What Happened to Goldman Sachs by Steven G. Mandis Summary
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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Key takeaways
The Vampire Squid's Metamorphosis
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.
The Sacred Principles and Client-First Partnership Culture
The IPO and the Shift to Shareholder Value
Trading Dominance and Cultural Revolution
From Ethics to Legality: The Redefinition of Client Service
"God's Work": The Rationalization of Transformation
The Lessons: Watching for Organizational Drift
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"It is great for me to learn something from the book without reading it."
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"Makes me feel smarter every time before going to work"
From Columbia University alumni built in San Francisco
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
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