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StumbleObama’s remark brings Wall Street players to Las Vegas
Mayor Oscar Goodman is interviewed by CNBC anchor Maria Bartiromo during a location broadcast at the SkyBridge Alternatives Conference Thursday, May 20, 2010 at Bellagio.
Friday, May 21, 2010 | 2:01 a.m.
Obama's remark about Las Vegas
Oscar Goodman
Ross Miller
Sun archives
- Goodman pleased about Obama’s Las Vegas comments (2-19-2010)
- Goodman hoping Obama will call today to apologize (2-18-2010)
- Goodman: Obama needs to ‘straighten out’ what he said about Las Vega (2-17-2010)
- Should we be upset by Obama’s latest remarks on Las Vegas? (2-3-2010)
- Obama responds to Harry Reid criticism; Goodman upset over remark (2-2-2010)
Many of Wall Street’s biggest financial players are attending a conference this week at the Bellagio that never would have come about had it not been for a controversial remark President Barack Obama made last year at an Indiana high school.
Obama had been referring to bankers who accepted federal bailouts when he told the audience: “But, you know, you are not going to be able to give out these big bonuses until you pay taxpayers back. You can’t get corporate jets. You can’t go take a trip to Las Vegas or go down to the Super Bowl on the taxpayers’ dime.”
The comment enraged Las Vegas Mayor Oscar Goodman, who demanded an apology, and caused bailout recipient Wells Fargo Bank to cancel a meeting in town. But it also piqued the interest of executives at SkyBridge Capital, a global private equity and hedge-fund investment firm headquartered in New York. They saw a great opportunity to do business in Las Vegas by hosting a conference for their industry.
“We felt that it was not the right time to stay away from these types of gatherings, that it was important to find a way to manage ourselves out of this economic mess,” Victor Oviedo, a SkyBridge partner, said Thursday. “Vegas was a perfect place to do this, a city that built something from nothing in the middle of the desert.”
So when Nevada Secretary of State Ross Miller came calling early last year to attract more Wall Street investment in Nevada, SkyBridge was more than happy to oblige. Miller and his father, former Gov. Bob Miller, introduced the company to gaming mogul Steve Wynn and legendary financier Michael Milken. Mix in a courtesy call the company made to an enthusiastic Goodman and Skybridge came up with an idea.
Why not invite top hedge fund managers, bankers, pension fund executives and other Wall Street types interested in nontraditional forms of investing to share their thoughts in Las Vegas about macroeconomics, public policy, geopolitics and investment strategies?
This led to the first SkyBridge Alternatives Conference last May at Wynn Las Vegas with 400 participants. That gathering created so much buzz among alternative investment professionals that when SkyBridge announced its second conference — a three-day event that wraps up today — it had to cap attendance at 1,500. SkyBridge has penciled in its third conference for next May in Las Vegas, with the location yet to be determined.
Because hedge fund investors are known for running counter to popular opinion, Scott Prince, SkyBridge co-managing partner, said it made sense for his company to come to Las Vegas when the city began feeling abandoned by Wall Street.
“We got a lot of support from officials in Las Vegas to make this happen, so we feel this is a real partnership for us,” Prince said.
Does this mean Las Vegas has overcome Obama’s remark and turned a corner with the Wall Street crowd? Goodman thinks so.
“This is an indication that Wall Street people are smart,” Goodman said. “They know that Las Vegas is the best place to meet, and they know our future is bright. It’s definitely an indication that whatever damage was done by the president is past us, and it shows that people are coming back to Las Vegas.”
Ross Miller is equally enthusiastic about the SkyBridge Alternatives Conference because many participants are taking time while in town to look at investment opportunities in Southern Nevada, from gaming stocks to distressed real estate.
“This is exactly the type of business Las Vegas needs right now,” Miller said. “It represents a concentration of wealthy people who are looking at Las Vegas for investment opportunities that can help us rebound.”
The conference is also contributing to improvement in the number of meetings held in Las Vegas, said Vince Alberta, Las Vegas Convention and Visitors Authority spokesman.
“There’s more value in Las Vegas than ever, and companies are realizing that it is a good business decision to bring their event here,” he said.
