[cherry_2000]

Google had three different pressures on them. They had investors who wanted desperately to send Google money. They had shareholders who wanted to cash out. And they had founders who didn't want to give anything up and wanted to stay honest. Their IPO cleverly manages to solve all three problems. The founders keep honest by telling folks they have no respect for investors and that Google is probably a bad investment (and also by bypassing the comically corrupt investment bank system). They keep control through the dual-class stock system. And then they let the investors hand their money to the shareholders. Now I'm no expert, but IPO lawyer Gordon Smith, at his venturpreneur weblog, has been analyzing the Google IPO and doesn't think Google has much of a growth story. Nor, apparently, does anyone else....

http://google.blogspace.com/archives/001221