자료: http://fintel.blogspot.com/2008/10/men-who-make-goldman-sachs-goldman.html
Monday, October 13, 2008
The Men who Make Goldman Sachs, Goldman Sachs
If I opened a toilet bowl business, my aim will be to tell you everything about the toilet bowl. When I love something, I just want to find out everything about it - true of companies, people and subjects. I was just studying the great people who made up its history and today I just want to bring up 3 people who are key: Sidney Weinerg, Gus Levy and John Weinberg.
It's really inspiring to read the lives of these men but more importantly the values they carry. Sidney Weinberg started out as a porter in Goldman Sachs, clearing the trash and emptying spitoons. He worked his way up to Chairman of Goldman Sachs. He didn't even complete his PS13 education but had the right skills to bring Goldman Sachs through the Great Depression as partner of the firm.
As for John Weinberg, his son, you only have to read part of his orbitrary.
JOHN L. WEINBERG was the longtime senior partner and chairman of Goldman Sachs. He was a no-nonsense manager dressed in off-the-peg suits who looked more like a lantern-jawed boxer than a banker but who became the last true gentlemen to run a major Wall Street institution before it fell prey to charmless profiteers.
In the cut-throat world of banking and securities in the Eighties and Nineties, where the bottom line came to mean everything, Weinberg was a lone resister, careful to put his clients first even when loyalty ended up costing millions. Notwithstanding his old-school ways — he would not work on hostile takeovers, for instance — under his stewardship Goldman’s became the most profitable securities firm in the world.
British taxpayers would come to benefit from his sense of rectitude. When the sell-off of British government stock in British Petroleum in 1987 coincided with a stock market crash, he stood by Goldman’s obligation to underwrite the sale, losing at least $100 million. “We are going to do it. And those of you who decide not to do it, you won’t be underwriting a goat house — not even an outhouse,” he told his wavering partners.
Weinberg’s example of personal rectitude became an inspiration for a generation of influential New York money men, among them Henry “Hank” Paulson, US Treasury Secretary, who eventually succeeded him at Goldman’s.
Weinberg hoped his honest approach to business and his egalitarian style would become an industry standard and to that end he endowed the John L. Weinberg Centre for Corporate Governance at the University of Delaware.
It was inevitable, perhaps, that John Livingston Weinberg should become a banker. He was born on January 25, 1925, in Scarsdale, New York, to Sidney Weinberg, who began at Goldman’s in 1907 as a porter, brushing hats and emptying office spittoons.
Although Sidney rose to become chairman, John L. Weinberg never forgot his father’s humble beginnings. And his understanding of the common man was reinforced further by his experiences in the Second World War.
Having left Deerfield Academy, a Massachusetts boarding school, Weinberg became a lieutenant in the US Marine Corps serving in the Pacific, where as a teenager he was responsible for the wellbeing of grown men.
Weinberg resumed his studies at Princeton, graduating in 1947, then re-enlisted as a captain to fight in the Korean War before returning to take a masters degree in business administration at Harvard.
Although he worked for his father during university vacations, it was by no means automatic that he should join Goldman’s. Before he was made an associate at the firm in 1950, his father sent him to consult the heads of the rival banks J. P Morgan, Morgan Stanley and First Boston, to ensure that he was doing the right thing. Weinberg told a biographer that “his father was hard on him” and that “he wasn’t going to get where he was going because he was the boss’s son. He had to prove himself.”
He was made a partner in 1956 and later served as a member of the board, chairman of the management committee and senior partner.
In 1976 Weinberg and John Whitehead were appointed co-chairmen, with Whitehead expanding international business while Weinberg remained in New York, cultivating the bank’s top clients. After 1984 he ran the company on his own until his retirement in 1990.
It was his relationship with the CEOs of America’s landmark companies that ensured Goldman’s success. He remained close to the Ford family, whose car company his father had taken public, and to the Sears retail family. He endeared himself to the young Jack Welch, who became the driving force behind General Electric’s success, and he was particularly close to the Bronfman family, which ran Seagram; he was both friend and neighbour to Edgar Bronfman, living in the same building.
Weinberg believed success would come about only through team effort. He was an egalitarian who despised the loftiness which affected many. To that end he cancelled the 4.30pm limousine collection his top managers had come to enjoy. Above all Weinberg hated the arrogance that he believed would lead to the firm’s undoing. “The culture was very much about fighting arrogance. Arrogance gets firms into trouble,” remembered a Goldman’s managing partner.
It was such an unwarranted sense of invincibility that Weinberg believed had inspired the worst periods of his career: a scandal which accompanied the bankruptcy in 1970 of the Penn Central railway, a Goldman Sachs client; and accusations of insider trading levelled against a Goldman’s partner in the mid-1980s.
These contrasted with the coups for which he is most often credited: his decision to buy the commodities trading firm J. Aron in 1981; and his acceptance of an approach by Sumitomo Bank of Japan in 1986, which allowed him $500 million in new capital with which to compete with firms such as Morgan Stanley that were raising money by going public.
Weinberg had a strong sense of public service and was director of the DeWitt Wallace Fund for the Memorial Sloan-Kettering Cancer Centre, a trustee of New York Presbyterian Hospital and a trustee emeritus of Princeton University. He was a donor to the Jewish Museum and to the Republican Party and he funded a sports pavilion at Vassar, his wife’s alma mater.
He was joined at Goldman’s by his brother, his nephew and his son. He is survived by his wife, Sue Ann, and two children.
