The Partnership The Making of Goldman Sachs

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  • Format: Hardcover
  • Copyright: 2008-10-07
  • Publisher: Penguin Press HC, The

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With unparalleled access to the firm’s enigmatic leadership, The Partnershipchronicles the brilliant, men who built one of the world’s largest investment banks. 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, stockbrokerage, derivatives, hedge funds, private equity, and real estate? As a strategy consultant to Goldman Sachs for more than thirty years, Charles D. Ellis developed close relationships with many of the firm’s past and present leaders around the world. In The Partnershiphe 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. Ellis tells the illuminating stories of the great personalities who sowed the seeds of Goldman Sachs’s success: from Sidney Weinberg, a junior high school drop out with a flair for markets; to Gus Levy, who brought a ferocious intensity to every minute of every workday; to John Whitehead, who wrote the core values that defined a culture of teamwork in serving clients; to the unpretentious John Weinberg, who was the quintessential relationship banker of his era; to Robert Rubin and Hank Paulson, who both became secretary of the treasury; to Governor Jon Corzine; and finally to current CEO and chairman of Goldman Sachs, Lloyd Blankfein. 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.

Author Biography

Charles D. Ellis is a consultant to large institutional investors and government agencies. For thirty years he was managing partner of Greenwich Associates, an international business strategy consulting firm he founded that serves virtually all the leading financial service organizations around the world. Ellis earned his M.B.A. from Harvard University and his Ph.D. from New York University. He has taught investment management courses at Harvard and Yale, and is the author of twelve books. Ellis has served on the boards of Harvard Business School and Phillips Exeter Academy and is currently chairman of the Whitehead Institute for Biomedical Research, a trustee of the Robert Wood Johnson Foundation, a director of Vanguard, and a trustee and chair of the investment committee at Yale University.

Table of Contents

Introductionp. xiii
Beginningsp. 1
Disaster: Goldman Sachs Trading Corporationp. 17
The Long Road Backp. 30
Ford: The Largest IPOp. 53
Transition Yearsp. 63
Gus Levyp. 73
The Wreck of the Penn Centralp. 96
Getting Great at Sellingp. 116
Block Trading: The Risky Business That Roaredp. 132
Revolution in Investment Bankingp. 253
Principlesp. 183
The Two Johnsp. 192
Bonds: The Early Yearsp. 215
Figuring Out Private Client Servicesp. 232
J. Aron: Ugly Ducklingp. 250
Tender Defense, a Magic Carpetp. 269
The Uses and Abuses of Researchp. 283
John Weinbergp. 297
Innocents Abroadp. 320
Breaking and Enteringp. 345
How BP Almost Became a Dry Holep. 356
Changing the Guardp. 373
Transformationp. 399
False Starts in Investment Managementp. 415
Robert Maxwell, the Client from Hellp. 437
Making Arbitrage a Businessp. 463
J'Accusep. 481
Building a Global Businessp. 512
Steve Quit!p. 533
Collecting the Bestp. 552
Jon Corzinep. 566
Long-Term Capital Managementp. 582
Coupp. 606
Getting Investment Management Rightp. 615
Paulson's Disciplinesp. 636
Lloyd Blankfein, Risk Managerp. 665
Afterwordp. 679
Acknowledgmentsp. 687
Notesp. 689
Indexp. 711
Table of Contents provided by Ingram. All Rights Reserved.

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