The Partnership: The Making of Goldman Sachs Paperback – September 29, Charles D. Ellis, who worked as a strategy consultant to Goldman Sachs for more than thirty years, reveals the secrets behind the firm?s continued success through many life-threatening changes.
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The last chapter of "The Partnership" is titled "Lloyd Blankfein: Blankfein has appropriately responded to the unprecedented challenges in today's markets a or indeed whether he precipitated some of the problems through his enthusiasm for principal trading a is an openquestion. It might be just as well that ""The Partnership"" ends before Goldman's recent convulsions -- Mr. Ellis is not the ideal candidate to dig up the story of what went wrong. In his afterword, he says that his consultancy, Greenwich Associates, has worked with Goldman for more than three decades.
His many friendships brought him unparalleled access to the notoriously publicity-shy firm, but his closeness also results in a book that at times sounds like an authorized corporate history. Statements such as "philanthropy and public service are more important to Goldman Sachs people. He also tends to tread carefully when discussing the firm's past problems -- an irksome quality, yes, but a tolerable one, given the attractions of an inside view of what was once a Wall Street titan and -- who knows? When Marcus Goldman, a Jewish immigrant from Bavaria, founded a small commercial-paper dealer in New York in , he hardly could have imagined it would one day become the worldas most envied and profitable investment bank.
Equally shocking to him would have been the hurricane that has descended on markets this year, wrecking the investment-bank business model, which relies on fickle short-term funding, and laying low entire institutions. Three of Americaas five independent investment banks have been swallowed by rivals or the abyss. The two that remain, Goldman Sachs and Morgan Stanley, have opted under intense pressure from market forces to become bank holding companies, a move that will subject them to tougher capital requirements and supervision. A year that has seen the emasculation of Americaas brokerages may not seem the ideal time to reflect on what made the erstwhile industry leader great.
But, amid the torrent of negative news, Charles Ellisas exhaustively researched history of Goldman Sachs paints a convincing picture of an institution that has got most of the important things right. It is an organisation America can be proud of, even as it is forced to reinvent itself to survive. Mr Ellis, a consultant who has worked with the bank for more than 30 years, sees strengths aplenty.
Goldman attracts the best and, with a recruitment process that redefines rigorous, hires the very best. The accent has always been on regeneration: Hank Paulson, Americaas treasury secretary and the architect of the restructuring of the banking system, and Bob Zoellick, head of the World Bank, are two examples. The dedication of employees is legendary. Lloyd Blankfein, the chief executive, describes the culture as a blend of confidence and aan inbred insecurity that drives people to keep working and producing long after they need to.
We cringe at the prospect of not being liked by a client. Yet loyalty sometimes spills over into inexcusable behaviour, as when a female job candidate was asked if she would have an abortion rather than lose the chance to work on a big deal. Much of the success comes from daring to think big. When Goldman said it wanted to break Deutsche Bankas stranglehold on Germanyas biggest corporations, local staff laughed. But after years of persistence it managed to do just that, prompting Deutscheas then boss, Hilmar Kopper, to declare: You get mandates we have not expected you to be even considered for!
Indeed, its bankers were once dubbed abillionaire boy scoutsa, due to their talent for making lots of money while keeping their noses clean. It is, as one partner put it, along-term greedya. Better to forgo profit today than take it and alienate a client that might produce a lot more business over the long haul.
Goldman refused to advise on hostile takeovers until the late s. It has also trodden gingerly when it comes to grand strategic moves, avoiding the headline-grabbing mergers embraced by so many of its rivals. When he ran the firm, Mr.
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Paulson nearly tied the knot with JPMorgan now JPMorgan Chase but balked at the last moment, fearing the deal would dilute Goldmanas close-knit culture. One of the firmas 14 guiding aPrinciplesa is that it should be big enough to serve any client, but small enough to maintain its esprit de corps. 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. He has taught investment management courses at Harvard and Yale and is the author of twelve books, mostly on investing, and has written nearly one hundred articles for business and professional magazines. A past trustee of Yale University and Chair of its investment committee, he is trustee of Robert Wood Johnson Foundation, director of Vanguard, and chair of the Whitehead Institute of Biomedical Research and consults on investing with major institutions in Asia, Europe, and North America.
Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support? Learn more about Amazon Prime. The inside story of one of the world? Ellis, who worked as a strategy consultant to Goldman Sachs for more than thirty years, reveals the secrets behind the firm? But with only one special service and one improbable banker, it began the stage-by-stage rise that took the firm to global leadership, even in the face of the world-wide credit crisis.
Read more Read less. Prime Book Box for Kids. Add all three to Cart Add all three to List. One of these items ships sooner than the other. Buy the selected items together This item: Ships from and sold by Amazon. Customers who bought this item also bought. Page 1 of 1 Start over Page 1 of 1. The Culture of Success. The House of Morgan: What Happened to Goldman Sachs: Sponsored products related to this item What's this? There is nothing mysterious or romantic about the stock market. It is just a system that shuffles money between investors. But Are About to Find Out. University of Berkshire Hathaway: Will there ever be another investing book like this?
How to make it, and how to keep it. No tricks, no secrets. The dramatic true story of a forgotten moment in American History. Readers call it gripping, like they were sitting on the train themselves. I have written the book I wanted to read ten years ago, when I started getting interested in stock investing. Review aJust 10 days ago, Goldman Sachs chief executive Lloyd Blankfein made the stunning announcement -- during this season of jaw-dropping developments on Wall Street -- that the renowned investment-banking firm would morph into a traditional bank holding company, accepting onerous regulation in exchange for much-needed access to cash reserves.
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Read reviews that mention goldman sachs investment banking wall street charles ellis great read bear stearns financial services history of goldman every page investment bank well researched reads like financial crisis well written sachs partnership business important partners pages repetitive. There was a problem filtering reviews right now. Please try again later. The Partnership is the product of many years of research, interviews, and historical accounts.
It is a thorough account of the history of Goldman Sachs, with a strong focus on its leaders many of which contributed a lot of material for the book as primary sources. The book is exciting and well-written - a great read for those interested in learning more about the firm's background. While lengthy and repetitive in some parts, it does not feel like a drag - I enjoyed every page. The book starts out with some history on how Goldman Sachs came to be. Founded by Marcus Goldman in as a commercial paper sales shop, the firm was renamed to M.
Goldman and Sachs in after Samuel Sachs husband of Marcus' youngest daughter Louisa joined them firm. In , a young Brooklyn lad named Sidney Weinberg joined the firm - and would eventually become the driving force behind the firm's growth into a respected investment bank. In his account of the firm's history, Charles D. Ellis focuses primarily on the major leaders of the firm, its managing partners and other influential figures. I think it's important to note that this book is not a thorough history of Goldman Sachs. It doesn't get into a lot of details on specific transactions although the chapter on the Penn Central catastrophe is quite interesting , and doesn't talk a lot about the actual business model.
Instead, it is a story of the people that ultimately made the partnership into what it is today. Through the eyes of these people, we get a glimpse into the culture of Goldman Sachs: Ellis describes the firm's intense focus on its unique culture. Commitment to clients is first and foremost: Being number two is not an option: The word "I" is never used, instead "we" is the standard.
Everyone is expected to lead, there are plenty of opportunities for everyone to lead in some way. Furthermore, the best leaders never promote themselves - but instead give credit to others on the team; those who put themselves first hurt themselves in the long run. There is a lot in this book about management and leadership - and the differences between the two. I really enjoyed a quote by John Whitehead on this: For those of you prepping for business school interviews - jot that one down. I enjoyed reading about the more recent events in the last half of the book. There is a chapter on Long Term Capital Management and how Jon Corzine effectively mishandled his role as managing partner, instead acting more as a CEO or single decision maker, which brought about his downfall.
It shows the importance of picking the right folks to side with you in situations of power - while Corzine was well-liked within the firm, he shrunk the management committee to 6 people, and alienated most of those partners. There is also a short but intriguing chapter on how Goldman Sachs almost acquired J. Morgan at the turn of the century - Hank Paulson changed his mind at the last moment. My favorite part of the book is the chapter on recruiting, as it really showcases the firm's culture.
Many senior people at Goldman Sachs believe that recruiting is the single most important thing that they do. Another great quote from John Whitehead: But if you do have the best people and you train them rigorously, organize them effectively, and motivate them to do their best work consistently, you will inevitably become the best firm" p. Ellis describes the rigorous process for being hired at Goldman Sachs, and how challenging it can be for lateral hires to be successful at the firm due to cultural fit.
