Summary of Money and Power

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Rating

8 Overall

8 Importance

6 Innovation

9 Style

Recommendation

Whether you think Goldman Sachs is “doing “God’s work” or acting like a money-sucking “vampire squid,” William D. Cohan, a journalist and former investment banker, will challenge your opinion with his sweeping history of the vaunted Wall Street firm. From its beginnings in the 19th century to its dominance in the 20th and its slight ebb in the 21st, Goldman Sachs presents a fascinating case study of the talent, determination and hubris that informs Wall Street. Cohan compiles top reporting with interviews with Goldman’s current and former leaders, and with insiders, outsiders, pundits and critics, to present a detailed, sometimes tedious but usually riveting look at the complex, secretive company. getAbstract recommends this history to those compelled by the enigma that is Goldman Sachs.

In this summary, you will learn

  • How Goldman Sachs’s history shaped the firm,
  • How the business’s personality evolved with its changing leadership from the 19th century to the 21st, and
  • How a different business structure and fast-moving times changed the company’s culture.
 

About the Author

Best-selling finance author William D. Cohan, a former investment banker, wrote The Last Tycoons and House of Cards.

 

Summary

“The Big Short”
At the end of 2006, convinced that real estate was about to take a dive, traders at Goldman Sachs began hedging their transactions against the mortgage securities market. Though Goldman was a major issuer and distributor of mortgage securities, the firm offset losses on...

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