A new book exploring the publicly reviled Wall Street institution, Goldman Sachs, has
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been published by author William Cohan, who was also recently interviewed by the Guardian explaining the mechanics and myths behind one of the world’s most well known financial brands.
This book comes after Goldman Sachs was recently in the news (again) after four orders of nuns, who are shareholders, demanded in a public letter that they receive full-disclosure and review of pay conduct: “An evaluation of whether our senior executive compensation packages (including, but not limited to, options, benefits, perks, loans and retirement agreements) are ‘excessive’ and should be modified.” This request was duly rejected by the bank, and CEO Lloyd Blankfein, was even quoted, one assumes without irony, that the bank “was doing God’s work.”
So does the new book, entitled Money and Power: How Goldman Sachs came to rule the world, dish the dirt in a way previously unimagined? It seems not. Author Cohan explains that Goldman followed a typically aggressive, opportunistic approach to money making that every other investment bank on the planet adheres to. They’re just better at it, and because they were a private partnership for 150 years, the bank was able to cultivate a myth, that Cohan states their employees came to believe. They “didn’t create the bubble but they made things a whole lot worse.” And despite the negative PR that seems to follow the bank like a black cloud, Goldman Sachs (as everyone knows) has picked itself up and carried on making loads of money. That’s the business, after all, of investment banking, and despite the continuing reports into the financial crises, it seems they are ultimately too big to fail but will never again reach the hitherto lofty heights of several years ago. The gold rush is it seems, at least partially, over.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]