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The Partnership: The Making of Goldman Sachs
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eBay item number:306598831310
Item specifics
- Condition
- Brand New: A new, unread, unused book in perfect condition with no missing or damaged pages. See all condition definitionsopens in a new window or tab
- ISBN
- 9781594201899
About this product
Product Identifiers
Publisher
Penguin Publishing Group
ISBN-10
1594201897
ISBN-13
9781594201899
eBay Product ID (ePID)
65623256
Product Key Features
Book Title
Partnership : the Making of Goldman Sachs
Number of Pages
752 Pages
Language
English
Publication Year
2008
Topic
Banks & Banking, Industries / Financial Services, Corporate & Business History
Genre
Business & Economics
Format
Hardcover
Dimensions
Item Height
1.5 in
Item Weight
38 Oz
Item Length
9.6 in
Item Width
6.4 in
Additional Product Features
Intended Audience
Trade
LCCN
2008-025228
TitleLeading
The
Dewey Edition
22
Reviews
Just 10 days ago, Goldman Sachs chief executive Lloyd Blankfein made the stunning announcement -- during this season of jaw-dropping developments on Wall Street -- that the renowned investment-banking firm would morph into a traditional bank holding company, accepting onerous regulation in exchange for much-needed access to cash reserves. How could this happen to the country's most powerful investment bank? Charles D. Ellis's engaging history of the company, "The Partnership," provides some clues -- about Goldman Sachs and about Wall Street writ large. "The Partnership" follows the firm from its beginnings as a commercial- paper dealer in 1869 (essentially recruiting investors to extend lines of credit to companies) to its emergence as the world's pre-eminent financial- services firm. A much-debated decision to sell Goldman shares to the public in 1999 was a watershed event, perhaps encouraging riskier behavior than would have been tolerated by partners with their own capital at stake. Similarly, the explosion in proprietary trading profits in recent years -- from trades using the bank's own money -- propelled overconfident Goldman bankers to up their bets. Obviously, Mr. Ellis, a longtime consultant at Goldman, finished his chronicle before the big storm hit Wall Street. Still, his reporting suggests a company that, through well more than a century of investing and trading, has repeatedly found ways of reinventing itself, by exploiting the weakness of its rivals and by mastering new financial specialities -- e.g., block trading, corporate underwriting, commodities trading and arbitrage. Though recently transformed, Goldman is unlikely to slink away. Goldman's long ascent to Wall Street's first ranks began a century ago when Henry Goldman undertook to raise money for industrial enterprises, many of which were regarded as "Jewish" companies and shunned by the established Wall Street firms. Struggling to find investors for companies light on assets, Goldman hit on a novel concept for determining market value: earning power. In partnership with the well-capitalized Lehman Brothers, Goldman floated financing for companies that included United Cigar, Worthington Pump and Sears, Roebuck & Co. In an eerie forerunner of today's disasters, Waddill Catchings, Henry Goldman's successor, would very nearly destroy the firm in the 1920s by placing much of the partners' capital behind Goldman Sachs Trading Corp. This "investment trust" was an excessively leveraged and complex structure that collapsed when one of the subsidiary organizations was suddenly unable to pay a dividend. As Mr. Ellis writes: "Goldman Sachs Trading . . . became one of the largest, swiftest, and most complete investment disasters of the twentieth century." Out of the rubble emerged Sidney Weinberg, a street-smart kid from Brooklyn, who rebuilt Goldman's reputation and kept the company afloat through the largely unprofitable years from 1929 to the end of World War II. Taking advantage of Weinberg's dozens of powerful corporate directorships, Goldman became an underwriting powerhouse. From 1930 to 1969, Weinberg ruled the roost; his aversion to publicity became part of Goldman orthodoxy. He also had a healthy disdain for arrogance. As related by John Whitehead -- who worked at Goldman for more than three decades and eventually became co-chairman in the 1970s -- Weinberg bought up Phi Beta Kappa keys from pawnshops all over Brooklyn. "If he had a stuffed shirt going on and on for too long about something," Weinberg "would pull the wire full of PBK keys out of his drawer and say admiringly, 'Gee, you're so awfully smart, you should have one of these.' " Weinberg was followed by Gus Levy, a "shirtsleeves, no-frills guy" who pushed Goldman into the block trading of large groups of stocks or bonds. His strong work ethic and his belief in teamwork became a signatu, The book is rich with insider lore as well as the closed-door dramas of partnership clashes. [Ellis’s] experience graced him with a sure hand in writing about the world of traders, analysts and deal makers.” —New York Times Book Review At a time of economic uncertainty, Charles Ellis's banking history The Partnershipmay offer a kind of cathartic glance backward.” —The New York Sun Lively and engaging…Ellis sheds light on events through dialogue and descriptions of people’s thoughts and