Rating: 
Summary: Goldman Sachs : The Culture of Success
Review: A former Goldman, Sachs vice president offers an assessment of the investment bank, until recently Wall Street's last major private partnership.
Rating: 
Summary: Great Historical Review
Review: Although it is clear from Ms. Endlich's tone that she nearly workships everything about Goldman Sachs, this is a well researched and competently written book. It covers in detail the history of the bank, paints portraits of some of the key players in some detail and presents a compelling overall picture of the bank's history.Where the book falls short is in its financial and overall business details (compare to "The House of Rothschild" by Niall Ferguson). Overall, and interesting and insightful read.
Rating: 
Summary: Adequate history, not enough critical analysis
Review: An unauthorized (?) history of the venerable investment bank Goldman Sachs & Co. From its founding by a Jewish peddler to a global financial powerhouse, Goldman Sachs has seen lots of ups and downs which are documented by this book. Written by a former Goldman vice president, the book has more praises for the firm than criticism. All too often it sounds not critical enough of the firm's mistakes. If you come here for insight on how Goldman became successful as a business, you'll be disappointed.
Rating: 
Summary: Propoganda and Pumped up
Review: As one of the most successful Wall Street titans, Goldman Sachs has a history of empowering very smart and dedicated people. This is that story. It addresses the personalities and culture that drives Goldman to success. For anyone interested in the financial markets, it is a joy to read. Some things I did not know: 1) GS focuses on the client and maintains a long-term focus. Long-term greed. 2) During the 1980's, GS set itself apart from its competitors when they refused to represent any company that was the aggressor in a hostile takeover. As such, they billed enormous business as a "defense" investment bank. (pg 19) 3) "You cannot just be an employee. The firm demands that you be a contributor." (pg 21) 4) There is a culture of understatement. "A mild shabbiness seems to be almost a status symbol." (pg 25) The main office does not say Goldman Sachs on the front. It just reads the first two numbers of the address: 85. 5) GS started out as a family firm specializing in commercial paper. By the 1960's, it was handling 50% of the country's commercial paper. (pg 34) 6) GS was almost ruined when it was involved in the speculating leading up to the crash of 1929. The investors lost 92% of their investment in the infamous GSTC investment trust. 7) Sidney Weinberg is considered the father of modern Goldman Sachs. (pg 49) He worked at Goldman for more than 50 years and started out as a helper to the porter: cleaning shoes, and brushing hats. 8) Gus Levy became the next senior partner in 1969. Levy was from trading, not banking, and would "prepare the company for the trading-oriented work of the 1980's." (pg 63) 9) The next leadership was in teams: John Weinberg & John Whitehead, then Steve Friedman & Robert Rubin, then Hank Paulson & John Corzine. 10) In the 1980's, the profit centers were M&A and arbitrage. 11) Historically, GS was known for its excellent people, but not its innovation. One JP Morgan banker said that GS bankers were incredibly good, but predictable. 12) Partners were making incredible money in the 1990's, but naturally the competition was fierce: 4000 Vice presidents competing for 32 partner seats. (pg 135) 13) Numerous stories of GS's great traders (Becerra, O'Brien etc...) and how they would make $80 million in trading profits one month, then lose $100 million just one month later. At times, the speculation would get out of hand. One person commented that GS's London trading desk was "testosterone alley." (pg 192) 14) In early 1994, the firm was in a crisis. Its top management had stepped down and the company was losing $200 million a month due to heavy trading losses and a bear market. (pg 202) 15) GS invented, and still dominates, the block trading market. Great story: Kuwaiti Investment Office (KIO) gives three investment banks one hour to price $2 billion of British Petroleum (BP) stock. GS wins the bids, transacts the stock smoothly and gains a reputation as the firm able to handle block trades. (pg 248) 16) Paulson said, "Good firms worry about competition, great companies worry about clients" (pg 250)
Rating:
Summary: Why Goldman Sachs Is a Success: People
Review: As one of the most successful Wall Street titans, Goldman Sachs has a history of empowering very smart and dedicated people. This is that story. It addresses the personalities and culture that drives Goldman to success. For anyone interested in the financial markets, it is a joy to read. Some things I did not know: 1) GS focuses on the client and maintains a long-term focus. Long-term greed. 2) During the 1980's, GS set itself apart from its competitors when they refused to represent any company that was the aggressor in a hostile takeover. As such, they billed enormous business as a "defense" investment bank. (pg 19) 3) "You cannot just be an employee. The firm demands that you be a contributor." (pg 21) 4) There is a culture of understatement. "A mild shabbiness seems to be almost a status symbol." (pg 25) The main office does not say Goldman Sachs on the front. It just reads the first two numbers of the address: 85. 5) GS started out as a family firm specializing in commercial paper. By the 1960's, it was handling 50% of the country's commercial paper. (pg 34) 6) GS was almost ruined when it was involved in the speculating leading up to the crash of 1929. The investors lost 92% of their investment in the infamous GSTC investment trust. 