Goldman Swims Downstream for PetroAlgae IPO

No client is too small for Goldman Sachs Group Inc GS these days, even a company with no revenue that's owned by a hedge fund specializing in penny stocks. In a move that surprised some observers, Goldman earlier this month emerged as the co-lead manager on an initial public offering for PetroAlgae, a development-stage company that is trying to create oil from algae. Florida-based PetroAlgae, which plans to raise up to $200 million in the offering, has lost $58 million over the past three years. The renewable energy technology it is trying to develop is innovative, and other start-ups are trying to capitalize on it as well. But PetroAlgae is by no means a leader in the field. And unlike one of its rivals, it doesn't have dollars flowing its way from Exxon Mobil Corp, XOM which is expecting to pump $600 million into the emerging industry. To read the rest, head over to FOX Business.