The SkyBridge conference has no shortage of heavy hitters. Keynote speaker Wednesday was former President Bill Clinton, whose topic was “Embracing our Common Humanity.” Thursday’s keynote address was delivered by former Massachusetts Gov. Mitt Romney, a Republican presidential candidate in 2008, in a speech titled “No Apology: The Case for American Greatness.”
Retired Marine Corps Gen. Peter Pace, a former chairman of the Joint Chiefs of Staff, was scheduled this morning to address “Global Security: A Threat Analysis.” The gathering also heard from Milken on the topic “Unprecedented Times — Unprecedented Opportunities.”
Also significant from a public relations standpoint for Las Vegas is the amount of attention financial news cable channel CNBC has been devoting to the conference. Some of its personalities have been participating in forums, including anchor and reporter David Faber and Maria Bartiromo, host of “Closing Bell” and “Wall Street Journal Report with Maria Bartiromo.”
“Having CNBC broadcasting live every day is huge,” Miller said. “Every time they broadcast they mention Las Vegas, which is perfect exposure for this city.”
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The 2009 Bonuses given out by Goldman Sachs were just over $16 billion, about 20x the ENTIRE Nevada State Tax Shortfall. These guys are smart alright. They say they've come here to help us rebound - does that mean they will all be taking a Hoover Dam Tour too? I hope they buy a few post cards and hot dogs at the same time to help the economy.
The Vegas hater in the white house will attack again.
Be honest now, 16 billion is what Goldman paid out in SALARIES and bonuses, not simply bonuses. But when has a socialist ever been honest about freedom and capitalism? The company made a profit in 2009 so the company rewarded the decision makers in the firm with the pay they earned. What a concept!
If people with nice jobs want to buy plane tickets, hotel stays, and expensive dinners in Las Vegas, then why the heck does anyone who depends on Vegas for their livelihood have a problem with that?
I think Obama was just given the middle finger by "Wall Street".
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Hate comes out
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Its always good to see the posts when pieces like this are published so readers can see who are thinkers and who are just plain haters
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Nice to know.
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At least the country is rid of AWOLBush
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Thank You For Reading This
If the American people do there job, they will put the right people in congress and and the senate this november and nuetralize this socialist until we can get rid of him in 2012. People, we must start listening to the words and promises that these candidates say in their campaigns. Obama said he was going to do what hes doing, creating a socialist country...its just that McCain was no option and we all needed change...but not this kind of change!
There is a syndicated talk radio guy out of TN who says not to gamble and stay home and eat beans and rice.
Steve Wynn said on "60 minutes" that he's never seen someone win big and not come back and lose it.
John Ensign's Republican friends want to eliminate the write off for losses against winnings.
These are a more important factors than a statement from Obama not to waste college savings on Vegas.
Fox News Bible thump-er Mike Huckleberry is going to do his Sunday show from Vegas, complete with Vegas Icon/fossil Newton.
Maybe that will get some of the people who are tooth challenged and have out door plumbing in town. I hope the fire department is ready, they will be cooking allot of squirrels in their rooms.
Well, if you aren't a complete idiot, you can see how arrogance has passed "health reform" that will cost an ungodly amount. Other massive, wasteful spending will lower our standard of living for generations.
Our "foreign policy" is the laughing stock of the world and has empowered our enemies.
If you are appalled how this "Jimmy Carter on Steroids" is destroying this nation, some dim-bulbs might call you a "hater"
Boy...people in this room NEED to sit back and think REAL HARD (if that's possible) and remember what nearly came about in this country.We were all on the brink of a total collapse.We're not out of the woods YET...and NO OBAMA DID NOT put us here. Get real !!Everyone in here throws that word "socialist" around.Maybe because you can't think of another word.OUR problems started....long long before the name OBAMA was even known.Just take a look at the GREED in the LV housing market.Take a REAL HARD look at the greed here and what they did to the state.That's not socialism....it's called the AMERICAN DREAM.But greed allowed people to have their american Dream without paying for it...now we're paying for your neighbors "dream" as they walk away.Wall Street NEEDS controls.Call it socialism if you want,but to allow a select few bring this country to its knees like this again in the name of what? People scream they want less government.Others scream they want more government.If you can justify Wall Street getting paid MILLIONS in bonus' WHILE the gov't bails them out and are ALLOWED to do it under our very noses...well then go ahead and throw the blame on Obama...after all HE caused this whole mess,right? GET REAL PEOPLE!!
