Summary of When Money Was in Fashion
Henry Goldman, Goldman Sachs, and the Founding of Wall Street
June Breton Fisher, When Money Was In Fashion, published 2010, reproduced with permission of Palgrave Macmillan
Goldman Sachs now spans the globe, but it started as a two-family business with plenty of history.
The Goldman Sachs colossus straddles the financial world today, but it started as a family business. June Breton Fisher, great-granddaughter of founder Marcus Goldman, draws on information from relatives and her own memories to portray the little-known story of the firm’s founding. Two teenage boys met in a synagogue in Bavaria and throughout marriages, births, deaths, conflict and scandal, they gave life to Goldman Sachs. Whatever you may think of the bank, you’ll find its forebears, particularly Henry Goldman, to be intriguing, innovative and very human. getAbstract recommends this loving memoir for its slice-of-life narrative, though astute readers will need to sort through its scattered inconsistencies and errors. And, it lacks a badly needed family tree. You might quibble over the title – after all, when hasn’t money been in fashion? – but Henry’s quote actually was, “Money will always be in fashion.” How right he was.
In this summary, you will learn
- How the meeting of two teenage boys in Bavaria led to the founding of a globally influential bank,
- Why the Goldmans and the Sachses fell out, and
- How Henry Goldman innovated on Wall Street and in corporate America.
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