Download PDF Goldman Sachs: The Culture of Success
Download PDF Goldman Sachs: The Culture of Success
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Goldman Sachs: The Culture of Success
Download PDF Goldman Sachs: The Culture of Success
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Amazon.com Review
Goldman Sachs brings you inside the rarefied boardrooms of one of the most secretive Wall Street banking giants. Begun by a German immigrant in the late 1800s as a small family-run business, Goldman Sachs rose to become the world's top investment bank in the 1990s, even without selling stock to the public. It attracted some of the best talent in the business and cultivated an image of superiority and exclusivity. "The Goldman Sachs mystique was born of secrecy and success. Nothing like it exists on Wall Street," writes the author, Lisa Endlich, a former vice president at the firm. But behind that mystique lie tales of being swindled by British media tycoon Robert Maxwell, multimillion-dollar losses on bad trades, and the on-again, off-again attempts to go public. The book begins and ends with the firm's efforts to go public and get greater access to capital. Most other brokerages are already publicly traded, but internecine conflict and financial turmoil always seem to prevent Goldman from joining the action. In September 1998, for instance, Goldman stunned investors when it dropped plans for a stock offering amid a plunge in the market. A management shakeup soon followed. Goldman Sachs is an intriguing history of the company that invented such financial tools as block trading, commercial paper, and risk arbitrage. The book can sometimes be critical, but is largely a favorable portrait by a former employee. --Dan Ring
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From Publishers Weekly
Goldman Sachs, in most years the most profitable investment bank in the country, also holds the distinction of being the last major partnership among investment banks on Wall Street with partners earning tens of millions of dollars. In workmanlike prose, former Goldman v-p Endlich traces the bumpy road the company took from its founding in 1885 to its current status as a leader in the financial world. She dutifully reports the major developments in the company's history, such as the rise of Sidney Weinberg, who led Goldman from 1930 to 1969, a period during which the company overcame a tarnished reputation and became a financial powerhouse. The most interesting section of the book deals with the infamous British media tycoon Robert Maxwell and Goldman's role as his principal financial adviser: although the firm was exonerated of any illegal activity with Maxwell and his companies, it took three years to settle the various lawsuits filed against the company. Endlich is the victim of bad timing: her lively account of Goldman management's decision to take the company public in the summer of 1998 is rendered somewhat moot by the fact that those plans were derailed by the sudden (and so far brief) bear market. And although Endlich predicts that Goldman management might revive the IPO under the right market conditions, Goldman suffered one of its worst quarters for the period ended November 30 when profits fell 81%. Photos not seen by PW. Agent, Gerri Thoma at the Elaine Markson Agency. Foreign rights sold in the U.K., Germany, Japan and Korea. Copyright 1999 Reed Business Information, Inc.
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Product details
Hardcover: 336 pages
Publisher: Knopf; 1 edition (February 9, 1999)
Language: English
ISBN-10: 0679450807
ISBN-13: 978-0679450801
Product Dimensions:
6.6 x 1.3 x 9.5 inches
Shipping Weight: 1.5 pounds (View shipping rates and policies)
Average Customer Review:
3.7 out of 5 stars
41 customer reviews
Amazon Best Sellers Rank:
#1,365,603 in Books (See Top 100 in Books)
This is probably one of my favorite books. I've read it several times. The bad reviews do not portray this book accurately and I think it should be rated more highly on Amazon. It is an excellent read for anyone wants to know more about the history and culture of Goldman Sachs.The book is very broad and analyzes the many success and failures of Goldman Sachs from its founding in 1869 up to the IPO in 1999. It does an excellent job of presenting the many challenges that Goldman Sachs faced over the decades and how senior management dealt with those challenges.The book contains a wealth of information regarding Goldman Sachs history as well as some biographical information, which is otherwise difficult to find.What I personally liked most is the highly personal and vivid descriptions the author gives of the senior partners who helped shape Goldman Sachs throughout the decades including the early Goldmans and Saches, Sidney Weinberg, Gus Levy, John Weinberg and John Whitehead, Robert Ruben and Stephen Friedman, Hank Paulson and Jon Corzine, etc.You really get a sense how they think during their tenure at the firm and how they operated the firm.It is one of my favorite books and I highly recommend it.
