Goldman Sachs is the most profitable and powerful investment bank in the world today. Fifty years ago, it was a marginal family firm with limited prospects. How did it ascend to leadership in Europe, Asia, North and South America; make many, many partners fabulous fortunes; and become the leader in IPOs, M&A, FX, bond dealing, stock brokerage, derivatives, hedge funds, private equity, and real estate?As a strategy consultant to Goldman Sachs for more than 30 years, Charles D. Ellis developed close relationships with many of the firm's past and present leaders around the world. In The Partnership he probes deeply into the most important chapters in the firm's history, revealing the key events and decisions that tell the colorful, character-driven story of how Goldman Sachs became what it is today. Starting as a sole proprietorship dealing in commercial paper in the mid-nineteenth century, Goldman Sachs became an innovative underwriter, struggled to survive the crash and Depression, and came out of World War II to complete what was then the single most important transaction in Wall Street's history: Ford Motor Company's IPO. Goldman Sachs overcame a full set of dramatic perils: Penn Central's bankruptcy, Robert Maxwell's abusive frauds, and insider trading scandals. Ellis demonstrates how the firm's core values, intensive recruiting, entrepreneurial creativity, and disciplined risk taking - incorporating technology and hard work - laid the foundations, multiplied the firm's resources and profits, and magnified its power until it became today's Goldman Sachs: one of the most successful business organizations in the world.More
"Lively and engaging" (Publishers Weekly)
"Rich with insider lore, as well as the closed-door dramas of partnership clashes." (The New York Times)
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All The glory and pageantry of one of those
Thoroughly Enjoyed the read
I enjoyed listening to the history aspect of Goldman and that of the stock market. I was amazed at the billions of dollars that were being made in the 50's and 60's. I can see how one could get hooked on all the activity and money to be made on Wall Street, even today. It was a long read, but kept my interest on many car rides.
- Dawn Furlo