Goldman Sachs' survival in Wall Street jungle

WHAT IS a disaster for America's Wall Street (actually 50th and Park) and London's City (actually Canary Wharf) and deep trouble for the economy of jobs, factories and stores has a (very small) silver lining for Charles D. Ellis and his publisher: "The Partnership: The Making of Goldman Sachs" will probably sell as many copies as they can print. Everyone interested in finance and economics will spend several months trawling for information to understand our current mess. Many know (or will soon know) that, of all the investment banks, commercial banks, shadow banks, hedge funds, investment vehicles, etc., in our economy, only two seem capable of withstanding current financial upheavals: James Dimond's JPMorgan Chase and Lloyd Blankfein's Goldman Sachs.

By J. Bradford DeLong

October 7, 2008