Bloomberg News has a copy of a document Goldman Sachs sent to its clients about investing in Facebook. The wire reports:
The offering document, obtained by Bloomberg News, shows that $75 million of the $450 million investment in Facebook by Goldman Sachs is coming from Goldman Sachs Investment Partners, a hedge fund that handles client money. The firm's own $375 million investment will probably be cut to $300 million because Goldman Sachs expects to sell $75 million to third parties or to the fund it created so clients could buy a stake in Facebook.
"There may be conflicts of interest relating to the underlying investments of the fund and Goldman Sachs," according to the Facebook offering document's disclosures section.
Also, Goldman may sell or hedge its $300 million Facebook investment at any time without telling the clients who invest.