NASDAQ and Dow Jones indices, revealing the history of American finance.
The original intention of the establishment. 
The history of American finance is magnificent, and the most dazzling chapter belongs to Wall Street, and the pinnacle of Wall Street is none other than Goldman Sachs. Let's take a peek at the wonders of Wall Street in the United States through the legend of Goldman Sachs.
The early days of entrepreneurship. 
In 1869, Marcus Goldman, a German Jewish immigrant, founded the Markus Goldman Company in New York to trade commercial paper. He cleverly earns the difference by buying accounts receivable from small merchants and selling them to banks at a smaller discount. In 1882, he promoted his son-in-law, Samuel Sachs, to partner, and six years later officially named the firm Goldman Sachs, and in 1896 he joined the New York Stock Exchange.
Collaboration with Lehman and rupture.
For the first 30 years of the 20th century, Goldman Sachs dominated the IPO market through its partnership with Lehman, most notably the 1904 IPO of Sears, the largest department store chain in the United States. However, relations broke openly in 1936 and have remained hostile ever since.
1929: The clouds of the stock market crash.
In the summer of 1929, Walter and Arthur Sachs, descendants of Goldman Sachs' founders, noticed a problem with Wardier Catchings' investment banking business, but Wardier ignored the market frenzy. By October 23, the **crash, the Dow Jones **20%,* the historical "Black Friday" was born.
The Great Depression.
With the collapse of the United States**, Goldman Sachs trading firm failed and its reputation was discredited. The failure to secure ** underwriting business as a lead underwriter, coupled with the advent of the Great Depression, put Goldman Sachs on the brink of bankruptcy. The trading company essentially becomes a shell company, and invests the funds obtained from the financing into the market through the issuance of ** financing, and even buys its own company.
Weinberg era.
In 1930, Sidney Weinberg came to power in full power, and in the past 40 years, Goldman Sachs entered the "Weinberg era". By moving from a first-class transaction to an investment bank with the business center, nearly 30 years of efforts have saved the company's reputation.
Rise and specialization.
After the Great Depression, Goldman Sachs gradually grew from a second-rate investment bank on Wall Street to a first-class investment bank. Sidney initiated the process of specialization and improved work efficiency. In sales and mergers and acquisitions, Goldman Sachs has emerged as a leader in investment banking. Today, Goldman Sachs' investment banking system is the foundation of the company.
The role of the Knight of the White Horse.
In the 70s, the trend of "hostile takeovers" arose in the capital market, and Goldman Sachs played the role of "white horse knights", helping companies that suffered hostile takeovers to carry out anti-hostile takeovers, thus emerging in the investment banking industry and becoming a world-class "player" in the 90s.
Diversification.
In 1981, Goldman Sachs acquired J?Alang & Co., entering new fields such as foreign exchange trading, coffee trading, and ** trading, marked the beginning of Goldman Sachs' diversification. In the 90s, the company established GS Capital Cooperative Investment** to carry out capital investment business. In 2000, Goldman Sachs acted as lead underwriter for PetroChina's US$2.9 billion initial public offering.
Financial Crisis and Transition.
When the subprime mortgage crisis broke out in 2007, Goldman Sachs benefited from a unique "risk management and control system" and successfully adopted a hedging strategy of large number of short selling, and finally achieved an incredible net profit. In 2008, in response to the financial crisis, Goldman Sachs and Morgan Stanley turned into bank holding companies, enjoying the right to receive emergency loans from the Federal Reserve. 2008-09, Warren? Warren Buffett agreed to inject $5 billion into Goldman Sachs and receive $5 billion in preferred stock with a market capitalization. In October 2008, Goldman Sachs successfully repaid the capital injection and dividends under the mandatory bank capital injection plan.
After the financial crisis.
In 2009, after the financial crisis, Goldman Sachs announced that the current president, Lloyd? Blank Fein led the company to achieve a net profit of $13.4 billion. Goldman Sachs is still grappling with moving away from an overly transaction-heavy model, while navigating new regulations, capital requirements, and the "banking world."
Epilogue. Over the past 100 years, Goldman Sachs has risen in the great waves of finance, experienced the baptism of wind and rain, and has never stopped innovating and changing. What started as a small business paper trading company has evolved into one of the world's most important financial institutions, witnessing the development of American financial history.
Goldman Sachs, a company that originated in small commercial paper trading, has evolved into a global financial giant. The article details Goldman Sachs' ups and downs over the past century, from its founder, Markus Goldman, a German-Jewish immigrant, to its partnership with Lehman to dominate the IPO market in the early 20th century, to the disgrace of the Great Depression.
Goldman Sachs rose to prominence in the financial turmoil of the early 20th century, but was deeply affected by the 1929 stock market crash. The descriptions of this period are vivid and realistic, giving the reader a deep understanding of the uncertainty and unpredictability of the financial markets. Goldman Sachs fell into bankruptcy after the stock market crash, but through the efforts of the Weinberg era, it finally salvaged its reputation and entered a new stage of development. This process is not only the history of a company, but also part of the development of the entire American financial system.
The Weinberg era marked Goldman Sachs' transition from trading to investment banking. The success of this strategy laid the foundation for Goldman Sachs' leadership position in investment banking. The article highlights the contribution of specialization to Goldman Sachs' success, thereby improving work efficiency and laying a solid foundation for the company's future growth.
The role of the "Knight on the White Horse" in the 70s made Goldman Sachs stand out in the midst of the financial turmoil. During the hostile takeover period mentioned in the article, Goldman Sachs became a supporter of anti-hostile takeovers, demonstrating its responsibility and responsibility in the financial market. This attitude of actively participating in market adjustment has enabled Goldman Sachs to win the trust and respect of the industry.
Goldman Sachs' performance in the financial crisis is even more remarkable. Its unique risk management system and timely hedging strategy enabled it to successfully avoid financial turmoil and achieve incredible net profits. In the aftermath of the financial crisis, Goldman Sachs has shown a high degree of wisdom and flexibility in dealing with regulatory and capital requirements.
Overall, Goldman Sachs' journey is a fascinating epic of struggle, innovation, adaptation, and change. Its 100-year vicissitudes have witnessed the changes in the financial history of the United States, and also reflected the development of the global financial system. Goldman Sachs is not only a company, but also a witness and promoter of an era, and its century-old legend is admirable.
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