What makes Goldman tick
I CAN only guess which way Mr Dudley voted in the Palisades Conference Centre, where he and his partners opted to bring Goldman Sachs to market. The case against must have argued itself. The world's most successful financial partnership will now become a company, like its competitors, who find it so much harder to motivate and keep good people. Being a partnership was what made Goldman tick, just as in the City it makes Cazenove tick. 'It is not fair on the future partners', a senior partner of Cazen- ove once said, 'if the existing ones sell the goodwill once and for all.' I am left to con- clude that Goldman's partners are selling at what they regard as a once-for-all price: $30 billion. They do not want to be hanging around in the market when it gets hit on the head with a plank.
Previous page
