The Partnership: The Making of Goldman Sachs
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With unparalleled access to the firm's enigmatic leadership, The Partnership chronicles the brilliant men who built one of the world's largest investment banks. Publishers Weekly In this history of investment bank Goldman Sachs, Ellis (Winning the Loser's Game) covers the same ground as Lisa Endlich's Goldman Sachs: The Culture of Success-with notable stylistic differences. From Marcus Goldman's purchase of his first commercial paper in 1869 to the firm's current success, Ellis's account is lively and engaging where Endlich's is accurate but dry. Ellis sheds light on events through dialogue and detailed descriptions of people's thoughts and feelings, embellishments that the author terms "recreations" in his epilogue. The effect of infusing such narrative techniques into the history of Goldman Sachs is entertaining, but it pushes the envelope of nonfiction, especially since the author appears to have interviewed only former partners of the firm. More damagingly, Ellis fails to report much about actual business, and attempts to do so-such as a chapter on Rockefeller Center financing-require lengthy digressions and are incomprehensible due to the complexities of the transactions. Without links to business, boardroom conflicts take on the air of petty squabbles. More a composite memoir of senior Goldman partners than a traditional history, this book will satisfy readers curious about the philosophies and personalities of the firm. (Oct.)Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
1 Beginnings 12 Disaster: Goldman Sachs Trading Corporation 173 The Long Road Back 304 Ford: The Largest Ipo 535 Transition Years 636 Gus Levy 737 The Wreck of the Penn Central 968 Getting Great at Selling 1169 Block Trading: The Risky Business That Roared 13210 Revolution in Investment Banking 15311 Principles 18312 The Two Johns 19213 Bonds: The Early Years 21514 Figuring Out Private Client Services 23215 J. Aron: Ugly Duckling 25016 Tender Defense, a Magic Carpet 26917 The Uses and Abuses of Research 28318 John Weinberg 29719 Innocents Abroad 32020 Breaking and Entering 34521 How Bp Almost Became a Dry Hole 35622 Changing the Guard 37323 Transformation 39924 False Starts in Investment Management 42525 Robert Maxwell, the Client from Hell 43726 Making Arbitrage a Business 46327 J'accuse 48128 Building a Global Business 51229 Steve Quit! 53330 Collecting the Best 55231 Jon Corzine 56632 Long-Term Capital Management 58233 Coup 60634 Getting Investment Management Right 61535 Paulson's Disciplines 63636 Lloyd Blankfein, Risk Manager 665Notes 689Index 711