Good story bad research I really enjoy the series. This particular story was marred by the really bad research. INS has not existed for more than 13 years. Human sex trafficking is the purview of Immigration and Customs Enforcement, specifically Homeland Security Investigation. No way would there have b een any doubt about jurisdiction. Maybe the same story but not the details. Jun 02, Patricia A. Brown rated it it was amazing. A great book to read I enjoyed every moment reading about Reed and Billie.
The story line, the suspense of constantly wondering if the girls would be saved in time or if the Muscle was going to torturer them and then kill them. The suspense kept me reading when I should have been sleeping. I absolutely love Billie and his devotion to Reed.
I will be looking forward to the next episode. Nov 30, Steve Smith rated it really liked it. Good book Good book, I am liking the K9 Billie more and more with every book. I have family that are police officers and 1 that works in the K9 division. This author has done a good job with starting to show the special bond that develops between an officer and a K9 partner. Feb 20, Walt Mccluskey rated it it was amazing. The partnership Another good tale of the Columbus area and the protection forces at play there.
The interplay between Reed and Billie quite entertaining and easy to believe. Just enough detail to keep you involved and not the eternal philosophy on life and death so many seem to think necessary for an action book. Apr 16, Linda Pobanz rated it it was amazing.
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Partners The book was exciting from beginning to end. I found it hard to put down. As much as I hate to admit it, things such as this book conveys does happen. The bond between Billie and Reed continues to grow, becoming stronger with each book. I really enjoy reading the series and don't want it to end. Aug 26, Abbie rated it it was amazing. Sinister business Dustin Stevens is a masterful storyteller. The partnership of Reed and Billie is evolving into a great team of detectives.
Columbus may be in the midwest but the seedy underbelly of the sex trade is alive and crawling there too. Oh, and just for fun, the folks are in town, too. Jun 01, Katy brennan rated it it was amazing. Also enjoyed getting acquainted with Columbus, Ohio. You are a talented storyteller and gifted writer. Looking forward to continuing the cases of the 8th with Reed and wonderful Billie in the lead May 28, Eva Raley rated it really liked it.
Love her Anyone that has ever experienced having a dog, should relate to their relationship. I liked the writing at the end very exciting, was rooting for them. I will continue to read this series because it entrain me. Not a difficult plot, but it keeps wanting to know more about them. Jul 15, sylvia rated it it was amazing. A great book I have not read Dustin Stevens before he is a great writer.
You must read this story it has a great plot you can't put it down. Please read this story you will love it. Splash This book is a real spellbinder. An excellent story line with believable characters. Stevens makes you feel like you are there in Columbus with Reed and Billie freezing your tail off and looking for clues to try to solve the case. Jul 22, Jane Razeghi rated it it was amazing. Another truly fascinating mystery! Billie becomes his true partner.
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Apr 04, kathleen m novotny rated it it was amazing. I really love these books. The action is continual and putting it down becomes an impossible task. Get a new proof reader. Typos are an irritant and take away from the pleasure. Feb 09, Judy A. Couldn't wait to see ending but hated to put it down. Billie and reed are thrillers. Look forward to next novel. Mar 23, Coreen Arioto rated it it was ok.
Then Parnership This book was a twisted mess for me, I had a hard time following the storyline. I've not read this series before, it made me feel like was somewhere in the middle of nowhere. I appreciated that the language and sex was at a low level. I will read other books of this authur , but start at the first book of the series.
Feb 11, Robbie rated it it was amazing Shelves: I highly recommend this series. The characters are likeable and the action is always fast-paced. I rate this one 5 stars.
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Jul 25, Kenny rated it really liked it. Another great book in this series. Jun 20, Carol M. Weitman rated it it was amazing. Carol Thanks to the free book I got from you I am hooked. Am now binge reading. I particularly enjoyed this book. Keep writing and I will keep reading. Jan 16, Bob Jacoby rated it it was amazing. Always like teamwork with Billie. Dogs are the best and she did it all right, being a great partner.
The Partnership
They have mutual respect. Jul 09, Phyllis rated it it was amazing. More I just marathon read all 4. I just hope I don't have to wait for 5. Please tell me it will be soon.