We all know last year profits at Goldman Sachs and the Big fat bonuses expected for its employees to receive. What is it that these guys do to obtain such level of profits?, well that was the reason to read this book. I never thought this book would be that interesting, the whole history of the Goldman and the Sachs, both jewish immigrants families, and the following consolidation of the firm along the years, its ups and downs, make this book an easy reading.The idea for me was also to understand a little about investment banking and other concepts such as equity trading, long term capital management and others. To tell you the truth, I need further reading but the spark is there and I want to learn more of this subject. I cannot finish this review by saying that also in this book you learn some of the aspects of running this big firm and few lessons of experience by some of the best in this field like Sidney Weinberg and Robert Rubin, both pillars of a company that now may be called a culture of success.
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 firms development though, so that was in the book, but it was more of a historical perspective overall.The author takes you back to the beginning on how the firm began by running promissory notes in the late 1800's in New York. I thought this was fascinating since I knew next to nothing about the firm before delving into this book. Maybe that's why I enjoyed it so much, it was a wealth of new information for me. I thought Lisa Endlich did an excellent job in bringing the reader through the history. She brought us through the firm's humble beginnings all the way to the firms IPO in the late 90's when it was considered one of the most dominant power houses in the financial world.One of the parts that I found to be the most interesting was some of the family history concerning the Goldman's and the Sachs' during the great depression and moving into World War II. The Goldman in one of the top positions at that time was extremely proud of being a German Jew and longed to retire back to Germany. Unfortunately history would not make this a pleasant situation since shortly after he returned to Germany Adolf Hitler was named Der Fuhrer. I couldn't help but feel bad for the man since, from what Lisa reports, he embodied a lot of elements that Hitler would respect in a person. Pride for ones homeland being the primary factor for what is important to Hitler. This is made very clear to anyone who sits down and actually reads "Mein Kampf." Goldman had to return to the U.S. quite disillusioned with everything.For those interested in the history of markets the book also covers the time frame when the American firms tried to enter into the European market and all the difficulty that came from that. In the 1980's there were multiple scandals with traders, some of which hit home to the firm. She brings us through all the agonizing hardships and gives a pretty interesting inside look into the leaders at the time. It was interesting to note that Goldman Sachs was usually one of the last firms to make any move it deemed risky, but would let other firms go in and make mistakes. However, this kind of an attitude would have to change over time as the markets became even more competitive. The book finally closes with the discussions about Goldman Sachs issuing its first IPO (Initial Public Offering). This was a huge thing for a firm that had lasted as long as just a partnership. You get an inside look into the board meetings and what was going through the partners' heads during this major event in the company's life.There isn't as much focus on the technical financial workings of Goldman Sachs, a few figures are quoted here and there. I did find some of the history here interesting, especially about the creation of Block Trading and Hedge Funds. These are things that are used throughout the market place today. However, if you're looking for some deeper financial workings on Goldman Sachs this isn't the book you want to pick up.I thought this was a great read by the time I finished. I found it incredibly fascinating to see this firm develop throughout the years and didn't realize the immense impact it had on the market place. Some of the language use is great because it tells some of the more humorous parts, such as in the 1980's how investment bankers/traders were the most hated people in the country, lower than lawyers! I thought some of these little anecdotes were brilliant to include because it gave a slightly lighter mood to a read that could have been overly dry. I'll admit that this isn't a book that most lay readers will pick up, only those of us who are in the economics, business or investment fields. Sure some lay people may enjoy it, but I can't ignore the fact it's for a fairly specialized audience. I definitely recommend this if you're interested in reading a broad overview of the firm and its history since its inception.
I'm an I-Banker with a regional firm and do some business with Goldman. This is a very dry historical book but it is a subject with which I have knowledge and an interest. I enjoyed this book. For history buffs this is an excellent book giving background of a historical perspective of how this company was initially built on excellent commercial paper execution. Also, their troubles at the 1929 stock crash and the lingering effect on the firm are of interest. This book also does a great job describing the management personalities, what they did well and in some cases the problems they caused. Other significant events covered are the Penn railroad failure and the early 90 red ink from lack of control in proprietary trading.This is/was an excellent firm to analyze as it struggled with its partnership structure before finally relenting to go public in 98. For finance buffs, this is a very worthwhile read.
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