Chapter 9
Why Doesn’t Goldman See the Change?
DESPITE GOLDMAN’S ADMISSION IN 2011 THAT IT NEEDED TO “strengthen the firm’s culture in an increasingly complex environment,” its name keeps popping up in the news. For example, Goldman’s actions while underwriting a closely watched private financing deal for Facebook raised serious ethical questions.1 Goldman sold its own Facebook shares by bundling them under one name and selling them to favored clients, circumventing SEC reporting requirements. As Jon Stewart quipped on Comedy Central’s The Daily Show, “Oh, Goldman, is there any regulation’s intent you can’t subvert?”2
Even when Goldman thinks it is doing something good, its actions sometimes have negative consequences. Goldman’s procurement of ...
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