Goldman Sachs: The Culture of Success by Lisa Endlich (English) Paperback Book

Description: Goldman Sachs by Lisa Endlich Tracing the firms beginnings in 1869 to its current status as world leader, "Goldman Sachs" is a rare and captivating look inside Americas premier investment house and inside the financial world at its highest levels. of photos. FORMAT Paperback LANGUAGE English CONDITION Brand New Publisher Description Former Goldman Sachs Vice President Lisa Endlich draws on an insiders knowledge to bring to life this unique company and the most stunning accomplishments in modern American finance. The history, mystique, and remarkable success of Goldman Sachs, the worlds premier investment bank, are examined in unprecedented depth in this fascinating and authoritative study. The firms spectacular ascent is traced in the context of its tenacious grip on its core values. Endlich shows how close client contact, teamwork, focus on long-term profitability rather than short-term opportunism, and the ability to recruit consistently some of the most talented people on Wall Street helped the firm generate a phenomenal $3 billion in pretax profits in 1997. And she describes in detail the monumental events of 1998 that shook Goldman Sachs and the financial world. This is a rare and revealing look inside a great institution--the last private partnership on Wall Street--and inside the financial world at its highest levels. Author Biography Lisa Endlich holds masters degrees from MIT in management and in urban planning, and was a vice president and foreign exchange trader for Goldman Sachs. She was raised in Los Angeles and lives in England with her husband and their three children. Table of Contents Contents Authors Note Chapter I. 1986: The Road Less Traveled Chapter II. 1869-1976: The Family Firm Chapter III. 1976-1990: The World-Class Player Chapter IV. 1990-1991: The Changing of the Guard Chapter V. 1992-1993: The Pinnacle Chapter VI. 1994: The Curse of Success Chapter VII. 1995-1998: The Road to IPO 1999: The Initial Public Offering Notes Bibliography Acknowledgments Index Review E. William Smethurst, Jr. Chicago Tribune Excellent....An engrossing and fair-minded study of Americas premier investment house.James Surowiecki Newsday As the first meaningful look inside one of Americas most important and least-known institutions, the book has the great virtue of being effectively a secret history.Richard Bernstein The New York Times The transformation of an immigrant peddlers operation into a multibillion-dollar-a-year financial institution is an American classic, and Ms. Endlich describes its various stages with an insiders expertise....Fascinating.Roger Lowenstein The Wall Street Journal Goldman Sachs: The Culture of Success tells the story of Wall Streets last major partnership through the prism of this culture -- loyal, patient, rich, secretive and ultimately anachronistic....Lisa Endlich, formerly a foreign exchange trader at Goldman, is right to focus on the culture, because everything the firm did right flowed from its ethos of teamwork and from its studied patience. Long Description Goldman Sachs, the nations leading investment firm, with a solid-gold reputation and a first-class list of clients, began as a family business in a lower Manhattan basement in 1869. The secrets behind the remarkable success of Goldman Sachs since then are revealed in unprecedented depth in this fascinating and authoritative narrative history of the firm.Former Goldman Sachs vice president Lisa Endlich draws on her insiders knowledge and access to all levels of management to bring to life a unique company that has long held its mystique intact. The most stunning accomplishments in modern American finance are explored through the story of how Goldman Sachs reached its summit.Goldman Sachs: The Culture of Success provides a rare and revealing look inside an institution -- until recently the last private partnership on Wall Street -- and inside the financial world at its highest levels. Included here, in a new chapter, is a first look at the history behind the firms landmark initial public offering. Review Quote Roger LowensteinThe Wall Street JournalGoldman Sachs: The Culture of Successtells the story of Wall Streets last major partnership through the prism of this culture -- loyal, patient, rich, secretive and ultimately anachronistic....Lisa Endlich, formerly a foreign exchange trader at Goldman, is right to focus on the culture, because everything the firm did right flowed from its ethos of teamwork and from its studied patience. Excerpt from Book Chapter 1: 1986: The Road Less Traveled On Wednesday morning, October 15, 1986, John L. Weinberg, the venerable senior partner of Goldman Sachs, had a long list of phone calls to make. Before the morning was over he needed to telephone thirty-six men and one woman. His conversations would be brief; good news travels fast. He started early, hours before the official list would be published. Thomas W. Berry