What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and its Unintended Consequences

In this riveting debut, Columbia Business School professor and former Goldman Sachs executive Mandis examines the factors that tarnished the firm's reputation in recent years. In addition to interviews with former and current Goldman employees, Mandis shares his own experiences as a young recruit and indoctrination into the firm's prestigious and demanding culture. He traces the changes that occurred following the firm's IPO, which many allege resulted in a shift in standards and misaligned incentives, concluding that in the wake of the IPO, the firm's exemplary culture and values drifted, exposing the firm to new dangers. Mandis also applies his research to draw general sociological conclusions, discussed in the section, "Lessons Learned," which highlights the importance of shared values, social networks, financial interdependence, public disclosure, innovative inquiry, a higher purpose, transmission of culture from one generation to the next, and a long-term perspective. Mandis's hefty, but elegantly-written tome is a must-read for anyone interested in the world of business and finance, history, or organizational dynamics. (Oct.)