7) Sidney Weinberg is considered the father of modern Goldman Sachs. (pg 49) He worked at Goldman for more than 50 years and started out as a helper to the porter: cleaning shoes, and brushing hats. 8) Gus Levy became the next senior partner in 1969. Levy was from trading, not banking, and would "prepare the company for the trading-oriented work of the 1980's." (pg 63) 9) The next leadership was in teams: John Weinberg & John Whitehead, then Steve Friedman & Robert Rubin, then Hank Paulson & John Corzine. 10) In the 1980's, the profit centers were M&A and arbitrage. 11) Historically, GS was known for its excellent people, but not its innovation. One JP Morgan banker said that GS bankers were incredibly good, but predictable. 12) Partners were making incredible money in the 1990's, but naturally the competition was fierce: 4000 Vice presidents competing for 32 partner seats. (pg 135) 13) Numerous stories of GS's great traders (Becerra, O'Brien etc...) and how they would make $80 million in trading profits one month, then lose $100 million just one month later. At times, the speculation would get out of hand. One person commented that GS's London trading desk was "testosterone alley." (pg 192) 14) In early 1994, the firm was in a crisis. Its top management had stepped down and the company was losing $200 million a month due to heavy trading losses and a bear market. (pg 202) 15) GS invented, and still dominates, the block trading market. Great story: Kuwaiti Investment Office (KIO) gives three investment banks one hour to price $2 billion of British Petroleum (BP) stock. GS wins the bids, transacts the stock smoothly and gains a reputation as the firm able to handle block trades. (pg 248) 16) Paulson said, "Good firms worry about competition, great companies worry about clients" (pg 250)
Rating:
Summary: Insightful!
Review: Author Lisa Endlich begins her saga about Goldman Sachs, one of the world's premier investment banks, with its unexpectedly modest roots and leads readers through an enlightening history of the firm, enhanced by her sharp eye for telling details. For instance, she describes partner Bob Rubin's tattered briefcase to illustrate the understatement favored at the firm. Yet Endlich, a former Goldman Sachs trader, isn't the clear-eyed observer that a journalist might be. She doesn't shy away from the difficult parts of Goldman Sachs' history, but she does sacrifice a bit of credibility by expecting her readers to swallow the firm's "client-always-comes-first" party line. And who ever heard of an ego-less banker? At Goldman no less! Despite Endlich's obvious adoration of the firm, we at getAbstract.com strongly recommend this book for its penetrating glimpse into the largely sequestered world of Wall Street investment banking. (getAbstract note: This book's narrative leaves off just prior to Goldman's 1999 initial public offering.)
Rating:
Summary: Goldman Sachs : The Culture of Success
Review: Endlich provides a rather interesting story of the firm at which she was once a Vice President. This book chronicles the history of the firm, from its humble beginnings by Marcus Goldman, to the exclusive private partnership, to the modern day publicly traded corporation famous for its all star financial services and clientele. The text focuses on the changes in leadership over the years as each leader lends incredible character to the firm. Although I found this book to be very interesting and well written overall, I think the second half of the book showed favoritism towards the trading aspect of the business, with very little focus given to the banking aspect. It seems that there was a lot of action in trading during the latter third of the century and Endlich's attention to the details is excellent; I only wish that more time had been spent discussing some of the other sides of the business. Must read for anyone interested in the history of one of the world's greatest financial service firms!
Rating:
Summary: Great intro to Goldman Sachs
Review: Endlich provides a rather interesting story of the firm at which she was once a Vice President. This book chronicles the history of the firm, from its humble beginnings by Marcus Goldman, to the exclusive private partnership, to the modern day publicly traded corporation famous for its all star financial services and clientele. The text focuses on the changes in leadership over the years as each leader lends incredible character to the firm. Although I found this book to be very interesting and well written overall, I think the second half of the book showed favoritism towards the trading aspect of the business, with very little focus given to the banking aspect. It seems that there was a lot of action in trading during the latter third of the century and Endlich's attention to the details is excellent; I only wish that more time had been spent discussing some of the other sides of the business. Must read for anyone interested in the history of one of the world's greatest financial service firms!
Rating:
Summary: A FASCINATING DETAILED ACCOUNT OF A WORLD CLASS PARTNERSHIP
Review: Endlich provides a wonderfully detailed account of the history of the world's last great investment banking partnerships. Endlich explains how the firm rose from a modest partnership in the mid 1880s to ostensibly the most powerful player in world financial markets. Insights into the key people throughout the firm's rise to power as well as it's flourishing successes and near financial disasters are all well documented. Great job!
Rating:
Summary: i have written better
Review: go and get another on
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