Money and Power: How Goldman Sachs Came to Rule the World How Goldman Sachs Came to Rule the World, William D. Cohan
  • List: $35.00  |  Sale: $24.50
    Club: $17.50
    • Facebook Share
    • Twitter Share
    • Pinterest Share

Details

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

Author: William D. Cohan

Narrator: Rob Shapiro

Unabridged: 30 hr 6 min

Format: Digital Audiobook

Publisher: Random House Audio

Published: 04/12/2011

Genre: Business & Economics - Corporate & Business History

Synopsis

From the bestselling, prize-winning author of THE LAST TYCOONS and HOUSE OF CARDS, a revelatory history of Goldman Sachs, the most dominant, feared, and controversial investment bank in the world 
 
For much of its storied 142-year history, Goldman Sachs has projected an image of being better than its competitors--smarter, more collegial, more ethical, and far more profitable. The firm--buttressed by the most aggressive and sophisticated p.r. machine in the financial industry--often boasts of "The Goldman Way," a business model predicated on hiring the most talented people, indoctrinating them in a corporate culture where partners stifle their egos for the greater good, and honoring the "14 Principles," the first of which is "Our clients' interests always come first."
 
But there is another way of viewing Goldman--a secretive money-making machine that has straddled the line between conflict-of-interest and legitimate deal-making for decades; a firm that has exerted undue influence over government since the early part of the 20th century; a company composed of "cyborgs" who are kept in line by an internal "reputational risk department" staffed by former CIA operatives and private investigators; a workplace rife with brutal power struggles; a Wall Street titan whose clever bet against the mortgage market in 2007--a bet not revealed to its clients--may have made the financial ruin of the Great Recession worse.
 
As William D. Cohan shows in his riveting chronicle of Goldman's rise to the summit of world capitalism, the firm has shown a remarkable ability to weather financial crises, congressional, federal and SEC investigations, and numerous lawsuits, all with its reputation and its enormous profits intact. By reading thousands of pages of government documents, court cases, SEC filings, Freedom of Information Act papers and other sources, and conducting over 100 interviews, including interviews with clients, competitors, regulators, current and former Goldman employees (including the six living men who have run Goldman), Cohan has constructed a vivid narrative that looks behind the veil of secrecy to reveal how Goldman has become so profitable, and so powerful.
 
Part of the answer is the firm's assiduous cultivation of people in power--dating back to 1913, when Henry Goldman advised the government on how the new Federal Reserve, designed to oversee Wall Street, should be constituted. Sidney Weinberg, who ran the firm for four decades, advised presidents from Roosevelt to Kennedy and was nicknamed "The Politician" for his behind-the-scenes friendships with government officials.  Goldman executives ran fundraising efforts for Nixon, Reagan, Clinton and George W. Bush.  The firm showered lucrative consulting or speaking fees on figures like Henry Kissinger and Lawrence Summers. Famously, and fatefully, two Goldman leaders-- Robert Rubin and Henry Paulson--became Secretaries of the Treasury, where their actions both before and during the financial crisis of 2008 became the stuff of controversy and conspiracy theories. 
 
Another major strand in the firm's DNA is its eagerness to deal on both sides of a transaction, eliding questions of conflict of interest by the mere assertion of their innate honesty and nobility, a refrain repeated many times in its history, most notoriously by current Goldman CEO Lloyd Blankfein's jesting assertion that he was doing "God's work."
 
As Michiko Kakutani's New York Times review of HOUSE OF CARDS said, "Cohan writes with an insider's knowledge of the workings of Wall Street, a reporter's investigative instincts and a natural storyteller's narrative command." In MONEY & POWER, Cohan has marshaled all these gifts in a powerful and definitive account of an institution whose public claims of virtue look very much like ruthlessness when exposed to the light of day.
 
 

 




From the Hardcover edition.

