Goldman Sachs : The Culture of Success
by Lisa Endlich
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Book Summary Information
Author: Lisa EndlichEdition: Paperback
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2000-03-09
ISBN: 0684869683
Number of pages: 336
Publisher: Touchstone
Book Reviews of Goldman Sachs : The Culture of Success
Book Review: A good, but broad history on this firm
Summary: 4 Stars
I really wasn't sure what to expect from this book judging by the sub title of this book; "The Culture of Success." I sort of went in expecting something about how Goldman Sachs' culture was superior to others in a very detailed manner. That's really not what this book was; this was basically a pretty broad overview of the Goldman Sachs history. In retrospect I think I preferred it to be the firm's history than what I had initially thought it was would be. It does discuss how important culture was to the firms development though, so that was in the book, but it was more of a historical perspective overall.
The author takes you back to the beginning on how the firm began by running promissory notes in the late 1800's in New York. I thought this was fascinating since I knew next to nothing about the firm before delving into this book. Maybe that's why I enjoyed it so much, it was a wealth of new information for me. I thought Lisa Endlich did an excellent job in bringing the reader through the history. She brought us through the firm's humble beginnings all the way to the firms IPO in the late 90's when it was considered one of the most dominant power houses in the financial world.
One of the parts that I found to be the most interesting was some of the family history concerning the Goldman's and the Sachs' during the great depression and moving into World War II. The Goldman in one of the top positions at that time was extremely proud of being a German Jew and longed to retire back to Germany. Unfortunately history would not make this a pleasant situation since shortly after he returned to Germany Adolf Hitler was named Der Fuhrer. I couldn't help but feel bad for the man since, from what Lisa reports, he embodied a lot of elements that Hitler would respect in a person. Pride for ones homeland being the primary factor for what is important to Hitler. This is made very clear to anyone who sits down and actually reads "Mein Kampf." Goldman had to return to the U.S. quite disillusioned with everything.
For those interested in the history of markets the book also covers the time frame when the American firms tried to enter into the European market and all the difficulty that came from that. In the 1980's there were multiple scandals with traders, some of which hit home to the firm. She brings us through all the agonizing hardships and gives a pretty interesting inside look into the leaders at the time. It was interesting to note that Goldman Sachs was usually one of the last firms to make any move it deemed risky, but would let other firms go in and make mistakes. However, this kind of an attitude would have to change over time as the markets became even more competitive. The book finally closes with the discussions about Goldman Sachs issuing its first IPO (Initial Public Offering). This was a huge thing for a firm that had lasted as long as just a partnership. You get an inside look into the board meetings and what was going through the partners' heads during this major event in the company's life.
There isn't as much focus on the technical financial workings of Goldman Sachs, a few figures are quoted here and there. I did find some of the history here interesting, especially about the creation of Block Trading and Hedge Funds. These are things that are used throughout the market place today. However, if you're looking for some deeper financial workings on Goldman Sachs this isn't the book you want to pick up.
I thought this was a great read by the time I finished. I found it incredibly fascinating to see this firm develop throughout the years and didn't realize the immense impact it had on the market place. Some of the language use is great because it tells some of the more humorous parts, such as in the 1980's how investment bankers/traders were the most hated people in the country, lower than lawyers! I thought some of these little anecdotes were brilliant to include because it gave a slightly lighter mood to a read that could have been overly dry. I'll admit that this isn't a book that most lay readers will pick up, only those of us who are in the economics, business or investment fields. Sure some lay people may enjoy it, but I can't ignore the fact it's for a fairly specialized audience. I definitely recommend this if you're interested in reading a broad overview of the firm and its history since its inception.
Summary of Goldman Sachs : The Culture of Success
Goldman Sachs, the nation's leading investment firm, with a solid-gold reputation and a first-class list of clients, began as a family business in a lower Manhattan basement in 1869. The secrets behind the remarkable success of Goldman Sachs since then are revealed in unprecedented depth in this fascinating and authoritative narrative history of the firm.Former Goldman Sachs vice president Lisa Endlich draws on her insider's knowledge and access to all levels of management to bring to life a unique company that has long held its mystique intact. The most stunning accomplishments in modern American finance are explored through the story of how Goldman Sachs reached its summit.
Goldman Sachs: The Culture of Success provides a rare and revealing look inside an institution -- until recently the last private partnership on Wall Street -- and inside the financial world at its highest levels. Included here, in a new chapter, is a first look at the history behind the firm's landmark initial public offering.
Goldman Sachs brings you inside the rarefied boardrooms of one of the most secretive Wall Street banking giants. Begun by a German immigrant in the late 1800s as a small family-run business, Goldman Sachs rose to become the world's top investment bank in the 1990s, even without selling stock to the public. It attracted some of the best talent in the business and cultivated an image of superiority and exclusivity. "The Goldman Sachs mystique was born of secrecy and success. Nothing like it exists on Wall Street," writes the author, Lisa Endlich, a former vice president at the firm. But behind that mystique lie tales of being swindled by British media tycoon Robert Maxwell, multimillion-dollar losses on bad trades, and the on-again, off-again attempts to go public. The book begins and ends with the firm's efforts to go public and get greater access to capital. Most other brokerages are already publicly traded, but internecine conflict and financial turmoil always seem to prevent Goldman from joining the action. In September 1998, for instance, Goldman stunned investors when it dropped plans for a stock offering amid a plunge in the market. A management shakeup soon followed. Goldman Sachs is an intriguing history of the company that invented such financial tools as block trading, commercial paper, and risk arbitrage. The book can sometimes be critical, but is largely a favorable portrait by a former employee. --Dan Ring
Company Profiles Books
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