May 3rd, 2004

When Google learned Goldman Sachs' chairman and chief executive Henry Paulson had contacted one of the search engine's big investors, Kleiner Perkins, it deemed this as breaking the rules and bumped them from contention.

Google Inc. excluded Goldman Sachs Group Inc., one of the world's largest underwriters, as a lead manager for its planned $2.7 billion initial public offering because it was angry with the investment bank, Newsweek magazine said on Sunday.

Google asked investment banks pitching for the business, worth it said an estimated $100 million in fees, to come up with new ideas to conduct the underwriting rather than rely on old relationship banking habits, the magazine said.

It did not identify a source but quoted an unnamed executive at another Wall Street firm. Google officials were not immediately available and a Goldman Sachs spokeswoman declined to comment on the article.

Google on Thursday named rival investment banks Morgan Stanley and Credit Suisse First Boston as lead underwriters for the offering.

Source: CNNfn and Newsweek magazine.

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