What Happened to Goldman Sachs. Steven G. Mandis

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      STEVEN G. MANDIS

      WHAT

       An Insider’s Story

      HAPPENED

       of Organizational Drift

      TO

       and its

      GOLDMAN

       Unintended Consequences

      SACHS?

      Harvard Business Review Press

       Boston, Massachusetts

      Copyright 2013 Harvard Business School Publishing

      All rights reserved

      The views and opinions expressed in this book are strictly those of the author and do not necessarily reflect those of any organization with which the author has been or is affiliated. The contents of this book have not been approved by any organization with which the author has been or is affiliated. Analyses performed within this book are based on theories, are only examples, and reply upon very limited and dated information and require various and subjective assumptions, interpretations, and judgments. The author’s opinions are based upon information he considers reliable; however, it may be inaccurate or may have been misinterpreted. The reader should not treat any opinion expressed in this book as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of the author’s opinion.

      No part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form, or by any means (electronic, mechanical, photocopying, recording, or otherwise), without the prior permission of the publisher. Requests for permission should be directed to [email protected], or mailed to Permissions, Harvard Business School Publishing, 60 Harvard Way, Boston, Massachusetts 02163.

      Library of Congress Cataloging-in-Publication Data

      Mandis, Steven G.

      What happened to Goldman Sachs: an insider’s story of organizational drift and its unintended consequences/Steven G. Mandis.

      pages. cm

      ISBN 978-1-4221-9419-5 (hardback)

      1. Goldman, Sachs & Co. 2. Investment banking—United States—Management.

      3. Corporate governance—United States. 4. Global Financial Crisis, 2008–2009. I. Title.

      HG4930.5.M36 2013

      332.660973—dc23

      201301870

      The web addresses referenced in this book were live and correct at the time of the book’s publication but may be subject to change.

      ISBN: 9781422194195

      eISBN: 9781422194201

       This book is dedicated to my devoted wife, Alexandra, and my two loving

       daughters, Tatiana and Isabella. They were my cheerleaders through many

      long days and nights of working, studying, and writing.

       I would also like to thank my parents, George and Theoni, who immigrated

      to America from Greece with very little money and no knowledge of English.

       They quietly sacrificed so that my brother Dean, my sister Vivian, and I

       could have a better life. They taught us the meaning of values and hard work

       as well as the power of the combination of these two qualities. They asked

       for only one thing in return—for us to strive to give our children more opportunities

      than they had been able to give us.

      Contents

      Prologue: A Funeral

      1. What Happened

       PART ONE

      How Goldman Succeeded

      2. Shared Principles and Values

      3. The Structure of the Partnership

       PART TWO

      Drift

      4. Under Pressure, Goldman Grows Quickly and Goes Public

      5. Signs of Organizational Drift

       PART THREE

      Acceleration of Drift

      6. The Consequences of Going Public

      7. From Principles to a Legal Standard

       PART FOUR

      Goldman’s Performance

      8. Nagging Questions: Leadership, Crisis, and Clients

      9. Why Doesn’t Goldman See the Change?

      Conclusion: Lessons

      Appendix A: Goldman and Organizational Drift

      Appendix B: Analytical Framework Applied to Goldman

      Appendix C: Selected Goldman Employees and Lobbyists with Government Positions (Before or After Goldman)

      Appendix D: Value of Partners’ Shares at IPO

      Appendix E: Goldman’s History of Commitment to Public Service

      Appendix F: Key Goldman People

      Appendix G: Goldman Timeline of Selected Events

      Appendix H: Goldman’s Culture and Governance Structure

      Notes

      Acknowledgments

      About the Author

      Prologue

      A Funeral

      ON SEPTEMBER 25, 2006, I FILED INTO THE MEMORIAL service for John L. Weinberg, senior partner of Goldman Sachs from 1976 to 1990. More than a thousand people filled Gotham Hall in New York to pay their respects. John L. (as he was often referred to within Goldman, to distinguish him from other Johns at the firm) was the product of Princeton and Harvard Business School and the son of one of the most powerful Wall Street bankers, Sidney Weinberg, who had literally СКАЧАТЬ