What Happened to Goldman Sachs book cover

What Happened to Goldman Sachs by Steven G. Mandis Summary

What Happened to Goldman Sachs
Steven G. Mandis
Corp Culture
Finance
Business
Resumen
Puntos Clave
Autor
Preguntas Frecuentes

Overview of What Happened to Goldman Sachs

How did Wall Street's most respected firm transform into the "vampire squid" of finance? Steven Mandis' award-winning Columbia dissertation reveals Goldman Sachs' gradual cultural drift, challenging the IPO-blame narrative with sociological precision that earned it "Best Business Books 2013" recognition.

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Puntos Clave

1

The Vampire Squid's Metamorphosis

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When John L. Weinberg's memorial service was held in 2006, attendees mourned more than just Goldman Sachs' former leader - they grieved for the principles he embodied. His son captured the essence perfectly: "He saw right and wrong clearly, with no shades of gray." This moral clarity once defined Goldman Sachs, transforming it from a modest partnership into Wall Street's most prestigious investment bank. Yet by 2012, Rolling Stone would describe the firm as "a great vampire squid wrapped around the face of humanity." How did an institution once revered for integrity become a symbol of Wall Street excess? The answer lies not in a single catastrophic event but in organizational drift - a series of seemingly reasonable compromises that, over decades, fundamentally altered Goldman's DNA. Like the proverbial frog in slowly heating water, the firm's culture transformed so gradually that insiders barely noticed the change until the metamorphosis was complete.

2

The Sacred Principles and Client-First Partnership Culture

3

The IPO and the Shift to Shareholder Value

4

Trading Dominance and Cultural Revolution

5

From Ethics to Legality: The Redefinition of Client Service

6

"God's Work": The Rationalization of Transformation

7

The Lessons: Watching for Organizational Drift

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Creado por exalumnos de la Universidad de Columbia en San Francisco

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"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

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117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw
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"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum
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108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC
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comments
254
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17

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore
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"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful
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"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP
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"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon
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"It is great for me to learn something from the book without reading it."

@OojasSalunke
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"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn
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likes
483

"Makes me feel smarter every time before going to work"

@Cashflowbubu
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"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn
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"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA
platform
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12
likes
117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw
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star
star
star
star
star

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum
platform
comments
12
likes
108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC
platform
comments
254
likes
17

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore
platform
star
star
star
star
star

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful
platform
comments
96
likes
4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP
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star
star

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon
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201
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"It is great for me to learn something from the book without reading it."

@OojasSalunke
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star
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star

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn
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37
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483

"Makes me feel smarter every time before going to work"

@Cashflowbubu
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