would be first and Garland E. Wood last; alphabetical order was the rule. This was the phone call each vice-president on his list had waited years to receive. Each would reach for the receiver hoping Weinberg was about to extend an invitation to the most exclusive club on Wall Street -- the partnership of Goldman Sachs. Weinbergs simple statement, "I would like to invite you to join the partnership," was for most the reward for a decade of grinding hard work. No one had ever refused the honor. Thirty years earlier, Weinbergs own father, the legendary Sidney Weinberg, had issued him the same invitation. John Weinberg, with help from the eight other partners who comprised the management committee, had vetted hundreds of vice-presidents in the biannual selection process. They had deliberated for two agonizing months while speculation among the troops grew. For the hundred or so in "the zone," the inside term for those actually in contention, everything was at stake -- prestige, recognition, riches. As Weinberg traveled through the alphabet, some of the dozens passed over would shut themselves in their offices, while a few would storm out of the firms headquarters. Envy and frustration would cause one or two people to resign, but the vast majority would take the disappointment in stride, hoping for another shot at a partnership two years hence. Those telephoned that autumn morning were being offered not only vast wealth but virtual lifetime employment as well. John Weinberg himself had spent his entire career at the firm, beginning in 1950; Robert E. Rubin and Stephen Friedman, two of the more senior members of the management committee, had been with the firm for twenty years. Their tenure was not unusual. Moreover, few partners had ever been asked to leave; graceful and bittersweet departures almost always capped lengthy and prosperous careers. Barring any missteps, the young men and woman answering Weinbergs phone call could expect to retire with a nest egg worth tens of millions of dollars. Yet those selected knew that after years of grueling sixty-, seventy-, or even eighty-hour weeks spent on trading floors, in clients offices, or on airplanes, the real work was only now about to begin. The partners of Goldman Sachs in 1986 owned a $38 billion business, and running it was, and still is, an all-consuming job. Partnership meetings are held on weekends; vacations and sleep are routinely interrupted with conference calls whose participants span the globe. Partners felt free to call each other whenever they needed to know something about anothers business. "When you made partner suddenly you had to return eighty other phone calls," says one retired partner. "Partners were much less respectful of your privacy than employees would be." The partnership class of 1986 represented change. At thirty-seven, it was twice as large as any previous class. The all-white, all-male partnership had invited into its ranks the first African American and the first woman in its history. The pressure on Wall Street firms to become more diverse was considerable, and Goldman Sachs was one of the last to bow. Almost all partners had spent their entire careers with the firm, yet this class included two former managing directors from rival Salomon Brothers and a famous professor from MIT. For the first time, existing partners had been unfamiliar with some of the candidates. The firm had grown and specialized. Its four divisions -- equities (stock trading), investment banking, fixed income (bond trading), and J. Aron (currency and commodities trading) -- had been separated into dozens of specialized departments, many members of which had very little contact with employees from outside their own department. Partners had been forced to trust the recommendations of their colleagues. Impersonality had crept into the process. Perhaps the most atypical feature of the class of 1986 was the number of partners elevated from the ranks of salesmen and traders. Goldman Sachss traditional strengths lay in the field of investment banking, in raising capital for large corporations or arranging mergers and acquisitions. Despite some areas of excellence, particularly in stock trading, Goldman Sachs did not have the trading prowess of a firm like Salomon Brothers. In 1986 top management determined that this would change. Weinbergs anointed officially joined the partnership on Monday, December 1, 1986, the first day of the firms new fiscal year. Only five days later, the management committee that so recently had bestowed this honor proposed to take it away. At the annual partnership meeting held in New York, Steve Friedman and Bob Rubin, who would be appointed co-vice chairmen the following year, announced that the firm was considering selling itself to the investing public. In an abrupt break with one hundred seventeen years of history, the management committee was proposing that Goldman Sachs become a public corporation. No longer would the partners own their firm; no longer