Recent Blog Posts
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The Times' Rorshach Geithner Story
Apr 27 20099:04am EDT -
Sinking Animal Spirits
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Counter-cyclical Urban Policy
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Be Your Own Counterfeiter
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Being Tim Geithner
Apr 25 200912:04pm EDT -
Notes From a Press Conference Naif
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What Good is the News?
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Stressful Enough
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Not Regretting the Pound
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Introducing the New Ford Squeeze
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Non-Economic Questions of the Day
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The Stress Test Blind Alley
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Happy Hour
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Recovery Without Rebalancing
Apr 23 20096:04pm EDT -
The Shape of Your Recession
Apr 23 20095:04pm EDT
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The Goldman Sachs Special Sauce
What's the difference between Goldman Sachs and all the other investment banks? You know, aside from that whole profitability thing. The answer seems to be that where other banks have org charts, Goldman has managers. It's unthinkable that Goldman would ever go outside its own ranks in hiring a new CEO, and Goldman alumni like John Thain are prized for their managerial skills. Michael de la Merced does his best today to explain the Goldman culture:
Goldman can afford to lose some of its best people because it fosters a deep managerial bench and gives a heavy emphasis to personal coaching. Those among its ranks anointed as future leaders attend special seminars. Even those who leave the firm to run less managerial businesses — hedge fund executives like Edward S. Lampert, Eric Mindich and Daniel Och — were instilled with the notion that success comes from building a team.
Goldman bankers also seem to pop up everywhere. It was no surprise to read, elsewhere in the NYT, this:
On the advice of his agent, Scott Boras, Rodriguez opted out of his contract during Game 4 of the World Series on Oct. 28. But he recently informed the Yankees through common friends at Goldman Sachs that he was reconsidering his stance.
Probably the only reason that Goldman isn't in the sports-agenting business is that it just isn't profitable enough. But if the Yankees ever decide to go public, expect to see Goldman lead the offering.
