Money and Power by William Cohan
How Goldman Sachs Came to Rule the World

71%

11 Critic Reviews

The book offers the best analysis yet of Goldman's increasingly tangled web of conflicts. As its trading businesses have mushroomed...clients have become increasingly confused about whether the firm is an agent or a competitor.
-The Economist

Synopsis

From the bestselling, prize-winning author of HOUSE OF CARDS, a revelatory history of Goldman Sachs, the most dominant, controversial and feared investment bank in the world 
 
Goldman Sachs has always projected an image of being better than its competitors. The firm—buttressed by an aggressive and sophisticated PR machine—often boasts of "The Goldman Way," a business model predicated on hiring the most talented people, indoctrinating them in a corporate culture of “the greater good,” and honoring the 14 Principles, the first of which is "Our clients' interests always come first."
 
But there is another way of viewing Goldman -- a secretive money-making machine that has straddled the line between conflict-of-interest and legitimate deal-making for decades; a firm that has exerted undue influence over government since the early part of the 20th century; a workplace rife with brutal power struggles; a Wall Street titan whose clever bet against the mortgage market in 2007 -- a bet not revealed to its clients -- may have made the Great Recession worse.
 
The firm has also shown a remarkable ability to weather financial crises, congressional, federal and SEC investigations, and numerous lawsuits, all with its reputation and enormous profits intact.  By reading thousands of pages of government documents and conducting over 100 interviews, including those with clients, competitors, regulators, current and former Goldman employees (as well as the six living men who have run Goldman), Cohan has constructed a vivid narrative that looks behind the veil of secrecy to reveal how Goldman has become so profitable, and so powerful.
 
 
William D. Cohan is the author of the New York Times bestsellers House of Cards and The Last Tycoons, which won the 2007 FT/Goldman Sachs Business Book of the Year Award.  He writes frequently for Vanity Fair, The New York Times, The Financial Times, Fortune, The Atlantic, and the Washington Post.  A former investment banker, Cohan is a graduate of Duke University, Columbia University’s School of Journalism and Graduate School of Business.

 

About William Cohan

See more books from this Author
William D. Cohan is the author of the New York Times bestsellers House of Cards and The Last Tycoons, which won the 2007 FT/Goldman Sachs Business Book of the Year Award. He is a contributing editor at Vanity Fair, has a bi-weekly opinion column in The New York Times, and writes frequently for The Financial Times, Fortune, The Atlantic, and the Washington Post, among other publications. A former investment banker, Cohan is a graduate of Duke University, Columbia University School of Journalism and the Columbia University Graduate School of Business.
 
Published April 12, 2011 by Anchor. 674 pages
Genres: Business & Economics, Professional & Technical. Non-fiction
Bestseller Status:
icon29
Peak Rank on May 01 2011
icon2
Weeks as Bestseller
Add Critic Review

Critic reviews for Money and Power
All: 11 | Positive: 7 | Negative: 4

NY Times

Excellent
Reviewed by Paul Barrett on Apr 29 2011

Cohan dispassionately gives readers the information they need to ponder whether investment banking has moved in a constructive direction since the days when Goldman helped Sears and Continental Can grow.

Read Full Review of Money and Power: How Goldman ... | See more reviews from NY Times

NY Times

Below average
Reviewed by JANET MASLIN on Apr 11 2011

“Money and Power” remains relatively impersonal about the people it profiles, even when Mr. Cohan has interviewed the participants in bitter he said/he said Goldman Sachs disputes.

Read Full Review of Money and Power: How Goldman ... | See more reviews from NY Times

Financial Times

Excellent
Reviewed by John Gapper on Apr 09 2011

The gap between what Goldman and its partners think is fair and what other mortals do looms large throughout this very long (more than a quarter of a million words) yet engrossing book.

Read Full Review of Money and Power: How Goldman ... | See more reviews from Financial Times

The Economist

Excellent
Reviewed by The Economist on Apr 14 2011

The book offers the best analysis yet of Goldman's increasingly tangled web of conflicts. As its trading businesses have mushroomed...clients have become increasingly confused about whether the firm is an agent or a competitor.

Read Full Review of Money and Power: How Goldman ... | See more reviews from The Economist

The Independent

Excellent
Reviewed by SEAN O'GRADY on May 01 2011

The surprising thing revealed by William Cohan in his history of Goldman Sachs is not so much that the "giant vampire squid" made so much money, but that it often lost vast sums.

Read Full Review of Money and Power: How Goldman ...

The Daily Beast

Below average
Reviewed by Nomi Prins on Apr 24 2011

Cohan heavily touts his access to the big boys. But if he had posed even one tough question and written about the stone-faced silence he received in return, it would have been more interesting than the Oprah-confessional quotes he provides.

Read Full Review of Money and Power: How Goldman ...

The Washington Post

Below average
Reviewed by John Steel Gordon on Aug 05 2011

Altogether one has the impression that “Money and Power” was rushed into production before it was really ready. It would have benefited from another few months of authorial attention, research and editing.

Read Full Review of Money and Power: How Goldman ...

NJ.com

Below average
Reviewed by Peter Howard on May 01 2011

Cohan’s “House of Cards” (2008), about the Bear Stearns collapse...give him ample credentials to write about Goldman. Yet, puzzlingly, he gives short-shrift to some of the more sordid historical details in this long, choppy but absorbing story.

Read Full Review of Money and Power: How Goldman ...

The National

Excellent
Reviewed by Chloe Nankivell on Apr 29 2011

Money and Power is in fact a good read. Cohan focuses on the characters who have made Goldman Sachs what it is today; from the early scions of the Goldman and Sachs families, to Sidney Weinberg, the charismatic CEO...

Read Full Review of Money and Power: How Goldman ...

London Review of Books

Excellent
Reviewed by James Macdonald on Nov 03 2011

William Cohan’s Money and Power: How Goldman Sachs Came to Rule the World is the most substantial of several recent books about the company.

Read Full Review of Money and Power: How Goldman ...

Business Week

Excellent
Reviewed by Business Week on Apr 07 2011

Given Goldman's bare-knuckled attitude, Cohan depends on a wide range of unnamed sources. Judiciously relying on their insights, he has produced the frankest, most detailed, most human assessment of the bank to date.

Read Full Review of Money and Power: How Goldman ...

Reader Rating for Money and Power
60%

An aggregated and normalized score based on 206 user ratings from iDreamBooks & iTunes


Rate this book!

Add Review
×