By William D. Cohan

From the bestselling, prize-winning writer of THE final TYCOONS and condominium OF playing cards, a revelatory historical past of Goldman Sachs, the main dominant, feared, and debatable funding bank in the world.

For a lot of its storied 142-year heritage, Goldman Sachs has projected a picture of being higher than its competitors--smarter, extra collegial, extra moral, and much extra ecocnomic. The firm--buttressed via the main competitive and complex p.r. computing device within the monetary industry--often boasts of "The Goldman Way," a enterprise version predicated on hiring the main proficient humans, indoctrinating them in a company tradition the place companions stifle their egos for the better sturdy, and honoring the "14 Principles," the 1st of that's "Our clients' pursuits regularly come first."

But there's differently of viewing Goldman--a secretive money-making desktop that has straddled the road among conflict-of-interest and legit deal-making for many years; an organization that has exerted undue impact over executive because the early a part of the 20 th century; an organization composed of "cyborgs" who're saved in line via an inner "reputational probability department" staffed by way of former CIA operatives and personal investigators; a office rife with brutal strength struggles; a Wall highway titan whose smart wager opposed to the loan industry in 2007--a guess now not printed to its clients--may have made the bankruptcy of the nice Recession worse.

As William D. Cohan indicates in his riveting chronicle of Goldman's upward push to the summit of global capitalism, the enterprise has proven a striking skill to climate monetary crises, congressional, federal and SEC investigations, and diverse proceedings, all with its attractiveness and its huge, immense gains intact. By reading millions of pages of presidency records, complaints, SEC filings, Freedom of data Act papers and different resources, and accomplishing over a hundred interviews, together with interviews with consumers, rivals, regulators, present and previous Goldman staff (including the six living males who've run Goldman), Cohan has built a brilliant narrative that appears in the back of the veil of secrecy to bare how Goldman has turn into so ecocnomic, and so powerful.

Part of the answer's the firm's assiduous cultivation of individuals in power--dating again to 1913, while Henry Goldman prompt the govt. on how the hot Federal Reserve, designed to supervise Wall road, can be constituted. Sidney Weinberg, who ran the company for 4 a long time, instructed presidents from Roosevelt to Kennedy and was once nicknamed "The Politician" for his behind-the-scenes friendships with executive officials.  Goldman executives ran fundraising efforts for Nixon, Reagan, Clinton and George W. Bush.  The enterprise showered profitable consulting or conversing charges on figures like Henry Kissinger and Lawrence Summers. Famously, and fatefully, Goldman leaders-- Robert Rubin and Henry Paulson--became Secretaries of the Treasury, the place their actions either prior to and during the monetary quandary of 2008 became the stuff of controversy and conspiracy theories.

Another significant strand within the firm's DNA is its eagerness to deal on each side of a transaction, eliding questions of clash of curiosity through the mere statement in their innate honesty and the Aristocracy, a chorus repeated time and again in its historical past, such a lot notoriously through present Goldman CEO Lloyd Blankfein's jesting statement that he was once doing "God's work."

As Michiko Kakutani's New York instances review of apartment OF playing cards acknowledged, "Cohan writes with an insider's wisdom of the workings of Wall road, a reporter's investigative instincts and a traditional storyteller's narrative command." In funds & energy, Cohan has marshaled a majority of these presents in a robust and definitive account of an establishment whose public claims of advantage glance greatly like ruthlessness whilst uncovered to the sunshine of day.

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