Goldman Sachs called off its big Miami hedge-fund conference scheduled for the first week of March, telling clients that going ahead with the normally posh event there could cause image problems for the firm at a time of intense scrutiny over banks' spending habits...
...The Goldman conference, which was to be held March 2-4 at the Fairmont Turnberry Isle Resort & Club in Miami, typically draws a who’s who of hedge-fund managers and rich investors. It’s usually one of the two highest-profile U.S. prime-brokerage conferences of the year, along with Morgan Stanley’s, which was held as planned last week in Florida. Both conferences bring together bank executives with many of their most-valued hedge-fund clients for panel discussions and business-strategy talks, cocktail parties and rounds of golf, according to people who’ve attended.
Goldman’s upcoming US Hedge Fund Symposium was titled “Industry Leaders Discuss the Lessons of 2008 and the Opportunities of 2009.”
This party-pooping business is getting out of hand, with innocent hedge fund managers and investors now being victimized:
The trade is probably a bit crowded by now, but one of “the Opportunities of 2009” is shorting luxury resorts. At least until Goldman pays back that $10 billion in TARP funds crammed down its neck by the former chairman (then doing business as Secretary of the Treasury), just a few days after he had taken care of its “immaterial” AIG exposure.
Postponed parties and a slightly dented stock price notwithstanding, it’s still good to be a Goldman.
Source: Goldman Gets the Memo