In January 2011, Rich Teitelbaum of Bloomberg News reminded the financial world that Goldman Sachs Asset Management has an anemic track record. Despite Goldman's public relations hype that it employs the "best and brightest," it trailed the average return of its peer group in every category. Perhaps the most gripping part of Teitelbaum's article was his report of customer Jim Clark's point of view:
Jim Clark of Netscape and Silicon Graphics fame was irritated that Goldman wanted to fee stuff its Facebook offering with a 4 percent placement fee, a half percent expense fee, and a snatch-back of 5 percent of investors' potential profits.
A few months earlier, Clark had invested in Facebook through another financial firm at a lower price, and the other firm wouldn't potentially gouge him with Goldman's 5 percent pleasure-of-your-company tax. "I don't think it's reasonable," Clark told Bloomberg. "It's just another way for [Goldman] to make money from their clients." The question remains whether Clark bought his stake at a reasonable price.