Problematizing Goldman Sachs: indoctrination, paradigm shift and revolving doors

Abstract

Purpose

The aim of this article is to open a dialogue between several books written on Goldman Sachs and the academic literature.

Design/methodology/approach

Greg Smith's “Why I Left Goldman Sachs” and the French investigation of Marc Roche entitled “THE Bank: How Goldman Sachs Rules the World” are closely studied to identify recurring topics regarding the investment bank.

Findings

Three major dynamics are identified: the intense socialisation that every new employee encounters (almost an indoctrination), the cultural paradigm shift that Goldman Sachs underwent during the 1990s and 2000s and the intensity of the revolving doors between Goldman Sachs' managers and the public regulatory sector.

Originality/value

Focusing on revolving door dynamics, this article opens a dialogue with the academic literature allowing for a problematization: the constant circulation of personnel between regulatory institutions and regulated organisations generates a convergence of actors' habitus that weakens regulation as a whole.

Citation

Bazin, Y. (2014), "Problematizing Goldman Sachs: indoctrination, paradigm shift and revolving doors", Society and Business Review, Vol. 9 No. 1, pp. 98-105. https://doi.org/10.1108/SBR-10-2013-0072