Not because San Francisco is cheaper, because it’s not. No, money was “not the driving reason behind (the decision),” a spokesman said. “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.”

Goldman Sachs got $10 billion in the TARP bailout last fall. Wells Fargo, based in San Francisco, recently canceled a trip to Vegas for some of its employees. They received $25 billion. (The bank, not the employees.)

Now Las Vegas’s mayor is demanding an apology from Obama for implying there’s something wrong with going to Las Vegas. “What’s a better place, as I say, than for them to come here,” Oscar Goodman told a Las Vegas TV station. “And to change their mind and to go someplace else and to cancel — and at the suggestion of the president of the United States — that’s outrageous.”