Goldman Sachs Backs Out

“On Jan. 2, 2011, The New York Times Dealbook reported that Goldman Sachs reached out to its private clients with a chance to invest in Facebook, the hot social networking giant currently dominating the Web. With the sudden change of plans, it is unknown what Goldman Sachs is going to offer its clients.
According to The New York Times, “It is unclear how much money Goldman will raise for Facebook.” In a private memorandum to U.S. clients when Goldman Sachs originally made the offering, the plan was to raise as much as $1.5 billion. The overall deal would have valued Facebook at $50 billion, making it worth more than companies like eBay and Yahoo. The recent withdrawal from the plan is not completely warranted and people…are questioning the move. The only logical reason to back out of a plan like this is legality.”

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