From the bestselling, prize-winning author of THE LAST TYCOONS and HOUSE OF CARDS, a revelatory history of Goldman Sachs, the most dominant, feared, and controversial investment bank in the world
For much of its storied 142-year history, Goldman Sachs has projected an image of being better than its competitors--smarter, more collegial, more ethical, and far more profitable. The firm--buttressed by the most aggressive and sophisticated p.r. machine in the financial industry--often boasts of "The Goldman Way," a business model predicated on hiring the most talented people, indoctrinating them in a corporate culture where partners stifle their egos for the greater good, and honoring the "14 Principles," the first of which is "Our clients' interests always come first."
But there is another way of viewing Goldman--a secretive money-making machine that has straddled the line between conflict-of-interest and legitimate deal-making for decades; a firm that has exerted undue influence over government since the early part of the 20th century; a company composed of "cyborgs" who are kept in line by an internal "reputational risk department" staffed by former CIA operatives and private investigators; a workplace rife with brutal power struggles; a Wall Street titan whose clever bet against the mortgage market in 2007--a bet not revealed to its clients--may have made the financial ruin of the Great Recession worse.
As William D. Cohan shows in his riveting chronicle of Goldman's rise to the summit of world capitalism, the firm has shown a remarkable ability to weather financial crises, congressional, federal and SEC investigations, and numerous lawsuits, all with its reputation and its enormous profits intact. By reading thousands of pages of government documents, court cases, SEC filings, Freedom of Information Act papers and other sources, and conducting over 100 interviews, including interviews with clients, competitors, regulators, current and former Goldman employees (including the six living men who have run Goldman), Cohan has constructed a vivid narrative that looks behind the veil of secrecy to reveal "how "Goldman has become so profitable, and so powerful.
Part of the answer is the firm's assiduous cultivation of people in power--dating back to 1913, when Henry Goldman advised the government on how the new Federal Reserve, designed to oversee Wall Street, should be constituted. Sidney Weinberg, who ran the firm for four decades, advised presidents from Roosevelt to Kennedy and was nicknamed "The Politician" for his behind-the-scenes friendships with government officials. Goldman executives ran fundraising efforts for Nixon, Reagan, Clinton and George W. Bush. The firm showered lucrative consulting or speaking fees on figures like Henry Kissinger and Lawrence Summers. Famously, and fatefully, two Goldman leaders-- Robert Rubin and Henry Paulson--became Secretaries of the Treasury, where their actions both before and during the financial crisis of 2008 became the stuff of controversy and conspiracy theories.
Another major strand in the firm's DNA is its eagerness to deal on both sides of a transaction, eliding questions of conflict of interest by the mere assertion of their innate honesty and nobility, a refrain repeated many times in its history, most notoriously by current Goldman CEO Lloyd Blankfein's jesting assertion that he was doing "God's work."
As Michiko Kakutani's "New York Times "review of HOUSE OF CARDS said, "Cohan writes with an insider's knowledge of the workings of Wall Street, a reporter's investigative instincts and a natural storyteller's narrative command." In MONEY & POWER, Cohan has marshaled all these gifts in a powerful and definitive account of an institution whose public claims of virtue look very much like ruthlessness when exposed to the light of day.

"From the Hardcover edition."

Steuervermeidungsstrategien globaler Internet-Konzerne sind Gegenstand kontroverser politischer Debatten und stellen Deutschland und die Europaische Union vor beachtliche Herausforderungen. Globale Internet-Konzerne zahlen trotz ihrer hohen Umsatze vergleichsweise geringe Ertragsteuern, weil die geltenden steuer- und abkommensrechtlichen Vorgaben nicht auf grenzuberschreitende digitale Geschaftsmodelle zugeschnitten sind. Die vorliegende Publikation befasst sich mit den Besteuerungsdefiziten der Digitalen Wirtschaft. Die Autorin setzt sich kritisch mit ausgewahlten Reformvorschlagen auseinander, die durch die OECD, die Kommission und den deutschen Gesetzgeber in der jungeren Vergangenheit entwickelt und diskutiert wurden, darunter insbesondere mit dem Konzept der virtuellen Betriebsstatte.

