I don't think so.
Different companies and even groups/teams have different view of risks.
Before GS put a bet on FB IPO, I'm pretty sure that GS and JPM already
considered potential risks including the case that either Google or
Microsoft will have competing products or services against FB. So,
1. the amount of bet ($500M) is not a big deal
2. the cost of the bet is definitely much lower than current estimate. I'm
not surprised if GS got the deal at a price of 30% below.
3. GS instead created a SPV to allow its wealthy investors to buy a stake in
the company. So GS already or is transferring risks to third parties.
4. I guess that GS will also negotiate with Google and put a bet on Google+
if everything looks promising. Just like presidential election, a lot of
investors gave money to both candidates.
5. The decision of IPO offering price will be made by both FB and
underwriting firms. GS is not a fool if FB insists an inappropriate price at
the time of going public.