Check out this interesting article in the Financial Times by John Gapper:

“Facebook ought to ditch its public offering“

According to Gapper, who has read the prospectus, Facebook is flush with cash. It is, he says, “a veritable cash machine.”

Gapper says Zuckerberg should call the whole thing off:

“Its sole tangible purpose for the IPO proceeds is to meet a tax obligation that will be triggered by going public.”

Read the full article here.