The 2008 financial collapse, the expansion of corporate and private wealth, the influence of money in politics-many of Wall Street's contemporary trends can be traced back to the work of fourteen critical figures who wrote, and occasionally broke, the rules of American finance. Edward Morris plots in absorbing detail Wall Street's transformation from a clubby enclave of financiers to a symbol of vast economic power. His book begins with J. Pierpont Morgan, who ruled the American banking system at the turn of the twentieth century, and ends with Sandy Weill, whose collapsing Citigroup required the largest taxpayer bailout in history. In between, Wall Streeters relates the triumphs and missteps of twelve other financial visionaries. From Charles Merrill, who founded Merrill Lynch and introduced the small investor to the American stock market; to Michael Milken, the so-called junk bond king; to Jack Bogle, whose index funds redefined the mutual fund business; to Myron Scholes, who laid the groundwork for derivative securities; and to Benjamin Graham, who wrote the book on securities analysis. Anyone interested in the modern institution of American finance will devour this history of some of its most important players.

In 1977, the iconic Swindon Works was building locomotives. By 1986, it was shut down. In The End of the Line, Ron Bateman recounts the fight to save Swindon Works, its 3,500 jobs and the livelihood of the entire community it represented. Initially joining through the Works Training School in 1977, Ron witnessed this tragic struggle and the crushing blow dealt to the industry that had defined Swindon for generations. Combining personal recollections with information and interviews from many other insiders and railmen, this book provides the only comprehensive chronicle on the final decade of 147 years of railway engineering and a fateful milestone in the history of Swindon.

"Splendid...the definitive history of the hedge fund, a compelling narrative full of larger-than-life characters and dramatic tales." -- "The Washington Post"
Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of twenty-first- century capitalism. Beating the market was long thought to be impossible, but hedge funds cracked its mysteries and made fortunes in the process. Drawing on his unprecedented access to the industry, esteemed financial writer Sebastian Mallaby tells the inside story of the hedge funds, from their origins in the 1960s to their role in the financial crisis of 2007 to 2009.

Lukas Vossen untersucht Zulassigkeit und Grenzen von Investorengesprachen des Aufsichtsratsvorsitzenden im Recht der boersennotierten Aktiengesellschaft. Ausgehend von einer Literaturanalyse und Wurdigung des rechtlichen status quo sind Alleinstellungsmerkmale seiner Arbeit der Zugriff auf empirisch arbeitende Nachbardisziplinen sowie eine eigene qualitativ empirische Interviewstudie mit zahlreichen Rechtsanwalten und Syndizi. Das Ergebnis ist ein rechtspraktischer Belastungstest des aktuellen rechtswissenschaftlichen Streit- und Forschungsstands. Ein besonderes Augenmerk liegt daruber hinaus auf dem Gedanken, zukunftig sogenannte Stewardship-Aktionare im Rahmen der Abwagung des 53a AktG beim Zugang zu Investorengesprachen zu privilegieren.

From a long-time Alibaba executive and friend of Jack Ma, this is first book to articulate how Alibaba's unique culture and "tai chi" management principles are providing a business and economic development model for the rest of the world.If you took the economic might of Amazon, and added the penetration of Facebook, the ubiquity of Google, and the cultural significance of YouTube, you might have something starting to resemble Alibaba. Commonly mischaracterized as a kind of Chinese eBay for businesses, Alibaba and its interlinked network of products and services have exploded into global markets, disrupting conventional businesses and creating previously unimaginable opportunities for millions of small businesses worldwide. This book reveals the Tao of Alibaba-the company's "secret sauce"-a consciously cultivated ethos and spirit that has enabled Alibaba to weather tough times (including its recent setbacks with the Chinese government) and persist toward a common mission. It is a blueprint of the company's management philosophy, crystalized into the most important elements that have driven its success, and it provides a road map for how to incorporate these principles into any organization's operations. Wong distills his 20 years of experience inside the company to show readers how to align their organization's capabilities with performance-maximizing tools in order to achieve success. But most importantly, the Tao of Alibaba teaches the pursuit of greater purpose and meaning, steering entrepreneurs to view their ventures as a vehicle for having profound and lasting impacts on their communities. Ultimately, the lessons shared in The Tao of Alibaba will serve as timeless tools for any entrepreneur seeking to configure their organization toward purpose and impact.

WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today's roiling policies lies in the events that started it all-the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian's eye for detail, connection, and consequence, Adam Tooze brings the story right up to today's negotiations, actions, and threats-a much-needed perspective on a global catastrophe and its long-term consequences.

This open access book reconstructs and examines a crucial episode of Anglo-Iberian diplomatic rivalry: the clash between the Portuguese-sponsored Jesuit missionaries and the English East India Company (EIC) at the Mughal court between 1580 and 1615. This 35-year period includes the launch of the first Jesuit mission to Akbar's court in 1580 and the preparation of the royal embassy led by Sir Thomas Roe to negotiate the concession of trading privileges to the EIC, and encompasses not only the extension of the conflict between the Iberian crowns and England into Asia, but also the consolidation of the Mughal Empire. The book examines the proselytizing and diplomatic activities of the Jesuit missionaries, the evolution of English diplomatic strategies concerning the Mughal Empire, and how the Mughal authorities instigated and exploited Anglo-Iberian rivalry in the pursuit of specific commercial, geopolitical, and ideological agendas.

Entrepreneurs develop based on their surroundings. It is easy to understand US entrepreneurs, with the wealth of information available about their development, but how does working in Mexico influence entrepreneurship, and emerging entrepreneurs? Exploring the history of Mexico's entrepreneurs, expert authors Araceli Almaraz Alvarado and Oscar Javier Montiel Mendez delve into the empirical and theoretical opportunities that emerge from this historical analysis. Current literature on Mexican entrepreneurship points out the importance of contextualising entrepreneurial lives, and asks us to look across agents, sectors and regions, to reach a better understanding of the trajectories of entrepreneurship in Mexico. Including chapters across different businesses in Mexico, the editors and contributors seek to expose the convergence between theory and practice. For students of business and international development, this is an unmissable text containing the most current research on Mexican entrepreneurship.

Imagine if you could be a fly on the wall as a family enterprise becomes one of the most successful companies in the world. The Target Story will help you understand and adopt the competitive strategies, workplace culture, and daily business practices that enabled the big box store to become the retail giant it is today. In an industry that has seen constant disruption over the last two decades, Target has experienced tremendous growth. Establishing a strong eCommerce business and cultivating a sought-after in-store experience has kept this iconic brand at the top of the retail game. From same-day fulfillment to brand partnerships, Target has successfully fought the domination of online marketplaces by thinking outside the big box. The growth, prosperity, and expansion strategies that can be gleaned from the history of the Target Corporation amounts to a masterclass in business. Yet, the Target story has never been adequately presented. Until now. Through the story of Target, you'll learn: How to remain nimble in times of tremendous change. How to reinvent a six-decade-old iconic brand. How to know when to build it yourself or bring in the experts. When to change the entire way you do business. And much, much more.

In 2020, the Cunard Line celebrates its 180th anniversary. One of the most famous transatlantic shipping companies, Cunard is beloved on both sides of the Atlantic, as well as around the world. Cunard pioneered many new technologies and launched the largest and fastest liners of their day. During both world wars the Cunarders answered the call of duty and transported thousands of troops to support the Allies. Today, the enduring history of this great shipping line has carried on into the twenty-first century, with the three current Queens celebrating Cunard's heritage, while a new ship is under construction. This new paperback edition is updated to cover events since the line's 175th anniversary. With new and updated stories from people involved with line, Cunard's 180-year history is shared in stunning photographs and engaging text to explore the legacy of the great Cunarders.