would they run it unencumbered by outside influences. Stockholders would own much of the firms capital, and a board of directors, presumably with outside members, would rule on issues of policy. Partners would find themselves as employees, albeit extremely wealthy ones, of a large corporate entity. The management committee believed that in order to expand into new businesses, additional capital of a more permanent nature would be required. The pressure to sell the firm had only increased as each of Goldman Sachss major competitors had undertaken a public sale or merger with a larger entity. Now the management committee unanimously recommended that the partnership vote for an initial public offering. Not one of the thirty-seven new partners, who had far less to gain than longtime partners from the windfall that would be created by such a sale, thought this sounded like a good idea. The partnership had never before openly entertained the notion of a public offering, although behind closed doors the management committee had discussed and dismissed the idea many times. In the late 1960s, Sidney Weinberg had considered it briefly and sent his top lieutenant Gus Levy to canvass the partners. It would be the first time the idea was shot down. In 1971, the management committee had decided to incorporate, going as far as printing up new business cards before changing their minds and leaving the private partnership in place. On the morning of December 6, the partners convened in the large meeting room on the second floor of 85 Broad Street, the firms three-year-old headquarters in lower Manhattan. For days rumors had circulated but the official agenda had not been disclosed. The management committee members had been lobbying their partners, trying to line up support before the meeting. Many of the new partners were nervous; it was their first partnership meeting, and they had little idea of what to expect. Much was at stake; the future of Goldman Sachs would be decided in the next thirty-six hours. The members of the management committee were seated around a table on a stage at the front of the room, while the ninety-five remaining partners sat facing them. Weinberg had positioned himself some distance away from his fellow members; this action sent out what many remember as a very strong signal. During the formal presentation he said almost nothing. Most members of the management committee spoke, but when Rubin and Friedman, who were already widely regarded as heirs apparent, stood to present their vision of the future, everyone listened more closely. Goldman Sachs would be a great global firm, they told the audience, a worldwide wholesaler of investment banking services. The firm would be transformed into a trading powerhouse, one that would challenge top-ranked Salomon Brothers, which was operating with considerably more capital. Risky, capital-intensive activities like trading (some of it for the firms own account rather than as an agent for clients), much of which was under Rubins management, and principal investments (long-term strategic investments made by the partnership in operating companies), Friedmans latest brainchild, could not be operated easily with the firms existing partnership capital. Earnings would be more volatile in these new businesses, and to remain competitive a fortified capital base would need to be built. Then the issue of unlimited liability was addressed. "What would happen if we hit a bump in the road?" those on the management committee asked. In a private partnership none of the assets of partners are shielded from liability, and the individual partners are exposed down to the pennies in their childrens piggy banks. Large trading losses or lawsuits could pose a threat to the firms capital and ultimately its existence. The actions of a rogue trader could spell personal bankruptcy (one year later a lone trader would singlehandedly lose Merrill Lynch $300 million). Although 1986 had been a very successful year, the firm had suffered a few large bond trading losses, and some partners had grown concerned. Sexual harassment and racial discrimination suits, with ever larger settlements or awards for damages, were becoming increasingly common on Wall Street. Fifteen years earlier, when Penn Central railroad, a Goldman Sachs Details ISBN0684869683 Author Lisa Endlich Short Title GOLDMAN SACHS Pages 336 Language English ISBN-10 0684869683 ISBN-13 9780684869681 Media Book Format Paperback Illustrations Yes Year 2000 Subtitle The Culture of Success Place of Publication Hemel Hempstead Residence NY, US Birth 1959 Imprint Prentice Hall & IBD Country of Publication United Kingdom DOI 10.1604/9780684869681 NZ Release Date 2000-03-22 UK Release Date 2000-03-22 AU Release Date 2000-04-14 Publisher Prentice Hall (a Pearson Education company) Publication Date 2000-03-22 DEWEY 658.04509 Audience Undergraduate We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:8336120;

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