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  • Andrew - Great read and insight

    I bought the book offline (could have saved money buying it here). Enjoyable read, well thought out, and interesting. I highly recommend it. There are a few things on the reviews that are not completely true. He does not blame the IPO for the culture change. He argues the IPO is a result of the drift. Someone wrote the book adds nothing to the debate. He shows how and why the culture drifted. I never read a book about a bank or the crisis that did that. Bill Cohan's book is a great historical description. But Mandis' book is an analysis. Smith's letter accuses the CEO for making the culture toxic. Mandis disproves this statement in his book. The CEO and trading culture are a result of the changes. In the book he also gives alternative reasons why Goldman may have done better on a relative basis versus its peers and why clients still use the firm.

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