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twitterGoldman Sachs moves meeting from Las Vegas
Tuesday, Feb. 10, 2009 | 12:20 p.m.
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Goldman Sachs Group Inc. has moved a three-day conference from the Las Vegas Strip to San Francisco amid what the bank is calling a broad review of its activities.
Goldman, which has accepted $10 billion in federal bailout funds, will hold its Technology and Internet Conference Feb. 25-27 at the San Francisco Marriott instead of the Mandalay Bay casino-resort.
A Mandalay Bay official, who requested anonymity because he was not authorized to release customer information, said the bank agreed to pay the hotel $600,000 to cancel its reservation.
Goldman spokesman Ed Canaday confirmed the conference move to The Associated Press on Monday night but could not comment on the cancellation charge.
Canaday said he did not know whether the company was saving money or spending more with the move.
"That's not the driving reason behind it," Canaday told the AP.
"The decision to relocate the conference is based on our best efforts to operate according to the requirements of the new landscape of our industry," Canaday said.
The company made similar comments last week when it said it was postponing a planned March conference for investors and hedge fund clients, and moving the annual event from Miami to New York.
The switch comes as companies that have received money from the government's Troubled Asset Relief Program have faced increased scrutiny for how they spend the federal funds.
Wells Fargo & Co., which received a $25 billion infusion, last week canceled a planned employee recognition conference in Las Vegas after an AP story reported on the trip and the bank received criticism from Capitol Hill that it was misusing the funds.
Wells Fargo rejected the notion that its trip was a waste in ad published in the New York Times on Sunday, but said it had canceled all its employee recognition events for the rest of the year.
Morgan Stanley, which has received $10 billion in bailout funds, canceled a trip last week for top employees to Monte Carlo. American International Group Inc was sharply criticized in the fall for spending $440,000 on a retreat for top-producing insurance agents days after it received an $85 billion bailout loan.
The Goldman Sachs conference includes three days of presentations from senior executives of several major technology companies including Intel Corp., Cisco Systems Inc., and Google Inc.
Canaday said the conference would remain largely the same other than the location change, which he said was revealed to Goldman Sachs clients on Monday.
Discussion: 12 comments so far…
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Let's see... Goldman Sachs thinks it's a good idea to relocate the conference from San Francisco to Las Vegas -- thereby doubling or tripling the conference's costs in the process -- and to pay $600,000 for the privilege.
More economic brilliance from the geniuses who wrecked the American financial system.
Make that from Las Vegas to San Francisco. Too bad we're not swiping business from other cities these days...
I think the term "FORE!" has taken on a new meaning thanks to Reid and Ensign. The exact meaning is left as an exercise for the reader.
I hear Oscar is going after Obama now for the comments he made. I voted for Obama but I support Oscar on this no one needs to tell people off for coming to Las Vegas. Because of the Obama comments we now have several firms canceling trips to Las Vegas just when we need them the most. Obama needs to start writing checks for rooms if he is going to be that careless with our local economy. Go Oscar Go!!
LasVegas2009, good point, it's going to keep happening.
Obama isn't costing Las Vegas any money. The two companies that he spoke out against paid major cancellation fees. That's pure profit considering that no services were provided. Other companies not being bailed out by taxpayers will come here for meetings and conventions. Our economic downturn is due to a decrease in the tourist trade. This is just Oscar's way of trying to get some media face time.
I was wondering how long it would take an Obama apologist to weigh in. Obama is costing Las Vegas tourist money. How many other companies will shy away from Vegas now because a trip here is seen as "extravagant"?
Our_Linn, correct you are.
Lets face it. Las Vegas is Party City & Obama is concerned about the appearance of impropriety. If you are not from here, and Goldman or whomever recieving bailout dollars is scheduling a conference/convention, you would want them to go somewhere "a little less distracting" so they can actually get some work done. You cannot disagree with the logic. It's all a matter of perspective. If this mess doesn't get straightened out, it will not matter if Las Vegas is missing out on a couple of conventions.
And no one will be around to cover silly Oscar and his merry band of showgirls. Oscar is a living caricature.
LasVegas2009, can we raise your taxes to help pay for the big wig parties? I had AIG, then they get bailed out an go on $400,000 vacations. Guess what happened to my rate? It went UP!!! I also had a credit card of a bailed out bank, yep, my rates are up now. My guess LasVegas2009, you in the elite status and you're pissed your boy Bush is gone so he can keep you fat cats dodging the tax system. I bet you can tell me when Limbaugh and Hannity are on as well.
Oscar needs to shut the ___ up, the people that got us in this mess shouldn't have there Strip Club runs on tax payer dimes.
Our_Linn: You miss the point entirely. Obama doesn't care about all corporations coming to Las Vegas. He only cares that corporations bailed out by taxpayers are having meetings in a town that is promoted as a party town. I know this is beause I used to work for the company that promotes Las Vegas tourism.
By the way, Goodman made it to CNN. He got his wish for media face time. Trouble is, Obama is more popular. This battle makes Goodman look foolish.
The The Westin St. Francis where they are meeting for the Feb 24, 2010 meeting is a minimum of $400 per night for the cheap rooms. Why not have it at the Stratosphere. Goldman Sachs owns the Strat, so why not help out their own bottom line, and give a break to the poor people that work here.