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Looks like GS is going to limit the deal to foreign investors:

http://dealbook.nytimes.com/2011/01/17/goldman-limits-facebo...

Somehow that rubs me wrong.

Joe
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Just saw the article. Have to believe that the SEC scared them away from US investors.
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Excerpt:
“Goldman probably looked at the deal and figured it could complete the offering outside the U.S. anyway,” Mr. Sjostrom said. “The firm’s U.S. clients are probably frustrated that they now can’t participate, but that’s preferable than having a potential problem with regulators.”

I private offering to foreign investors as a way to raise money for FaceBook prior to the 2012 initial public offering.

I don't see any issues with this. If wealthy investors want to buy a piece of Facebook that's their problem. Especially, when...

"Goldman's own private equity fund was asked, of course, but they said no because Goldman Sachs Capital Partners' boss, Richard Friedman, thought the stock was too expensive and not suitable for his clients."

Here's where I think the problem is.
"Apparently the offering surprised the SEC and there was confusion about whether or not Goldman had actually contacted the agency before going ahead with the project."

Apparently, to me, it means that the same SEC that built a weak case against GS continues it's role incompetently. Evidenced by the fact that as regulators they have no clue what Wall Street is up to.

Goldman saw an opportunity to raise money for over an priced Facebook overseas, legally, and the SEC has no clue how the game is played. Typical.

Alejandro
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