Power Failure
The Rise and Fall of an American Icon
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Narrated by:
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Eric Jason Martin
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By:
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William D. Cohan
About this listen
NEW YORK TIMES BESTSELLER
The New Yorker Best Books of 2022 • Financial Times Best Books of 2022 • The Economist Best Books of 2022
The dramatic rise—and unimaginable fall—of America's most iconic corporation by New York Times bestselling author and pre-eminent financial journalist William D. Cohan
No company embodied American ingenuity, innovation, and industrial power more spectacularly and more consistently than the General Electric Company. GE once developed and manufactured many of the inventions we take for granted today, nearly everything from the lightbulb to the jet engine. GE also built a cult of financial and leadership success envied across the globe and became the world’s most valuable and most admired company. But even at the height of its prestige and influence, cracks were forming in its formidable foundation.
In a masterful re-appraisal of a company that once claimed to “bring good things to life,” pre-eminent financial journalist William D. Cohan argues that the incredible story of GE’s rise and fall is not only a paragon, but also a prism through which we can better understand American capitalism. Beginning with its founding, innovations, and exponential growth through acquisitions and mergers, Cohan plumbs the depths of GE's storied management culture, its pioneering doctrine of shareholder value, and its seemingly hidden blind spots, to reveal that GE wasn't immune from the hubris and avoidable mistakes suffered by many other corporations.
In Power Failure, Cohan punctures the myth of GE, exploring in a rich narrative how a once-great company wound up broken and in tatters—a cautionary tale for the ages.
©2022 William D. Cohan (P)2022 Penguin AudioListeners also enjoyed...
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- The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone
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- Length: 14 hrs and 42 mins
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Performance
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The financial establishment---banks and investment bankers, such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, and Morgan Stanley---were the cowboys, recklessly assuming risks, leveraging up to astronomical levels, and driving the economy to the brink of disaster.
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Great Story Ruined by Monotone Reading
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Finish Big
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- Narrated by: Sean Pratt
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When pioneering business journalist and Inc. magazine editor at large Bo Burlingham wrote Small Giants, it became an instant classic for its original take on a common business problem - how to handle the pressure to grow. Now Burlingham is back to tackle an even more common problem - how to exit your company well. Sooner or later, all entrepreneurs leave their businesses and all businesses get sold, given away, or liquidated.
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Begin with the end in mind
- By D. Hartzell on 02-05-15
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The Lost Bank
- The Story of Washington Mutual - The Biggest Bank Failure in American History
- By: Kirsten Grind
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- Unabridged
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Overall
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Performance
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Story
During the most dizzying days of the financial crisis, Washington Mutual, a bank with hundreds of billions of dollars in its coffers, suffered a crippling bank run. The story of its final, brutal collapse in the autumn of 2008, and its controversial sale to JPMorgan Chase, is an astonishing account of how one bank lost itself to greed and mismanagement, and how the entire financial industry - and even the entire country - lost its way as well. Kirsten Grind’s The Lost Bank is a magisterial and gripping account of these events.
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Sad and Angry by Turn
- By Johnnie Walker on 07-24-12
By: Kirsten Grind
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American Icon
- Alan Mulally and the Fight to Save Ford Motor Company
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- Narrated by: Pete Larkin
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Overall
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Performance
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Story
At the end of 2008, Ford Motor Company was just months away from running out of cash. With the auto industry careening toward ruin, Congress offered all three Detroit automakers a bailout. General Motors and Chrysler grabbed the taxpayer lifeline, but Ford decided to save itself. Under the leadership of charismatic CEO Alan Mulally, Ford had already put together a bold plan to unify its divided global operations, transform its lackluster product lineup, and overcome a dysfunctional culture of infighting, backstabbing, and excuses.
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The best business book I ever read
- By Michael on 10-07-12
By: Bryce G. Hoffman
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The Bank That Lived a Little
- Barclays in the Age of the Very Free Market
- By: Philip Augar
- Narrated by: Jonathan Keeble
- Length: 15 hrs and 32 mins
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Based on unparalleled access to those involved, and told with compelling pace and drama, The Bank That Lived a Little is the story of one of the most familiar names on the British high street since Big Bang in 1986. Philip Augar describes in detail three decades of boardroom intrigue driven by ruthless ambition, grandiose dreams and a desire for wealth. It is a tale of a struggle for long-term supremacy between rival strategies and their adherents.
