Book Review Money and Power

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2013
Money and Power
How Goldman Sachs Came to Rule the World
William D. Cohan

Contents of Book Review

Page

Introduction 3

Author’s Credentials 4

Brief Summary of the Book 5

Author’s Thesis 8
Criticisms 9

Notes on Sources 12

Conclusions 12

Introduction
I picked this book after carefully analyzing all the different titles. The reason I picked this book was because I wanted to learn more about the Financial Crisis in America as it is slightly out of my comfort zone. I had no previous knowledge of how Goldman Sachs operated or how influential they were in America. Money and Power was described as an insight into the inner circles of Goldman Sachs revealing a shocking story of clashing egos, backstabbing, sex scandals, private investigators, court cases and government cabals and what really lies underneath the PR projected image of the “perfect company”. I was attracted to this book as I, like most people in Ireland have been affected by the economic downturn and the role the banks had to play. I had a desire to learn about the financial situation on a global scale. When I chose this book I was looking forward to learning about the Goldman Sachs Company. The way the book was described on sights such as Amazon made it sound captivating and scandalous. I was expecting to read about a firm that had absolutely no morals, who had no respect for clients or employees. However, the book was not exactly how I envisioned it to be. The first chapter briefly describes the 2007 mortgage crisis and describes the firm who were determined to be the best and most elite at any cost, but for the next seventeen chapters we are given a long history lesson and introduced to people, most of whom have come from humble beginnings like Sidney Weinberg and Lloyd Blankfein. It is not until the last four chapters of the book that the scandals of the mortgage crisis are unleashed. When I picked this book I expected to finish the book and hate the institution that Goldman Sachs is, and although they have made extremely detrimental judgements in relation to client’s money, they are also, in my view an extremely hard working group of people who work hard on a daily basis to reinvent and grow the firm. Blankfein is made out to be a ruthless money grabber, however even through the crisis he has taking a heap of criticism but always stood by the bank. He sums up his hopes and aspirations for the firm on the last page of the book by saying, “Nobody puts a gun to your head to take the job... I want people to come here and feel really, really good about working here... I want clients to be proud of the fact that they’re working with Goldman Sachs, not to explain it. I feel the weight of that, I do. I have a sense of duty about these things, and so I’m in.”

Authors Credentials
William D. Cohan is an award winning investigative, newspaper journalist and Wall Street veteran who worked as a mergers and acquisition banker for seventeen years. Cohan studied at Duke University, Columbia School of...
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