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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.
- Sales Rank: #11376706 in Books
- Published on: 2012
- Original language: English
- Number of items: 1
- Dimensions: 7.80" h x 1.14" w x 5.08" l, 1.15 pounds
- Binding: Paperback
- Informative, illuminating
Most helpful customer reviews
98 of 101 people found the following review helpful.
Inside scoop on the "giant vampire squid"
By Srikumar S. Rao
In his now famous - infamous? - Rolling Stone article Matt Taibbi refers to Goldman Sachs as a "...great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells of money." Cohan,whose earlier books gave you the inside scoop on Lazard Freres and Bear Stearns now turns his searchlight on Goldman Sachs, arguably one of the most powerful financial institutions that ever existed.
It is not really a Goldman "bashing" book but there is plenty of hard reporting that lead one to wonder how Goldman can get away with proclaiming itself to be a temple of team play and a firm where customer interests always come first. Team playing culture? Cohan gives you details about the unusually sharp knives that came out frequently in succession struggles from earlier days - Gus Levy clashing with Sid Weinberg - to more recent events - Hank Paulson ousting Jon Corzine - and paint a picture quite at variance with Goldman PR.
Customer comes first? Cohan reveals that way back in the sixties Goldman was sued for "...fraud, deception, concealment, suppression and false pretense..." in connection with the Penn Central fiasco. Creditors claimed that Goldman "...made promises and representations as to the future (of the company) which were beyond reasonable expectations and unwarranted by existing circumstances." You make up your mind about whether this was a disgruntled customer trying to splash mud or a depiction of Goldman's approach. It certainly was a harbinger of later developments such as the firms disingenuous statement that it was not "betting against its customers" during the sub-prime crisis but merely and prudently managing its risk profile. If you believe that may I interest you in a solid gold brick I found on Fifth Avenue the other day? I will let you have it real cheap because I like you.
Whether you like it or not Goldman executives - past and present - play larger than life roles on a global stage. Cohan gives you engaging details about the real person behind the persona. Did you know that Robert Rubin dropped out of Harvard Law to bum around Europe and persuaded the dean of the school to hold his admission for a year by getting a psychiatrist to testify that he was making a "reasonable" decision?
Cohan does a splendid job of describing how Goldman grew from a small but influential investment bank - and a partnership where the partners were liable to the full extent of their personal net worth - to the titan that it is today with the ability to shake the central banks of major nations and tentacles into the inner political circles of many countries and where Croesus may envy the amount of moolah the senior guys rake in with limited liability.
It is possible, indeed likely, that Goldman is actually the "good guy" in the field in which it plays and that its competitors are far worse in morality and tactics. And that, my friend, is the really scary story.
3 of 3 people found the following review helpful.
An evenhanded history, with insight into the unseen hand that drives the Masters of the universe
By Graham H. Seibert
The book is organized as a history, beginning with Marcus Goldman's arrival in Philadelphia and moveto New York. Cohan offers a convincing description of business in the era of the robber barons. Goldman of course was no robber baron - he was just a clever Jewish guy good at being the middleman - but his shrewdness in buying and selling commercial paper made him a wealthy man. The business also exposed him to the same kinds of moral dilemmas which face the business today. As an agent, did he have any responsibility for bogus promissory notes that he had brokered? It is similar to Goldman's much more recent problems with the ABACUS transactions in the housing meltdown.
The history of Goldman Sachs is a history of strong personalities and extraordinary ability. The story that the author conveys is that Goldman's uniqueness is in its ability to raise up incredibly capable people and to bind them to the company with an unusual degree of loyalty. It has done this by establishing ethical principles - sometimes honored in the breach, a very elaborate hiring process and a similarly rigorous system for pushing deadwood aside, partners included, and a system for providing outsized rewards.
Although Goldman and Sachs were Jewish, the firm was headed by ambitious Gentiles as early as the 1920s. The author speaks of the firm's DNA, which would seem to reflect Jewish cultural values, but it is clear that the firm is quick to recognize those values in people regardless of background. Recent presidents Jon Corzine and Hank Paulson were Gentiles from the middle West; Bob Rubin and Lloyd Blankfein happen to be Jewish. Blankfein is an archetype - a kid from a hardscrabble background who found his way into Goldman via the back door, but his talent could not be denied.
The book analyzes the tensions and moral issues facing Goldman itself and any Goldman employee. People are attracted to the firm by ego and ambition - it is known to be a place where you can make a great deal of money quickly. It is a crab pot of alpha males, ego confronting ego on a daily basis. The money becomes a marker, and this is the problem. Once one achieves a certain level of success, enough money to live well is no longer an issue. It is generally a competition in acquiring the trappings of great wealth, though there are exceptions. According to Cohan, Hank Paulson is one of those exceptions, and he spends a lot of effort analyzing Paulson's motivations, especially in contrast with John Thane and John Thornton.
In this era of Occupy Wall Street and other similar movements, this book should be a valuable background. The key players that Goldman are not born evil, but rather prisoners of the system, or you might even stretch to say victims of the system. There is no doubt that much of what they did is morally questionable, and certainly damaging to the economy. In writing legislation to attempt to right the situation one should understand the motivations of the players. Cohan analyzes them very well.
As an afterthought, Cohan's description of the way Jon Corzine ran Goldman should have made anybody wary of investing with him. Apparently history repeated itself in a spectacular way, as Corzine's lack of oversight led to the bankruptcy of MF Global, with $1.2 billion of client funds unaccounted for.
1 of 1 people found the following review helpful.
Entertaining education
By John Eberhart
It's fun to learn, and this book teaches. Cohen has a lively style, and his collection of stories and opinions about Goldman Sachs will keep you pressing on through this well-written 614-page book. You'll recognize many of the characters, and the brief bios of these alpha males force you to appreciate this select group of financial wizards.
The reporting captures the spirit of Goldman Sachs, warts and all, and there are many warts. You will come away with a deep wariness of anyone offering to handle your money for you. You are often seen as the patsy for someone else's sales objective.
Cohen's effort would have been improved by editing. As is typical with historians, there is a tendency to include too much detail just because it has been collected and typed up. And there is sometimes a whiff of repetitiveness, e.g., praise for Goldman's core values. There are no pictures.
Those quibbles aside, Money and Power is a worthwhile read. Investors and students of finance will benefit from the lessons Cohen presents. You'll be smarter at the end, and what more could you ask of a book?
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