What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences by Steven G. Mandis Read Free Book Online

secretary of defense at the Pentagon, 1970–1972
    Goldman: Former CEO; worked at Goldman from 1974 to 2006
    R OMANO P RODI
    Government: Two-time prime minister of Italy
    Goldman: From March 1990 to May 1993 and when not in public office, acted as a consultant to Goldman Sachs
    R ICHARD Y. R OBERTS
    Government: Former SEC commissioner, 1990–1995
    Goldman: Principal at RR&G LLC; retained by Goldman to lobby on TARP
    J OHN F. W. R OGERS
    Government: Served as undersecretary of state for management at the US Department of State, 1991–1993
    Goldman: Executive vice president since April 2011; chief of staff and secretary to board of directors since November 2001; joined in 1994 in the fixed income division and served in various positions, 1994–2001
    R OBERT R UBIN
    Government: Treasury secretary, 1995–1999; chairman, National Economic Council, 1993–1995
    Goldman: Former co-senior partner at Goldman, where he worked from 1966 to 1992
    S TEVE S HAFRAN
    Government: Adviser to Treasury Secretary Henry Paulson
    Goldman: Worked at Goldman from 1993 to 2000
    S ONAL S HAH
    Government: Director, Office of Social Innovation and Civic Participation (April 2009); advisory board member, Obama-Biden Transition Project; variety of positions in the Treasury Department, 1995–2002
    Goldman: Vice president, 2004–2007
    F ARYAR S HIRZAD
    Government: Served on the staff of the National Security Council at the White House, March 2003–August 2006; assistant secretary for import administration at US Department of Commerce in the Bush administration
    Goldman: Global head of government affairs (lobbyist) since 2006
    G ENE S PERLING
    Government: Director of the National Economic Council in Obama administration
    Goldman: Consultant to Goldman in 2008
    R OBERT K. S TEEL
    Government: Under secretary for domestic finance, Treasury, 2006–2008
    Goldman: Former vice chairman of Goldman, where he worked from 1976 to 2004
    A DAM S TORCH
    Government: Managing Executive of the SEC’s enforcement division, October 2009 to present
    Goldman: Former vice president at Goldman, where he worked from 2004 to 2009
    M ARTI T HOMAS
    Government: Assistant secretary in legal affairs and public policy, 2000; deputy assistant secretary for tax and budget, Treasury Department, 1998–1999; executive floor assistant to Richard Gephardt, 1989–1998
    Goldman: Joined Goldman as federal legislative affairs leader, 2007–2009
    M ASSIMO T ONONI
    Government: Italian deputy Treasury chief, 2006–2008
    Goldman: Former partner, 2004–2006
    M ALCOLM T URNBULL
    Government: Member of the Australian House of Representatives since 2004
    Goldman: Chairman and managing director, Goldman Sachs Australia, 1997–2001
    S IDNEY W EINBERG
    Government: Vice-Chair, War Production Board, during World War II
    Goldman: Worked at Goldman from 1907 to 1969
    J OHN W HITEHEAD
    Government: Under secretary of state from 1985 to 1989; former Chairman of the Board of the Federal Reserve of New York
    Goldman: Worked at Goldman from 1947 to 1984. Was co-senior partner with John L. Weinberg
    K ENDRICK W ILSON
    Government: Adviser to Treasury Secretary Henry Paulson
    Goldman: Senior investment banker at Goldman, where he worked from 1998 to 2008
    R OBERT Z OELLICK
    Government: President, World Bank, since 2007
    Goldman: Vice chairman, Goldman Sachs International; managing director and chairman, Board of International Advisors, 2006–2007
    A reminder: I am not judging the involvement of these individuals—good or bad. This is merely to present a selected group as data. 1 A spokesman of Goldman stated: “We’re proud of our alumni, but frankly, when they work in the public sector, their presence is more of a negative than a positive for us in terms of winning business. There is no mileage for them in giving Goldman Sachs the corporate equivalent of most-favored-nation status.” 2

Appendix D
    Value of Partners’ Shares at IPO
    A list of Goldman partners at the time of the IPO is shown in table D-1