feelings” —Publishers Weekly Ellis, the author of 14 books and managing partner of Greenwich Associates, a strategy-consulting firm, here provides a history of Goldman Sachs, which is arguably the most profitable and powerful investment bank in the world today…Ellis has done a thorough job of researching the prestigious organization, providing a look at the many personalities that have made the famous name what it is today.” —Booklist illuminating…[Ellis] explicates with clarity and verve…He provides intriguing, specific descriptions of notable events…He offers astute character sketches of the principal players…Mapping the firm’s tangled loyalties and fiefdoms, Ellis paints a Darwinian portrait of fierce competitors who played people along with the markets.” —Kirkus Reviews In tracing its more than 100 years of history, Ellis follows a constant roller- coaster ride from life- threatening disasters to glorious triumphs and back again, showing all the while how an ever- growing penchant for risk propelled the firm into the new world of complex derivatives…At this moment, The Partnershipis a must-read.” —Barron’s, “The book is rich with insider lore as well as the closed-door dramas of partnership clashes. [Ellis’s] experience graced him with a sure hand in writing about the world of traders, analysts and deal makers.â€� — New York Times Book Review “At a time of economic uncertainty, Charles Ellis's banking history The Partnership may offer a kind of cathartic glance backward.â€� — The New York Sun “Lively and engaging&Ellis sheds light on events through dialogue and descriptions of people’s thoughts and feelingsâ€� — Publishers Weekly “Ellis, the author of 14 books and managing partner of Greenwich Associates, a strategy-consulting firm, here provides a history of Goldman Sachs, which is arguably the most profitable and powerful investment bank in the world today&Ellis has done a thorough job of researching the prestigious organization, providing a look at the many personalities that have made the famous name what it is today.â€� — Booklist “illuminating&[Ellis] explicates with clarity and verve&He provides intriguing, specific descriptions of notable events&He offers astute character sketches of the principal players&Mapping the firm’s tangled loyalties and fiefdoms, Ellis paints a Darwinian portrait of fierce competitors who played people along with the markets.â€� — Kirkus Reviews “In tracing its more than 100 years of history, Ellis follows a constant roller- coaster ride from life- threatening disasters to glorious triumphs and back again, showing all the while how an ever- growing penchant for risk propelled the firm into the new world of complex derivatives&At this moment, The Partnership is a must-read.â€� — Barron’s
Grade From
Twelfth Grade
Dewey Decimal
332.660973
Grade To
UP
Synopsis
With unparalleled access to the firmas enigmatic leadership, The Partnership chronicles the brilliant, men who built one of the worldas largest investment banks. Goldman Sachs is the most profitable and powerful investment bank in the world today. Fifty years ago it was a marginal family firm with limited prospects. How did it ascend to leadership in Europe, Asia, North and South America; make many, many partners fabulous fortunes; and become the leader in IPOs, M&A, FX, bond dealing, stockbrokerage, derivatives, hedge funds, private equity, and real estate? As a strategy consultant to Goldman Sachs for more than thirty years, Charles D. Ellis developed close relationships with many of the firmas past and present leaders around the world. In The Partnership he probes deeply into the most important chapters in the firmas history, revealing the key events and decisions that tell the colorful, character-driven story of how Goldman Sachs became what it is today. Ellis tells the illuminating stories of the great personalities who sowed the seeds of Goldman Sachsas success: from Sidney Weinberg, a junior high school drop out with a flair for markets; to Gus Levy, who brought a ferocious intensity to every minute of every workday; to John Whitehead, who wrote the core values that defined a culture of teamwork in serving clients; to the unpretentious John Weinberg, who was the quintessential relationship banker of his era; to Robert Rubin and Hank Paulson, who both became secretary of the treasury; to Governor Jon Corzine; and finally to current CEO and chairman of Goldman Sachs, Lloyd Blankfein. Starting as a sole proprietorship dealing in commercial paper in themid-nineteenth century, Goldman Sachs became an innovative underwriter; struggled to survive the crash and Depression, and came out of World War II to complete what was then the single most important transaction in Wall Streetas history: Ford Motor Companyas IPO. Goldman Sachs overcame a full set of dramatic perils: Penn Centralas bankruptcy, Robert Maxwellas abusive frauds, and insider trading scandals. Ellis demonstrates how the firmas core values, intensive recruiting, entrepreneurial creativity, and disciplined risk takingaincorporating technology and hard workalaid the foundations, multiplied the firmas resources and profits, and magnified its power until it became todayas Goldman Sachs: one of the most successful business organizations in the world.
LC Classification Number
HG4930.5.E45 2008
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