Download Money and Power: How Goldman Sachs Came to Rule the World by William D. Cohan PDF
By William D. Cohan
From the bestselling, prize-winning writer of THE final TYCOONS and residence 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 greater than its competitors--smarter, extra collegial, extra moral, and much extra ecocnomic. The firm--buttressed by means of the main competitive and complicated p.r. computer 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 larger stable, and honoring the "14 Principles," the 1st of that is "Our clients' pursuits regularly come first."
But there's otherwise of viewing Goldman--a secretive money-making computing device that has straddled the road among conflict-of-interest and bonafide deal-making for many years; an organization that has exerted undue effect over govt because the early a part of the twentieth century; an organization composed of "cyborgs" who're stored in line by means of an inner "reputational probability department" staffed by means of former CIA operatives and personal investigators; a place of work rife with brutal energy struggles; a Wall highway titan whose shrewdpermanent guess opposed to the loan marketplace in 2007--a guess no longer published to its clients--may have made the financial disaster of the nice Recession worse.
As William D. Cohan exhibits in his riveting chronicle of Goldman's upward thrust to the summit of worldwide capitalism, the company has proven a impressive skill to climate monetary crises, congressional, federal and SEC investigations, and diverse proceedings, all with its acceptance and its huge, immense earnings intact. By reading hundreds of thousands of pages of presidency records, lawsuits, SEC filings, Freedom of knowledge 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 developed a vibrant narrative that appears at 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 suggested the govt. on how the recent Federal Reserve, designed to supervise Wall highway, might be constituted. Sidney Weinberg, who ran the enterprise for 4 a long time, steered presidents from Roosevelt to Kennedy and used to be nicknamed "The Politician" for his behind-the-scenes friendships with govt officials. Goldman executives ran fundraising efforts for Nixon, Reagan, Clinton and George W. Bush. The company showered profitable consulting or talking 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 earlier than and during the monetary drawback 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 heritage, so much notoriously by way of present Goldman CEO Lloyd Blankfein's jesting statement that he used to be doing "God's work."
As Michiko Kakutani's New York occasions review of condominium OF playing cards acknowledged, "Cohan writes with an insider's wisdom of the workings of Wall road, a reporter's investigative instincts and a common storyteller's narrative command." In cash & strength, Cohan has marshaled some of these presents in a robust and definitive account of an establishment whose public claims of advantage glance a great deal like ruthlessness while uncovered to the sunshine of day.
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Additional resources for Money and Power: How Goldman Sachs Came to Rule the World
14 15 16 17 34 CRITICAL ESSAYS ON PSYCHOANALYSIS I gather from the literature that the theory of infantile sexuality is badly battered. I remember when I first came across the Oedipus complex. Although I thoroughly detested my father, I could not then, or since, find any trace in my unconscious of a desire to murder him in order to replace him in my mother's bed. Others, like William Ellery Leonard (125), in spite of persistent effort, could find no sexual factor in their neuroses. When I lately returned to my interest in matters of pathological psychology, I was much puzzled by this complex.
When I lately returned to my interest in matters of pathological psychology, I was much puzzled by this complex. It did not seem to me to fit the Greek myth. Oedipus Rex used to be one of my favorite tragedies. During my student days in Paris, I went often to see it played at the Comédie française, just as Freud did. So I got a big book by Mullahy (143) from the library and ploughed laboriously through it. It was clear as m u d b u t it cover de groun' A n ' de confusion m a d e m e brain go r o u n \ So, like Belafonte's Man Piaba, I sought further and found that not only Horney and Fromm (75) had doubts about the Oedipus complex, but also many others (79).
In the specific instance of psychoanalysis there has been a great reluctance, says Oberndorf (147), on the part of the analysts to submit data. This has been confirmed by the Psychoanalytical Association (37). D . Levy (126) in his Academic Lecture tells of a social worker who was totally uninterested in the results of her therapy. This one may understand of a social worker, but why should physicians react in that way? " Could it be that he fears definite confrontation with failures would shatter his faith in his method and thus impair his efficiency?