Did Goldman Sachs Call B.S. On Blackstone's Valuation?

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Speculation continues about why Goldman Sachs and JP Morgan Chase were shut out of the Blackstone IPO. The latest theory--basically that Goldman scoffed at the idea that Blackstone is worth $40 billion-- comes our way from Reuters.

Goldman, JPMorgan and Blackstone are declining to comment on why the two banks were left out. Morgan Stanley, Citigroup and Lehman also declined comment.
One possibility is that Goldman agreed to be an underwriter but disagreed with Blackstone over its hefty valuation, said Lawrence White, a professor of economics at New York University's Stern School of Business.
Right now, the deal is expected to value the entire company at $40 billion. Blackstone last year earned $2.27 billion, according to its filing.

We're not sure if we buy this one. It sounds a bit like someone at Goldman might be trying to explain away the firm getting shut out, and delivering a nasty dig at Blackstone in the process.
Goldman, JPMorgan absent from Blackstone IPO [Reuters]

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