Im Jahr 2016 hat der BGH der versicherungsnehmenden Gesellschaft einer D&O-Versicherung infolge einer Abtretung des Freistellungsanspruchs durch versicherte Organmitglieder einen Direktanspruch gegen den Versicherer auf Grundlage von 108 Abs. 2 VVG zugesprochen. Ausgehend davon untersucht die Autorin Direktanspruche der Aktiengesellschaft in den Konstellationen der Insolvenz, Zwangsvollstreckung und Abtretung. Sie kommt unter Betrachtung der Rechtsnatur der D&O-Versicherung als Haftpflichtversicherung fur fremde Rechnung und Anerkennung der Gesellschaft als Dritter im Sinne der 100 ff. VVG zu dem Schluss, dass ihr in Innenhaftungsfallen in den drei Konstellationen ein deckungsrechtlicher Zahlungsanspruch gegen den Versicherer zustehen kann, nicht hingegen ein vertraglicher Anspruch.

Founded in 1987 by a former engineer in China's People's Liberation Army (Ren Zhengfei), Huawei Technologies is the world's largest telecoms equipment manufacturer and second only to Apple in smartphones. Its emergence into a multinational with over 175,000 employees all around the world is nothing short of extraordinary. This book provides a unique look into Huawei's consumer electronics business (ranging from mobile phones to laptops, tablets, cameras and other smart devices) - in particular, the individuals ('adventurers') whose excellence and invention enabled Huawei to expand globally in such impressive terms. Their personal stories tell us about the extraordinary vision, dedication and perserverance required for companies to succeed in the highly competitive and uncertain world of consumer electronics. In all of this, the company's mission is to make Huawei the first choice and most trusted smart device brand in the world.

Radio 4's Book of the Week A Financial Times Book of the Year Shortlisted for the 2020 Financial Times / McKinsey Business Book of the Year Longlisted for the National Book Award 'The story of the original data science hucksters of the 1960s is hilarious, scathing and sobering - what you might get if you crossed Mad Men with Theranos' David Runciman The Simulmatics Corporation, founded in 1959, mined data, targeted voters, accelerated news, manipulated consumers, destabilized politics, and disordered knowledge--decades before Facebook, Google, Amazon, and Cambridge Analytica. Silicon Valley likes to imagine it has no past but the scientists of Simulmatics are the long-dead grandfathers of Mark Zuckerberg and Elon Musk. Borrowing from psychological warfare, they used computers to predict and direct human behavior, deploying their "People Machine" from New York, Cambridge, and Saigon for clients that included John Kennedy's presidential campaign, the New York Times, Young & Rubicam, and, during the Vietnam War, the Department of Defence. In If Then, distinguished Harvard historian and New Yorker staff writer, Jill Lepore, unearths from the archives the almost unbelievable story of this long-vanished corporation, and of the women hidden behind it. In the 1950s and 1960s, Lepore argues, Simulmatics invented the future by building the machine in which the world now finds itself trapped and tormented, algorithm by algorithm. 'A person can't help but feel inspired by the riveting intelligence and joyful curiosity of Jill Lepore. Knowing that there is a mind like hers in the world is a hope-inducing thing' George Saunders, Man Booker Prize-winning author of Lincoln in the Bardo 'An authoritative account of the origins of data science, a compelling political narrative of America in the Sixties, a poignant collective biography of a generation of flawed men' David Kynaston 'If Then is simultaneously gripping and absolutely terrifying' Amanda Foreman

IFRS do not specify how to account for business combinations under common control (BCUCC). This study examines the practice, determinants, and earnings quality of different accounting methods used for BCUCC. A descriptive analysis presents the accounting and disclosure practice. Based on the identified accounting methods (acquisition method and book value method), an empirical analysis sheds light on determinants that drive the accounting method choice. Moreover, the consequences of the accounting method choices are investigated with respect to the extent to which companies can manage or even manipulate earnings. Findings of this study have important implications for the IASB's research project on BCUCC, users and preparers of financial statements, auditors, and enforcement institutions.