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Global superstar bankers under light-touch gov
- By Philo on 12-21-18
By: Philip Augar
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White House, Inc.
- How Donald Trump Turned the Presidency into a Business
- By: Dan Alexander
- Narrated by: Noah Michael Levine
- Length: 6 hrs and 32 mins
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White House, Inc. is a newsmaking exposé that details President Trump’s efforts to make money off of politics, taking us inside his exclusive clubs, luxury hotels, overseas partnerships, commercial properties, and personal mansions. Alexander tracks hundreds of millions of dollars flowing freely between big businesses and President Trump. He explains, in plain language, how Trump tried to translate power into profit, from the 2016 campaign to the ramp-up to the 2020 campaign.
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Required reading for all Americans
- By Gregor on 10-11-20
By: Dan Alexander
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The Liar's Ball
- The Extraordinary Saga of How One Building Broke the World's Toughest Tycoons
- By: Vicky Ward
- Narrated by: Jonathan Yen
- Length: 6 hrs and 35 mins
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Story
Harry Macklowe is one of the most notorious wheelers and dealers of the real-estate world, and The Liar's Ball is the story of the gamblers and thieves who populate his world. Watch as Harry makes the gutsy bid for midtown Manhattan's famous GM building and puts almost no money down, landing the billion-dollar transaction that made him the poster child for New York's real-estate royalty. Listen in on the secret conversations, back-door deals, and blackmail that put Macklowe and his cronies on top - and set them up for an enormous fall.
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Excellent. Hope Biden Gets Covered Next
- By greenemann on 07-29-21
By: Vicky Ward
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Overhaul
- An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry
- By: Steven Rattner
- Narrated by: Joe Barrett
- Length: 13 hrs and 28 mins
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This first real look inside Team Obama mixes political warfare and big-business shakeups in equal proportions, and comes from a uniquely informed source. Steve Rattner is not just the man brought in by the president to save the auto industry, he is a former New York Times financial reporter who also earned a place among the top tier of Wall Street's most informed investment bankers and corporate experts.
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Overhaul - A Memoir
- By Roy on 12-05-10
By: Steven Rattner
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Too Good to Be True
- The Rise and Fall of Bernie Madoff
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- Narrated by: Karen White
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Erin Arvedlund, the financial reporter who questioned the amazing returns of Bernie Madoff's hedge funds way back in 2001, traces the life of the infamous swindler and addresses the tough questions surrounding the collapse of his Ponzi scheme.
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Doesn't add much more that a lot of details.
- By Robert on 11-07-10
By: Erin Arvedlund
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Crash Course
- The American Automobile Industry's Road from Glory to Disaster
- By: Paul Ingrassia
- Narrated by: Patrick Lawlor
- Length: 12 hrs and 18 mins
- Unabridged
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Overall
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Performance
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Story
In Crash Course, Ingrassia answers the big questions: Was Detroit's self-destruction inevitable? What were the key turning points? Why did Japanese automakers manage American workers better than the American companies themselves? Ingrassia also describes dysfunctional corporate cultures (even as GM's market share plunged, the company continued business as usual) and Detroit's perverse system of "inverse layoffs" (which allowed union members to invoke seniority to avoid work).
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Contemporary History at Its Best
- By Roy on 04-19-10
By: Paul Ingrassia
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Mastering the VC Game
- A Venture Capital Insider Reveals How to Get from Start-Up to IPO on Your Terms
- By: Jeffrey Bussgang
- Narrated by: Ramon De Ocampo
- Length: 7 hrs and 14 mins
- Unabridged
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Overall
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Performance
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Finding the right venture capitalist to back your start-up is a challenge. Even if you manage to get backing, you want your VC to be a partner, not some dictator who will undermine your vision and take control of your life's work. Jeffrey Bussgang is one of a very few people who have played on both sides of this high-stakes game. Now he draws on his unique perspective to offer high-level insights, colorful stories, and practical advice. He reveals how to get noticed, perfect a pitch, and negotiate a partnership that works for everyone.
