After plundering the investments of middle class America in the housing bubble and retirement bubble, it may be that Goldman is targeting the another source of wealth: rich investors. The reason why Facebook is such an important friend for Goldman Sachs is because:

First, it has likely established itself as the leading candidate to win the very lucrative and prestigious assignment of Facebook’s initial public offering, whenever that day comes. Then, of course, there are secondary share offerings, mergers-and-acquisitions business and other banking fees that would inure to Goldman. Second, Goldman’s private wealth management clients — handled by the firm’s money management unit for rich families — can boast to their friends on the golf course that they own a pre-I.P.O. stake in Facebook.

The second reason may be the more important. Goldman is likely going to make quite a bit of money through means other than the Facebook IPO. By keeping Facebook private, assuming the Securities and Exchange Commission doesn't force a public offering, the company avoids the scrutiny of corporate records that public companies are obligated to provide. The Wall Street Journal reports that Facebook could be a permanent IPO holdout.

The NY Times notes that "Goldman clients would have to pony up a minimum of $2 million to invest and would be prohibited from selling their shares until 2013." These rich investors are going to be locked in for two years.

Facebook might become the ultimate pump and dump scam for Goldman. Where Facebook keeps secret the state of its finances, while Goldman pumps up its bubble selling private shares to "smart investors".

Smart investors like Digital Sky Technologies (DST), a Russian investment firm founded in 2005 by Yuri Milner and Gregory Finger. Goldman introduced Facebook's Mark Zuckerberg to DST a few years back and as part of this deal, DST is also putting up an additional $50 million to nearly half billion dollars it already has placed in Facebook. DST is backed by Goldman Sachs and Renaissance Capital according to the Financial Times. One of DST's backers is Alisher Usmanov, a wealthy Russian oligarch with some alleged dubious ties.

According to CNET, Facebook needs DST to help it grow in Russia. As this December 2010 visualization of friendships shows, Russia is dark to Facebook.

And while, "DST's investment gives it no power over Facebook in the United States, and reportedly no control of the company nor access to U.S. customer data. But through this arrangement, Facebook will likely have an easier time growing its market share in Russia, of obvious benefit to its new investor."

Since the reason Goldman exists is to inflate bubbles to generate profits, it should not be a surprise that Goldman has already put in place a partial out for its a part of its investment. According to the NYT:

Goldman has the right to sell part of its stake, up to $75 million, to the Russian firm, these people said. For Digital Sky Technologies, the deal means its original investment in Facebook, at a valuation of $10 billion, has gone up fivefold.

The value of Facebook is the number of subscribers it has and the information they provide about themselves and their friends. Facebook is worth less with fewer users. Will Facebook users leave the service and thus make the network worth less to marketers, collection agencies, or governments? That Zuckerberg does not care about privacy is already widely know and, according to Wired that "should scare the bejesus out of anyone with a Facebook account".

The question is will Goldman and Zuckerberg be able to cash out in time? As the NYT notes:

Although the Facebook investment could not look more promising at the moment, Goldman and its investors could be buying into a social networking bubble that is poised to eventually burst.

If the Facebook bubble does burst, it will be interesting to see who wins its database. After the money to made from investors, the user-contributed information contained its database is still a prize. If DST is bilked by Goldman and a bankrupt Facebook, perhaps they will be left controlling its database. After AOL sold ICQ to DST last summer, DST moved the servers to Russia. Analysis by GreyLogic noted:

By law, Russian companies must comply with orders from the Federal Security Service to reveal their user data when asked if it impacts Russia’s national security... Under Article 15, the FSB may: require both private and public enterprises to assist the FSB whenever asked.

make changes in hardware and/or software as requested if it will assist the FSB in fulfilling its mission.

hire FSB officers to work in their offices.

The Federal Security Service (FSB) is the domestic security agency of the Russian Federation, the successor to the KGB. Who knows, Anna Chapman may yet respond to that friend request after all.