By WebProNews
Staff Writer
Article Date: 2004-05-03

Search engine Google dropped Goldman Sachs as an underwriter for their upcoming IPO. Goldman Sachs was removed from consideration based on Google's claims that the investment bank acted in a manner that angered them.

The reason Google dropped Goldman Sachs stems from Google's demand that underwriting banks develop new ideas to underwrite the search engine instead of relying on "business as usual" tactics.

After making this declaration, Google learned that Goldman Sachs's Chairman and Chief Executive Henry Paulson had contacted one of the search engine's big investors, Kleiner Perkins. According to Reuters via Newsweek, this angered Google and resulted in Goldman Sachs being removed from underwriting consideration.

Instead, Google went with investment banks Morgan Stanley and Credit Suisse First Boston. None of the mentioned companies were available for comment.
About the Author:
WebProNews | Breaking eBusiness News Your source for investigative ebusiness reporting and breaking news.