Paolo Zanonni, a partner at Goldman Sachs, speaks to Douglas Rae's Yale course Capitalism: Success, Crisis and Reform about the firm's shift from a straight partnership to a hybrid partnership and joint stock corporation. He explains the motive for the change, gaining access to permanent capital through public shares while preserving the incentive structure that a partnership provides. Zanonni walks through his own path before joining Goldman, then describes the partnership selection process, a system built to foster leadership, entrepreneurialism, and conformity to the firm's culture, largely unchanged since the IPO. The talk closes with his account of the relationship between Goldman Sachs, government, and society. Recorded at Yale in Fall 2009, the lecture is chaptered by topic and gives a practitioner's inside view of how a major investment bank balances corporate structure against culture.