One point I haven't yet seen in the avalanche of coverage of the Facebook initial public offering is that, at a valuation for the company of $75 billion to $100 billion, the Securities and Exchange Commission really didn't do American citizens any favors back in January of 2011 when it basically forced Goldman Sachs to allow only foreign investors, not Americans, to invest in a private round of capital raising that reportedly valued the company at about $50 billion. In the name of "protecting" American investors, the American government prevented American citizens from making an investment that looks like it increased in value by between 50% and 100% in slightly more than a year. Foreigners who lacked the SEC's "protection" were able to enjoy those gains. Not exactly the SEC's finest hour.
Facebook and the SEC
https://www.futureofcapitalism.com/2012/02/facebook-and-the-sec
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