But questions remain about Goldman’s own role. It should surely not have been caught unawares when news of the sale leaked. After all, the fact that it had gone out to private investors to raise that much money, and for such a prominent company, was bound to get out eventually – even if the first leak came early.
Facebook will get its money and Goldman, presumably, its fees, but the messy handling of the offer will hurt the bank’s s relationship with the company, as well as Goldman’s standing with clients, who had thought they were on to a sure thing.
If anything, blocking US investors will only add to the demand in other private secondary markets and drive Facebook’s notional valuation even higher.