In this riveting and timely read, former Goldman Sachs investment banker Smith (The Global Bankers
) takes readers on a roller-coaster ride of a history lesson, covering 100 years of peaks, valleys, booms, and busts on Wall Street and concluding with a stellar account of the recent financial crisis. He traces the evolution of such financial powerhouses as Merrill Lynch, Goldman Sachs, and Lehman Brothers and scrupulously chronicles the interplay between market forces and political, technological, and cultural shifts. The pace never slackens nor does the book buckle beneath the weight of Smith’s research—long accounts of industry shakeups are interspersed with anecdotes about the colorful personalities that have shaped Wall Street, from early-20th-century finance titans Andre Meyer of Lazard Frères, and Sidney Weinberg, one of the early drivers behind Goldman Sachs, to present-day moguls Michael Bloomberg and Henry Paulson. Novices as well as industry insiders will find Smith’s perspective edifying; his account of Wall Street’s history reveals how turbulence and adaptation are hallmarks of the capital markets. (Jan.)
