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

2017-03-18 
The bestselling author of the acclaimed House of Cards and The Last Tycoons turns his spotlight on t
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Money and Power: How Goldman Sachs Came to Rule the World

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.

网友对Money and Power: How Goldman Sachs Came to Rule the World的评论

A very detailed but interesting history of Goldman Sachs. When a 600 page book can keep your interest right through its entire reading, you can be sure you are in the hand of a masterful writer. My only complaint is that the writer skims over details on most of the financial innovations Wall Street thinks up to increase its earnings. The writer probably does that to keep the book interesting but readers will be left mystified. If not for the excellent book, All the Devils Are Here by Bethany McLean and Joe Nocera, I would have found the later portions of Money and Power frustrating as they deal with the confusing world of derivatives. I think writers should not underestimate the capability and interest of their readers, especially those who would spend their time reading 600 pages about an investment bank.

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?

Cohan must be heralded for his indepth analysis of Goldmans' history and prowess. As an avid reader of Finance (Wall St. as a central interest) I found this book to have a huge matter of investigative narrative. At times it was dry, some times it was salacious, but overall a must read. Add this title to your ever growing GS/LTCM/ QE induced mania, etc. etc. library .

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