The economic downturn was caused. Look at the layoffs by corporation PRIOR to 2008. Millions of people lost their jobs.
These same corporations are now making as much money and executive bonuses and sales, yet have more profits because they fired thousands of employees.
THis whole recession is just more uncontrolled greed.
I see the point of this article except for one thing.....why would anyone interview Oscar Goodman?
The Bellagio is not located in the City of Las Vegas, when Oscar Goodman can attract this type of meeting to The Plaza, Golden Nugget or even the Sun Coast, then it is appropriate to interview him.
People have some nerve to talk about foreign policy being a sham under Obama on the back of eight years of Bush when so many of our young men and women died for a meaningless war in Iraq while the people that committed 9/11 got away.
These so-called socialist bailouts were first proposed by your dear leader Dubya. Secondly the bailouts for Wall Street and the banks did work, which is part of the reason why these hedge fund companies can come here. Ironic that the conservative posters are coming to the defense of these very people that help get us into this giant mess. Actually, not ironic.
Considering that I know first-hand what socialism is about the label of socialist on Obama is such a blatant misuse and misunderstanding of the term. It smacks of McCarthyism to instill fear in those that stand around in colonial knickers with misspelled placards.
If you can charge Obama with socialism, then you can conversely use the term fascism with the likes of Rove, Cheney, Rumsfeld, Wolfowitz and the rest of their SS ranks and media machine (FOX).
Recessions and downtown turns are not unavoidable. They come in cycles and that's the way it's been in all recorded time.
Now, the destruction of our nation by the Jimmy Carter on Steroids was avoidable.
The people are speaking in the early primaries. Hopefully it's not too late to undo the damage caused by the inexperienced nightmare administration.
socialism (so'sh-liz'm)
n.
1.Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy.
2.The stage in Marxist-Leninist theory intermediate between capitalism and communism, in which collective ownership of the economy under the dictatorship of the proletariat has not yet been successfully achieved.
knowing what socialism means is a good start before you claim you know.
How ironic to read that Vegas will receive with open arms the very same industry responsible for Clark County's record unemployment and the nation's soaring deficit.
If the Tea Party has any credibility they would protest the gathering in masses.
Let's not forget the other time Obama stuck his foot in his mouth when he was attacking Las Vegas. How convienent for the Sun to leave out the other remark Obama made on 2-3-10 in N.H. "You don't blow a bunch of cash in Vegas when your trying to save for college." Reporting only half the facts does not help your credibility or Obama's.
I'm thinking of a four letter word follwed by "you" to say to Obama... anyone help me out? and teamster, thanks is a 6 letter word...
<How ironic to read that Vegas will receive with open arms the very same industry responsible for Clark County's record unemployment and the nation's soaring deficit>
It's called "greed". As long as "Vegas" aka the casinos and in this case the Bellagio, get the money from these thieves, why should Vegas et al care. Like these Wall Street players really care about the people of Las Vegas.
MG
Your post is really stupid. Again, the Wall St. Players could care less about the likes of people like you and what Obama said about Las Vegas. At least these fools aren't in Vegas on the taxpayer dime - or are they here on money that was "borrowed" from your 401K plan?
"....their thoughts in Las Vegas about macroeconomics, public policy, geopolitics and investment strategies?"
I wonder how many people in Las Vegas actually understand what this means?
Had to go back up and read what this article was about. Thought it was a political debate. Both parties are out for themselves, so why keep arguing about it. Do away with the parties and start having Americans run for office instead. Then whoever says I am not for Americans can get out.
It was 16 billion in bonuses plus another 5.5 billion in April.
http://www.accountableamerica.com/node/1...
Oscar Goodman is the last person who should be hanging around with Wall Street executives. Here's a guy who's idea of economic development is to sink a boatload of money into an out of the way Mob Museum. Oscar is enraged at everyone else-while the city that HE presides over is in the worst shape in its history. I think he's enraged at other people in order to deflect attention from his own record.
This article is a total waste of time; it only illustrates that the same crooks that bilked the government (and us) out of billions, now plan on frittering it away in Sin city...............