Customer Rating:  
Summary: Interesting
Comment: As a person outside of the financial industry, I found the book to reveal an interesting glimpse into the history of the most venerated firm in Wall Street, from its humble inception to the present days. Along the way, you find glimpses of strong personalities that shine through the anonymity of team-oriented culture and also tragedies (e.g., the mishandled prosecution of Bob Freeman). A fascinating book.
Customer Rating:
Summary: Poorly Written
Comment: It's disappointing that the book is poorly written and poorly edited. There is much interesting information about the history of the firm but, because of various writing and editing deficiencies, the book is hard to read. For example, the writer starts mentioning a person as though we know who they yet there is no previous mention of him. He starts talking about Henry Goldman as though we know who is, yet no where is it mentioned that he is Marcus Goldman's son. Many sentences are so eliptical that one has to read them two or three times to understand what the writer intended. In addition, decades of time pass in the story and we get little information about what happened during that period. Many of these problems would have been helped with good editing. Sorry this important story is not better told.
Customer Rating:
Summary: Not too many new facts
Comment: Goldman Sachs has been one of the most successful firms on Wall Street. The top five, GS, Morgan Stanley, Merrill Lynch, Lehman Brothers, Bear Stearns fell like the domino theory, one by one.
Merrill Lynch was sold to Bank America, Lehman and Bear went bankrupted. Morgan Stanley just sold 20% to Mitsubishi UFJ Japan. GS stock price is 114, way down from all time high 250.
C. D. Ellis told the success story as an insider. There was little coverage on the failure, or causes of failure. The piece on the power struggle between Paulson and Corzine is a great read. Paulson cashed out with $280 million, Corzine did the same about $250 million.
Now that the great bailout was voted yes. All Paulson's friends are getting paid from the US government:
1. Citigroup, 25 bn
2. JPMorganChase, 25 bn
3. Wells Fargo (bought Wachovia), 25 bn
4. Bank America, 15 bn
5. Goldman Sachs, 10 bn
6. Merrill Lynch, 10 bn
7. Morgan Stanley, 10 bn
8. Bank of New York, 3 bn
9. State Street, 2 bn
Will it help US economy? God only knows.
Goldman's CEO Lloyed Blankfein sold short to make $55 million in 2007. He bought a condo for $18 bn. Guess what, real estate is down now. All the short sellers are making a killing shorting GS.
Unless SEC changed its rules, American middle class are the ones that are holding the empty bag.
Customer Rating:
Summary: The right focus and discipline
Comment: Why does Goldman Sachs still have a $40 billion market capitalization while Lehman and Bear Stearns have become extinct? Charles Ellis answers that question and more in his latest book, The Partnership, as well as giving the reader an insider's view of what gave Goldman Sachs such an advantage. Like McKinsey & Company in consulting, Goldman Sachs walks the talk in hiring the right people and creating a culture that rewards long-term success.
This book takes an honest look at some of Goldman Sachs' missteps along the way, such as Long Term Capital Management, but also the considerable focus and discipline demonstrated in avoiding the easy short-term buck that seems to consistently blow up in our faces. Need I say more than AAA rated insured sub-prime derivative instruments?
It remains to be seen what the impact of the current financial crisis will be on Goldman Sachs. Regardless, this book shows why the death of investment banking may be a bit premature.
Charlie Ellis writes in his usual substantive yet engaging style. If you're looking for a great read with some very useful takeaways, I highly recommend reading this book.
Customer Rating:
Summary: A History Of A Survivor
Comment: In his massive history of Goldman Sachs (over 700+ pages), Mr. Ellis gives a glowing and comprehensive history of the the investment bank. He writes as the insider he is (a former consultant to the firm) and is not as critical of Goldman Sachs as he could be. Founded nearly 150 years ago, he traces the firm's roots and growth, its downturns (the Depressions and the 1970's) and it re-intervention of itself repeatedly. The financial carnage of the past month is not covered obviously, but Goldman Sachs new survival has its origin in its 2007 decision to get out of the mortage business before the current crisis.
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