Money and Power by William D Cohan

This extensive text chronicles the intricate history of Goldman Sachs, tracing its origins from Marcus Goldman's humble beginnings as a "Banker and Broker" in 1869 New York, focused on commercial paper, to its evolution into a global financial powerhouse. The sources highlight key figures like Sidney Weinberg, who expanded the firm's influence through strategic board memberships and public service, and Gus Levy, whose embrace of arbitrage and trading significantly boosted profitability despite internal resistance. The narrative details Goldman Sachs's involvement in major financial events, including the 1929 Crash and the 2008 financial crisis, where its proactive "big short" strategy in mortgage-backed securities allowed it to profit while many competitors faltered, albeit facing scrutiny for its role and perceived conflicts of interest. The text also touches on internal dynamics, leadership transitions, and ethical challenges, such as insider trading allegations, racial and gender discrimination lawsuits,