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Title details for What Happened to Goldman Sachs by Steven G. Mandis - Available

What Happened to Goldman Sachs

An Insider's Story of Organizational Drift and Its Unintended Consequences

by Steven G. Mandis
Sean Runnette
Audiobook
2 of 2 copies available
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2 of 2 copies available
In What Happened to Goldman Sachs, Columbia Business School professor and former Sachs executive Steven Mandis charts the evolution of Goldman Sachs from an ethical standard to a legal one and uncovers the forces behind what he calls Goldman's "organizational drift." Drawing from his firsthand experience; sociological research; analysis of SEC, congressional, and other filings; and a wide array of interviews with former clients, detractors, and current and former partners, Mandis exposes the pressures that forced Goldman to slowly drift away from the very principles on which its reputation was built.Combining insightful analysis with engaging storytelling, Mandis has written an insider's history that offers invaluable perspectives to business leaders interested in understanding and managing organizational drift in their own firms.

  • Creators

  • Publisher

  • Release date

    April 30, 2014

  • Formats

    • OverDrive Listen audiobook

      • ISBN: 9781622314478
      • File size: 313893 KB
      • Duration: 10:53:56

  • Languages

    • English

  • Reviews

    • Publisher's Weekly

      October 21, 2013
      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.

    • AudioFile Magazine
      Sean Runnette performs this tale of an epic business collapse with a tone of thoughtful resignation. This couldn't be more effective in framing the author, a sociologist and former Goldman executive, as both trained observer and tragic victim. The story begins in 1979, before the then 118- year-old bank partnership became a traded stock, and continues through organizational changes that the author says forced staff to drift away from the company's founding principles. A thoroughly researched study that cites interviews with key people, it's also informed by the author's familiarity with the SEC, the U.S. Congress, and the laws Goldman exploited that led to the 2008 government bailout. The author's skill with narrative and Runnette's sensitivity give this story Shakespearean proportions that make this extended saga riveting. T.W. Winner of AudioFile Earphones Award © AudioFile 2016, Portland, Maine
    • Library Journal

      July 1, 2014

      The ethical foundation that differentiated Goldman Sachs from its peers slowly erodes in fits and spurts, propelled by seemingly innocuous decisions. Mandis (finance & economics, Columbia Univ. Business Sch.) writes from an insider's perspective--he used to work for Goldman Sachs--but has also done extensive research to support his conclusions. The main tenet--that Goldman Sachs suffered an "organizational drift" from an ethical standard to a legal one and from an emphasis on "putting clients first" and "long term" greed to "short term" greed and profits--carries throughout the book. Narrator Sean Runnette has steady pacing and a calm delivery, which helps the listener to keep focused on the details. The book does take a little while to get started, but by the second disc, the story gets moving. The author cross-references extensively, which is more difficult to follow in the audio version. Anyone with an interest in business ethics, banking, or the financial world in general will find this riveting and very timely. VERDICT For most medium-sized and larger public libraries.--Gretchen Pruett, New Braunfels P.L., TX

      Copyright 2014 Library Journal, LLC Used with permission.

Formats

  • OverDrive Listen audiobook

subjects

Languages

  • English

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