Today I went on a rant about a brand new piece of news that Goldman Sachs is going to rescind the offer it made to American clients to buy Facebook stock, but is going to offer it instead to foreign clients. http://www.washingtonpost.com/wp-dyn/content/article/2011/01/17/AR2011011702749.html?hpid=topnews?hpid=topnews
Goldman Sachs and Facebook Stock Rescission ( A PieceA Lisa 10 minute podcast)
This is so wrong in so many ways, but I’m too tired to write in elegant paragraphs, so I’ll just enumerate:
1. Facebook is one of the few great innovations made by an American recently. Now only foreigners will get to economically benefit in a stock offering? How unpatriotic is that. How awful and disgusting and greedy and shortsighted of Goldman. They ought to be ashamed of themselves.
2. Goldman Sachs admits they are doing this to evade SEC “questions” about the validity of the offer. Excuse me? Do they really think they are that high above the law that applies to everyone else?
3. Goldman Sachs is implicity encouraging clients to become or create foreign entities to take advantage of this offer. How patriotic is that? Not.
Goldman Sachs, you have just drawn a line in the sand. Let’s see who in the Obama administration has the guts to cross it.
Jim Himes, our US Congressman and former Goldman employee, take notice. You are on the Financial Services Committee. What can you do about this?