate School of Business.

About the Author


William D. Cohan is the author of the New York Times bestsellers House of Cards and The Last Tycoons, which won the 2007 FT/Goldman Sachs Business Book of the Year Award. He is a contributing editor at Vanity Fair, has a weekly opinion column in Bloomberg View, and writes frequently for Fortune, The Atlantic, Art News, BloombergBusinessWeek, The New York Times, The Financial Times, The Irish Times and The Washington Post, among other publications. He also is a contributing editor on Bloomberg Television and a frequent on-air contributor to MSNBC, CNN and CNBC. A former investment banker, Cohan is a graduate of Duke University, Columbia University School of Journalism and the Columbia University Graduate School of Business.

Praise for Money and Power: How Goldman Sachs Came to Rule the World…


“[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

Product Details ISBN-13: 9780385534970
Published: Doubleday, 04/12/2011
Language: en


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