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Rush's Morning Update: Smacked January 21, 2011

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Hey, there was an interesting news item in the Wall Street Journal about a decision made by the financial firm Goldman Sachs. Curiously, the company has decided to exclude its American clients from the private offering of a billion and a half dollars of shares in Facebook, the social networking company. Goldman Sachs cited "intense media attention" as the reason Americans need not apply (whatever that means).

On Sunday night, Goldman began telling clients in Asia of their decision; on Monday, European and Americans were told. Goldman Sachs said the decision to keep Americans out of the Facebook offering was not "required or requested" by anybody. A Facebook spokesman refused to say what was going on, noting that Goldman Sachs was in the "best position to answer any questions."

Goldman released a statement claiming that the company "regrets the consequences of this decision," but believes it is "the most prudent path to take." So far, about $7 billion dollars in orders for Facebook shares have come in-- much of them from the ChiComs.

Well, the real reasons Americans are being told to take their money elsewhere was revealed by a Goldman client,who said that he was told it is due to "regulatory concerns." Apparently, private placement deals are subject to such stringent regulations from the SEC,that Goldman Sachs doesn't want the hassle.

So once again, American investors lose out. Taxpayers bailed out Goldman. Goldman nowbails on Americans,due to regulations. This is the price we are paying for liberalism: Americans get gob smacked coming and going.

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