Bei einer moeglichen Umstellung der Fertigungstechnologie auf "Additive Manufacturing", im Allgemeinen oft als 3D-Druck bezeichnet, mussen auch logistische Strukturen hinterfragt werden. Bisherige Untersuchungen dazu beschranken sich meist auf eine qualitative Analyse. Auf Basis eines Standortplanungsproblems aus dem "Operations Research" entwickelt und untersucht der Autor einen neuartigen Ansatz zur Quantifizierung der Auswirkungen von AM auf zweistufige Supply-Chain-Strukturen. Hierfur werden detailliert logistische Implikationen von AM diskutiert und in ein modifiziertes "Two-Stage Capacitated Facility Location Problem" uberfuhrt. Anhand von 1.225 Instanzen werden optimale Netzwerkstrukturen fur etablierte und additive Fertigungsverfahren bestimmt und mittels sechs logistischer Kennzahlen verglichen.

In the 1960s, multinational corporations faced new image problems-and turned to the art world for some unexpected solutions. The 1960s saw artists and multinational corporations exploring new ways to use art for commercial gain. Whereas many art historical accounts of this period privilege radical artistic practices that seem to oppose the dominant values of capitalism, Alex J. Taylor instead reveals an art world deeply immersed in the imperatives of big business. From Andy Warhol's work for packaged goods manufacturers to Richard Serra's involvement with the steel industry, Taylor demonstrates how major artists of the period provided brands with "forms of persuasion" that bolstered corporate power, prestige, and profit. Drawing on extensive original research conducted in artist, gallery, and corporate archives, Taylor recovers a flourishing field of promotional initiatives that saw artists, advertising creatives, and executives working around the same tables. As museums continue to grapple with the ethical dilemmas posed by funding from oil companies, military suppliers, and drug manufacturers, Forms of Persuasion returns to these earlier relations between artists and multinational corporations to examine the complex aesthetic and ideological terms of their enduring entanglements.

Der Band untersucht die Auswirkungen des Bilanzrechtsmodernisierungsgesetzes (BilMoG) auf den gesellschaftsrechtlichen Kapital- und Glaubigerschutz. Das BilMoG verfolgt das Ziel, den Informationswert von Jahresabschlussen unter Beibehaltung des Glaubigerschutzniveaus zu steigern. Der Gesetzgeber fuhrte eine ausserbilanzielle Ausschuttungssperre ein, die unsichere Vermoegensgegenstande bei der Ermittlung des ausschuttungsfahigen Vermoegens eliminiert. Trotz dieser minimal-invasiv wirkenden Massnahme wurde ein Paradigmenwechsel eingelautet: Der ausschuttungsfahige Gewinn ist fortan nicht mehr aus der Bilanz ersichtlich, sondern nur noch in Zusammenschau mit Angaben im Anhang ermittelbar. Das Vorsichtsprinzip hat zulasten der Informationsfunktion eine Schwachung erfahren.

It seems incredible that a mere 33 years separates the maiden flights of the Barnes Wallis-designed R.100 airship from the beautiful VC10 airliner. It is also remarkable that, in 2013, the latter is still in service, albeit in dwindling numbers, but still representing a company that was formed 102 years ago! Although the VC10 was prefixed with BAC by the time of its entry into service, the aircraft represents the rapid rise of Vickers, which actually embarked on its first aeronautical project in 1908, before establishing an official aviation department in 1911. Vickers produced over 70 different types of aircraft during a 49-year period, not including a host of sub-variants, the Wellington, for example, having 19 alone. Not all were successful, but every one contributed, however small, another nugget of experience, which was either ploughed into the next aircraft or stored away for the future. An ability to think outside the box', was another of Vickers' fortes. A good example of this was not only employing Barnes Wallis, but having such faith in his ideas, which must have seemed quite radical at the time, especially his perseverance and ultimate success with geodetic construction. Wallis had no shortage of critics and many dyed in the wool' employees of Vickers, during the early days, left the company because of his ideas. However, history has shown us that he was right about geodetics, and like Hawker with its Hurricane and Supermarine with its Spitfire, only God knows what the RAF would have done without the Wellington at the beginning of the Second World War. This book gives readers an insight into the aircraft produced by Vickers, as well as a history of the aircraft company itself.

