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Goldman Cuts US Clients off Facebook

Goldman Cuts US Clients off Facebook - GOLDMAN Sachs will exclude US clients from a $US1.5 billion private share offer from Facebook because of "intense media attention".

In a statement provided to The Wall Street Journal, Goldman said the move came after officials at the New York securities firm “concluded the level of media attention might not be consistent with the proper completion of a US private placement under US law”."

Goldman began notifying clients of its decision regarding the social networking company on Sunday night in Asia, and clients in Europe and the US were being told overnight, according to people familiar with the situation.

Goldman Cuts US Clients off Facebook

In its statement, Goldman said the decision to limit the $1.5bn offering to “offshore” investors wasn't “required or requested by any other party”, including the Securities and Exchange Commission.

A Facebook spokesman said that Goldman “is in the best position to answer any questions”.

It wasn't immediately clear from Goldman's statement exactly what led executives to limit the Facebook deal to non-US investors. The company remained tight-lipped about the offering despite the frenzy unleashed when the deal surfaced two weeks ago. Prospective investors were repeatedly told by Goldman not to publicly disclose details about the private offering.

Private placements like the Facebook deal are subject to strict SEC guidelines, and Goldman's overnight statement suggested that executives grew concerned that huge interest in the offering could expose the securities firm to regulatory vulnerability.

Goldman Cuts US Clients off Facebook
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