I don't know that I would go as far as saying that. DHH has a point, in that the deal - as reported by NYT - will be part market making (through the SPV/SIV) an

I don't know that I would go as far as saying that. DHH has a point, in that the deal - as reported by NYT - will be part market making (through the SPV/SIV) and partly equity purchase. Sounds like FB put the $450M requirement as a gate price for GS to get the rights to do the other transactions - plus also handle the IPO when they are ready. Plus they get to keep the upside of the equity. Sounds like a pretty sweet deal - if you asked me - for both FB & GS. GS pushes the bulk of the risk on to it's investors, while potentially participating & handling one of the most anticipated IPOs in Tech since Google. Win/Win/Win.