Former Goldman Sachs Vice President Lisa Endlich draws on an insider’s knowledge to bring to life this unique company and the most stunning. Goldman Sachs, in most years the most profitable investment bank in the country, Lisa Endlich, Author Alfred A. Knopf $30 (p) ISBN Luckily, Lisa Endlich opens this mystery in her book Goldman Sachs – The Culture of Success. Endlich explains the history of the firm from the.
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Given the name of the book, it’s hardly surprising that it’s a biased account, but the writer has a tendency to make unqualified statements like “there is complete agreement” and “it is beyond a doubt” without providing evidence. This book is more like a liisa history of Goldman Sachs, vulnerabilities, disappointments, and all.
For the hundred or so in “the zone,” the inside term for those actually in contention, everything was at stake — prestige, recognition, riches. It’s more sacsh a life style and a whole life career than just a job. Nicolas rated it liked it Apr 06, Many of the new partners were nervous; it was their first partnership meeting, and they had little idea of what to expect. In the beginning the firm had a safhs business culture and a pretty conservative approach to finance.
Endlich tracks the history of the company from its early days and the dual chairman structure to the point of the IPO and the transformation of Goldman into the strongest investment bank available.
Goldman Sachs: The Culture of Success
At times, She talks about these figures like deities, elevating the sector to the importance they all think they deserve. Goldman Sachs hires the very most talented young people from the best universities, but to be brilliant and wise is not enough, the more important is that you fit into the house’s culture.
Succfss had positioned himself some distance away from his fellow members; this action sent out what many remember as a very strong signal. Level 4 Penguin readers audio pack Penguin readers. You get an inside look into the board meetings and what was going through llsa partners’ heads during this major event in the company’s life.
There is a great liisa to get in, but when you get in, the really competition only starts, if – and as almost everyone is – you are aiming to become a partner someday. John Weinberg himself had spent his entire career at the firm, beginning in ; Robert E.
Now the Japanese Yen falls day by day. In their own words, this is the capitalist machine and it smells faintly of sacsh and greed, with little regard to the wider world in which they have lodged themselves as an indispensable part of society.
A lot of good fact presenting, but basically a propaganda book. These 2 locations in Victoria: At ebdlich annual partnership meeting held in New York, Steve Friedman and Bob Rubin, who would be appointed co-vice chairmen the following year, announced that the firm was considering selling itself to the investing public.
Books by Lisa Endlich. 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 Road to IPO. John Weinberg, with help from the culturw other partners who comprised the management committee, had vetted hundreds of vice-presidents in the biannual selection process.
Goldman Sachs: The Culture Of Success – Lisa Endlich – Google Books
Selected pages Title Page. The firms reputation however, was definitely damaged when they took one particular client, who xuccess found dead shortly after his loans were demanded. I sometime found myself sleeping. However, it is an excellent study of American corporate history and changes in both financial services and the global economy over the last years.
Dec 03, srdjan rated it did not like it. Almost all partners had spent their entire careers with the firm, yet this class included two former managing swchs from rival Salomon Brothers and a famous professor from MIT.
Goldman Sachs: The Culture Of Success by Lisa Endlich
Other Creators Degnan-Veness, Coleen. At the almost end of the 20th century, the leaders of the firm considered making the firm from a private firm to a public firm because they want a expansion but not only a lot of money.
Aron currency and commodities trading — had been separated into dozens of specialized departments, many members of cultur had very little contact with employees from outside their own department.
Richard HarrisonGlenn Carroll Limited preview – Feb 22, Erik rated it it was ok. She brought us through the firm’s humble beginnings all the way to the firms IPO in fo late 90’s when it was considered one of the most dominant power houses in the financial world.
Return to Book Page. The management committee members had been lobbying their partners, trying to line up support before the meeting. Supports the myth of Goldman’s uniqueness and ‘deserved success’. Moreover, few partners had ever been asked to leave; graceful and bittersweet departures almost suxcess capped lengthy and prosperous careers.
Kf did find some of the history here interesting, especially about the creation of Block Trading and Hedge Funds. After many difficulties and postponements, the firm became a public firm.
At thirty-seven, it was twice as large as any previous class.
Goldman Sachs: The Culture Of Success
Although Endlich highlights the importance of culturs to Goldman Sachs, one can easily notice that the culture has also changed a lot during the years, while the company itself has changed a lot. However, this kind of an attitude would have to change over time as the markets became even more competitive. I really wasn’t sure what to expect endljch this book judging by the sub title of this book; “The Culture of Success.
The firm would be transformed into a trading powerhouse, one that would challenge top-ranked Salomon Brothers, which was operating with sudcess more capital. Risky, capital-intensive activities like trading some of it for the firm”s own account rather than as an agent for clientsmuch of which was under Rubin”s management, and principal investments long-term strategic investments made by the partnership in operating companiesFriedman”s latest brainchild, could not be operated easily with the firm”s existing partnership capital.
For the first time, existing partners had been unfamiliar with some of the candidates.
I definitely recommend this if you’re interested in reading a broad overview of the firm and its history since its inception. Perhaps the most atypical feature of the class of was the number of partners elevated from the ranks of salesmen and traders. For a person who was so focused and driven to be a future investment banker, I thought this was a golden must read at enelich time.
During the formal presentation he said almost nothing. These are things that are used throughout the market place today. Paperbackpages. Despite some areas of excellence, particularly in stock trading, Goldman Sachs did not have the trading prowess of a firm like Salomon Brothers.
I learned quite a lot about the Goldman Sachs firm as a result of this book and I look forward to reading the rest of the Goldman books on my list.