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
Panoramica
Punti Chiave
Autore
Domande Frequenti

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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Punti chiave

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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

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

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

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@Matt, YC alum
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"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC
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254
likes
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."

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