Recommended

American Icon Alan Mulally and the Fight to Save Ford Motor Company, Bryce G. Hoffman
American Icon
by Bryce G. Hoffman

At the end of 2008, Ford Motor Company was just months away from running out of cash. With the auto industry careening toward ruin, Congress offered all three Detroit automakers a bailout. General Motors and Chrysler grabbed the taxpayer lifeline, b...

Narrator: Pete Larkin
Published: 06/04/2012

King of Capital The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone, David Carey
King of Capital
by David Carey

The financial establishment—banks and investment bankers, such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, and Morgan Stanley—were the cowboys, recklessly assuming risks, leveraging up to astronomical levels, a...

Narrator: George K. Wilson
Published: 12/02/2010

Business Adventures Twelve Classic Tales from the World of Wall Street, John Brooks
Business Adventures
by John Brooks

From Wall Street to Main Street, John Brooks, longtime contributor to the New Yorker, brings to life in vivid fashion twelve classic and timeless tales of corporate and financial life in America. What do the $350 million Ford Motor Company disaster ...

Narrator: Johnny Heller
Published: 08/26/2014

Billion Dollar Whale The Man Who Fooled Wall Street, Hollywood, and the World, Bradley Hope
Billion Dollar Whale
by Bradley Hope

The "extraordinary" (Financial Times) instant New York Times bestseller exposing how a "modern Gatsby" swindled over $5 billion with the aid of Goldman Sachs and others--a "must read" (Booklist) tale of finance run amok and "the heist of the centur...

Narrator: Will Collyer
Published: 09/18/2018

The Golden Passport Harvard Business School, the Limits of Capitalism, and the Moral Failure of the MBA Elite, Duff McDonald
The Golden Passport
by Duff McDonald

A riveting and timely intellectual history of one of our most important capitalist institutions, Harvard Business School, from the bestselling author of The Firm.With The Firm, financial journalist Duff McDonald pulled back the curtain on consultin...

Narrator: George Newbern
Published: 04/25/2017

The Everything Store Jeff Bezos and the Age of Amazon, Brad Stone
The Everything Store
by Brad Stone

The definitive story of Amazon.com, one of the most successful companies in the world, and of its driven, brilliant founder, Jeff Bezos. Amazon.com started off delivering books through the mail. But its visionary founder, Jeff Bezos, wasn't content...

Narrator: Pete Larkin
Published: 10/15/2013

Salt Sugar Fat How the Food Giants Hooked Us, Michael Moss
Salt Sugar Fat
by Michael Moss

NAMED ONE OF THE BEST BOOKS OF THE YEAR BY The Atlantic • The Huffington Post • Men’s Journal • MSN (U.K.) • Kirkus Reviews • Publishers Weekly#1 NEW YORK TIMES BESTSELLER • WINNER OF THE JAMES BEARD FOUNDATION AW...

Narrator: Scott Brick
Published: 02/26/2013

The John Deere Way, David Magee
The John Deere Way
by David Magee

Renowned business author David Magee fuses both the interesting history and philosophy of one of America’s most well-known companies in this entertaining aid for business management. While other American businesses are crumbling under low-cost...

Narrator: Thomas Penny
Published: 10/06/2006

Creating Magic 10 Common Sense Leadership Strategies from a Life at Disney, Lee Cockerell
Creating Magic
by Lee Cockerell

“It’s not the magic that makes it work; it’s the way we work that makes it magic.”The secret for creating “magic” in our careers, our organizations, and our lives is simple: outstanding leadership—the kind t...

Narrator: Lee Cockerell
Published: 10/14/2008
{"id":"318401","ean":"9780307939913","abr":"Unabridged","title":"Money and Power: How Goldman Sachs Came to Rule the World","subtitle":"How Goldman Sachs Came to Rule the World","author":"William D. Cohan","rating_average":"3.5","narrator":"Rob Shapiro","ubr_id":"318401","abr_id":"0","ubr_price":"35.00","abr_price":"0.00","ubr_memprice":"22.75","abr_memprice":"0.00","ubr_narrator":"Rob Shapiro","abr_narrator":"","ubr_length":"Unabridged: 29 hr 40 min","abr_length":"Abridged: "}