_________________________________________
The gentlemen on Wall Street. I want to be like these guys. I am currently reading John Whitehead's biography and I think it's going to be a great read.
I need to pay more attention to details and be sharper in my work. I think I didn't do a very good job on my Corporate Advisory presentation. I need to re-evaluate my use of cognitive resources.
It's really inspiring to read the lives of these men but more importantly the values they carry. Sidney Weinberg started out as a porter in Goldman Sachs, clearing the trash and emptying spitoons. He worked his way up to Chairman of Goldman Sachs. He didn't even complete his PS13 education but had the right skills to bring Goldman Sachs through the Great Depression as partner of the firm.
As for John Weinberg, his son, you only have to read part of his orbitrary.
JOHN L. WEINBERG was the longtime senior partner and chairman of Goldman Sachs. He was a no-nonsense manager dressed in off-the-peg suits who looked more like a lantern-jawed boxer than a banker but who became the last true gentlemen to run a major Wall Street institution before it fell prey to charmless profiteers.
In the cut-throat world of banking and securities in the Eighties and Nineties, where the bottom line came to mean everything, Weinberg was a lone resister, careful to put his clients first even when loyalty ended up costing millions. Notwithstanding his old-school ways — he would not work on hostile takeovers, for instance — under his stewardship Goldman’s became the most profitable securities firm in the world.
British taxpayers would come to benefit from his sense of rectitude. When the sell-off of British government stock in British Petroleum in 1987 coincided with a stock market crash, he stood by Goldman’s obligation to underwrite the sale, losing at least $100 million. “We are going to do it. And those of you who decide not to do it, you won’t be underwriting a goat house — not even an outhouse,” he told his wavering partners.
Weinberg’s example of personal rectitude became an inspiration for a generation of influential New York money men, among them Henry “Hank” Paulson, US Treasury Secretary, who eventually succeeded him at Goldman’s.
Weinberg hoped his honest approach to business and his egalitarian style would become an industry standard and to that end he endowed the John L. Weinberg Centre for Corporate Governance at the University of Delaware.
It was inevitable, perhaps, that John Livingston Weinberg should become a banker. He was born on January 25, 1925, in Scarsdale, New York, to Sidney Weinberg, who began at Goldman’s in 1907 as a porter, brushing hats and emptying office spittoons.
Although Sidney rose to become chairman, John L. Weinberg never forgot his father’s humble beginnings. And his understanding of the common man was reinforced further by his experiences in the Second World War.
Having left Deerfield Academy, a Massachusetts boarding school, Weinberg became a lieutenant in the US Marine Corps serving in the Pacific, where as a teenager he was responsible for the wellbeing of grown men.
Weinberg resumed his studies at Princeton, graduating in 1947, then re-enlisted as a captain to fight in the Korean War before returning to take a masters degree in business administration at Harvard.
Although he worked for his father during university vacations, it was by no means automatic that he should join Goldman’s. Before he was made an associate at the firm in 1950, his father sent him to consult the heads of the rival banks J. P Morgan, Morgan Stanley and First Boston, to ensure that he was doing the right thing. Weinberg told a biographer that “his father was hard on him” and that “he wasn’t going to get where he was going because he was the boss’s son. He had to prove himself.”
He was made a partner in 1956 and later served as a member of the board, chairman of the management committee and senior partner.
In 1976 Weinberg and John Whitehead were appointed co-chairmen, with Whitehead expanding international business while Weinberg remained in New York, cultivating the bank’s top clients. After 1984 he ran the company on his own until his retirement in 1990.
It was his relationship with the CEOs of America’s landmark companies that ensured Goldman’s success. He remained close to the Ford family, whose car company his father had taken public, and to the Sears retail family. He endeared himself to the young Jack Welch, who became the driving force behind General Electric’s success, and he was particularly close to the Bronfman family, which ran Seagram; he was both friend and neighbour to Edgar Bronfman, living in the same building.
Weinberg believed success would come about only through team effort. He was an egalitarian who despised the loftiness which affected many. To that end he cancelled the 4.30pm limousine collection his top managers had come to enjoy. Above all Weinberg hated the arrogance that he believed would lead to the firm’s undoing. “The culture was very much about fighting arrogance. Arrogance gets firms into trouble,” remembered a Goldman’s managing partner.
It was such an unwarranted sense of invincibility that Weinberg believed had inspired the worst periods of his career: a scandal which accompanied the bankruptcy in 1970 of the Penn Central railway, a Goldman Sachs client; and accusations of insider trading levelled against a Goldman’s partner in the mid-1980s.
These contrasted with the coups for which he is most often credited: his decision to buy the commodities trading firm J. Aron in 1981; and his acceptance of an approach by Sumitomo Bank of Japan in 1986, which allowed him $500 million in new capital with which to compete with firms such as Morgan Stanley that were raising money by going public.
Weinberg had a strong sense of public service and was director of the DeWitt Wallace Fund for the Memorial Sloan-Kettering Cancer Centre, a trustee of New York Presbyterian Hospital and a trustee emeritus of Princeton University. He was a donor to the Jewish Museum and to the Republican Party and he funded a sports pavilion at Vassar, his wife’s alma mater.
He was joined at Goldman’s by his brother, his nephew and his son. He is survived by his wife, Sue Ann, and two children.
_________________________________________
The gentlemen on Wall Street. I want to be like these guys. I am currently reading John Whitehead's biography and I think it's going to be a great read.
I need to pay more attention to details and be sharper in my work. I think I didn't do a very good job on my Corporate Advisory presentation. I need to re-evaluate my use of cognitive resources.
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