Money and Power

Money and Power: How Goldman Sachs Came to Rule the World is a comprehensive examination of one of Wall Street's most powerful institutions, from its humble beginnings to its dominant position in global finance. Author William D. Cohan draws from extensive research and interviews to reconstruct the key moments and decisions that shaped Goldman Sachs over generations. The narrative tracks the firm's evolution through its major historical periods, including its founding, the Great Depression, post-war expansion, and modern era. Cohan explores the leadership transitions, strategic shifts, and cultural transformations that marked each phase of Goldman's development into a global financial powerhouse. The book examines Goldman's handling of various financial crises, its complex relationships with governments and regulators, and its controversial role in the 2008 financial crisis. The internal dynamics, power struggles, and decision-making processes within the firm are revealed through detailed accounts from insiders and observers. This work offers insights into how institutional culture, human ambition, and the pursuit of profit have shaped not just Goldman Sachs, but modern financial capitalism itself. The intersection of money and power emerges as a central theme throughout the firm's history.

Readers found this detailed history of Goldman Sachs informative but dense. The 658-page length contains extensive research and insider perspectives that paint a thorough picture of the firm's operations and culture. Liked: - Deep investigative reporting and access to key figures - Clear explanations of complex financial transactions - Chronicles both successes and controversies objectively - Strong focus on personalities and internal dynamics Disliked: - Too long and repetitive for casual readers - Gets bogged down in granular details - Early chapters move slowly - Some readers wanted more analysis of 2008 crisis Ratings: Goodreads: 3.8/5 (1,200+ ratings) Amazon: 4.1/5 (180+ ratings) "Thorough but could have been edited down significantly" - Common theme in Amazon reviews "Great for finance professionals but overwhelming for general audience" - Goodreads reviewer Several readers noted it works better as a reference book than a straight-through read.

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🏦 Goldman Sachs was founded in 1869 by Marcus Goldman, who started by buying and selling promissory notes in New York's Diamond District 💼 William D. Cohan spent 17 years on Wall Street, including six years at Lazard Frères and three years at Merrill Lynch, before becoming a financial journalist 📈 During the 2008 financial crisis, Goldman Sachs received a $10 billion bailout from the U.S. government, which it repaid with interest in June 2009 👔 The firm's tradition of only promoting partners from within (until 1999) created one of the most competitive and coveted career tracks on Wall Street 🌐 Goldman Sachs made history in 1906 when it managed one of the largest IPOs of its time - Sears, Roebuck & Co., valued at $40 million ($1.2 billion in today's dollars)