someone found a nickel on the floor of the Goldman M&A department in 1992, he or she would go so far above and beyond what was required as to put up a “found” poster with a nickel taped to it, something that seems crazy anywhere, let alone on Wall Street. But in retrospect, “a number of bids” should have alerted me to the fact that there were multiple moralities or interpretations and that sometimes people might be obeying the letter of the law while violating its spirit, and rationalizing their behavior.53
Old School
At its best, Goldman enjoyed a reputation for honesty, integrity, and unquestioned commitment to serving the best interests of its clients, and at the same time enjoyed superior financial results. Critical to the firm’s success were the principles and values, both codified and uncodified, intended to guide behavior, communicate the essence of the firm, and aid in the socialization of new employees, and a partnership culture that emphasized social cohesion and teamwork. Recruitment sought to bring in people perceived to share the values, and the meaning of “long-term greedy” was taught and practiced. Sharing information and getting input from others were important, as was the socialization that the firm was a part of you and your success.
In chapter 3, I discuss the importance of the partnership structure and explain how it supported financial interdependence and provided opportunities for productive debate and discussion—all of which also supported the Goldman culture.
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