Yup. As Atlas puts it:

These sad saps. They come to Rapture thinking they’re gonna be captains of industry, but they all forget that somebody’s gotta scrub the toilets.

Ryan likes to talk about “the chain” and being in control, but he also used and discarded his associates and the moment he was no longer in absolute control, he started murdering people and using pheromones to mind-control splicers.