As counsel for Pennzoil's successful effort to recover billions of dollars in damages from Texaco over the acquisition of Getty Oil Company, the Baker & Botts law firm of Houston, Texas, achieved wide public recognition in the 1980s. But among its peers in the legal and corporate worlds, Baker & Botts has for more than a century held a preeminent position, handling the legal affairs of such blue-chip clients as the Southern Pacific Railroad, Houston Lighting & Power Company, Rice University, Texas Commerce Bank, and Tenneco. In this study, Kenneth J. Lipartito and Joseph A. Pratt chronicle the history of Baker & Botts, placing particular emphasis on the firm's role in Houston's economic development.

Founded in 1840, Baker & Botts literally grew up with Houston. The authors chart its evolution from a nineteenth-century regional firm that represented eastern-based corporations moving into Texas to a twentieth-century national firm with clients throughout the world. They honestly discuss the criticisms that Baker & Botts has faced as an advocate of big business. But they also identify the important impact that corporate law firms of this type have on business reorganization and government regulation. As the authors demonstrate in this case study, law firms throughout the twentieth century have helped to shape public policy in these critical areas.

Always prominent in the community, and with prominent connections (former Secretary of State James A. Baker III is the great-grandson of the original Baker), the Baker & Botts law firm belongs in any history of the development of Houston and the Southwest.

Revenue Management beschaftigt sich mit der Optimierung von Kapazitats- und Preisentscheidungen beim Verkauf von verderblichen Gutern und Dienstleistungen, die innerhalb eines vorgegebenen Zeitraumes angeboten werden. Die Arbeit untersucht Verallgemeinerungen des Airline Revenue Managements, also Fluge, die innerhalb eines Flugnetzes durchgefuhrt werden. In einem ersten Schritt wird dazu ein Modell entwickelt, das neben UEberbuchungsuberlegungen flexible Kunden betrachtet. In einem zweiten Schritt wird dieses Modell um die Zuordnung von Flugzeugtypen zu angebotenen Flugen mit der Option eines Re-Fleetings erweitert. Dazu werden deterministische lineare Programme (DLP) entsprechend angepasst. Die DLP-Modelle werden in verschiedenen Flugnetzen getestet, sowie deren Charakteristika verglichen.

Eine Ausbildung zum Beruf ist meist die Grundvoraussetzung fur eine erfolgreiche Berufsbiografie. Fur Jugendliche werden jedoch auch oft Ausbildungsangebote geschaffen, die sich zwar an Berufskriterien orientieren, jedoch nicht immer zu gesellschaftlich anerkannten Berufsabschlussen fuhren. Unter anderem werden zeitlich verkurzte Formen der Berufsausbildung entwickelt, um bestimmten Zielgruppen den Berufseinstieg zu erleichtern oder Beschaftigungsfelder mit geringeren Qualifikationsanforderungen zu erschliessen. Der Band stellt empirische Untersuchungen und theoretische Diskussionen aus Deutschland, OEsterreich und der Schweiz zu verkurzten Berufsausbildungen vor, um Wirkungen und Effekte der Konzeptionen zu erschliessen und zu bewerten. Die Buchbeitrage gehen insbesondere der Frage nach, welche Formen der Berufsausbildung als Ausbildung zum Beruf angesehen werden koennen.