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slow in beginning but gets really good
- By Diana on 04-11-19
By: Jeffrey Bussgang
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Hedgehogging
- By: Barton Biggs
- Narrated by: William Dufris
- Length: 3 hrs and 31 mins
- Abridged
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Overall
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Performance
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Story
Rare is the opportunity to chat with a legendary figure and hear the unvarnished truth about what really goes on behind the scenes. Step inside the world of Wall Street with Barton Biggs as he discusses investing in general, hedge funds in particular, and how he has learned to find and profit from the best moneymaking opportunities in an eat-what-you-kill, cutthroat investment world.
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HedgeHotDogging
- By Bob on 10-01-06
By: Barton Biggs
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Ray Dalio does not want you to listen to this audiobook. Late last year, when the billionaire founder of Bridgewater Associates, the largest hedge fund on the planet, announced that he was stepping down from the company he started out of his apartment nearly 50 years ago, the news made headlines around the world. Dalio cultivated an aura of international admiration and fame thanks to his company’s eye-popping success, coupled with a mystique he encouraged with frequent media appearances, celebrity hobnobbing, and his bestselling book, Principles.
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Steve Coll investigates the largest and most powerful private corporation in the United States, revealing the true extent of its power. ExxonMobil’s annual revenues are larger than the economic activity in the great majority of countries. In many of the countries where it conducts business, ExxonMobil’s sway over politics and security is greater than that of the United States embassy. In Washington, ExxonMobil spends more money lobbying Congress and the White House than almost any other corporation. Yet despite its outsized influence, it is a black box.
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Please no more accents!
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With one notable exception, the firms that make up what we know as Wall Street have always been part of an inbred, insular culture that most people only vaguely understand. The exception was Merrill Lynch, a firm that revolutionized the stock market by bringing Wall Street to Main Street. Merrill Lynch was an icon. Its sudden decline, collapse, and sale to Bank of America was a shock. How did it happen? Why did it happen?
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The author needs an outline or timeline
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What listeners say about Power Failure
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Ebong Eka
- 03-18-24
Very vivid storytelling!
loved the book and how expansive it was. it was well written and vividly descriptive.
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- Brad
- 02-18-23
An electric read
A towering achievement fit for the subject itself. Illuminating and enlightening, a tragedy of modern capitalism
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- Jim Saunders
- 08-02-23
Been a shareholder since 93
Was along for the ride the whole time but the books brought a lot of insight to it.
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- Marilee DiBernardo
- 02-11-23
Fantastic
I am impressed with this writing.
The story unfolded in such an unexpected manner, that I couldn’t stop listening. I just had to hear what happens next.
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- S. Mahon
- 08-11-24
Great telling of a sad story
Cohan traces GE from its founding to its recent breakup, concentrating on the Welch and Immelt years. The author makes no bones about who he thinks are villains (Larry Culp) who got a raw deal, (John Flannery) and who’s to blame: Mostly Immelt but Welch left him some time
Bombs. He misses a key point, both Welch and Immelt sat on the Board of Directors for the NY Fed, so Immelt was not unfamiliar with Bank supervision. All in all a well
Done cautionary tale about corporate hubris and greed.
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- Nick
- 10-14-24
Good deep dive into GE’s implosion
Cowan is one of the best writers on financial corporate history out there. if you are interested in what happened to General Electric after the very hyped jack Welch years this is the book for you. The book is a wonderful cautionary tale about how Black Swan events and financial crises and other exogenous events can take a franchise held up as one of the models of the business world and then show how it becomes completely incompatible with a new era. it also raises the fundamental question, was the GE that Jack Welch built an enterprise that only he could run, with his special combination of skills and talents.
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- Renee Mom
- 10-08-23
Well written but cannot stand listening to the narrator
The narrator ruined the experience for me. So hard to listen to, with his staccato pace and it got me so irritated I decided to stop listening mid way through the book. Curious why you choose this narrator, Eric Martin in particular?
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- Walter Clayton
- 04-04-23
Big business bigger egos
What a bunch of self serving egos who feign caring about others.
Karma bites back.
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- Sara
- 01-17-23
Riveting & woeful corporate tale
Reads like a gripping novel filled with history & many lessons along the way. Highly recommend.
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- Larry Kohn
- 12-17-22
Really great. Couldn’t stop
Tremendous in-depth story that kept my interest from first to last page. Highly recommend!
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