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Goldman Sachs Has Created a 3 Minute Video Showcasing the Real Effects of Finance (i.e a New Stadium for the San Fran 49ers”)
At a time when many NY Times readers want to raise taxes on Wall Street to 80% (see Piketty), Goldman Sachs is launching a “charm offensive” to explain its value added to the economy. In this video, the leadership of the NFL San Francisco 49ers say that their new stadium will be awesome in part because the 49ers partnered with Goldman Sachs. Viewers learn that Wall Street finance makes our “real economy” stronger and of higher quality. This view stands in contrast to ideas from Bonfires of the Vanities and Tom Wolfe that Wall Street has no value added as assets are just traded back and forth without “real value” being created.
A Direct Quote
“When the San Francisco 49ers decided it was time for a new stadium after more than 50 years at the historic Candlestick Park, the answer was clear. Santa Clara, CA—the center of Silicon Valley and the heart of the team’s headquarters. In Santa Clara, the 49ers found a location for a stadium that would be like no other. They also found a community and partner committed to making it happen.
The City of Santa Clara immediately saw the economic potential the stadium represented, beginning with the creation of construction jobs at a time when they were needed most. The challenge, however, was how to raise the hundreds of millions of dollars required for a project of this scale. So the City and the team turned to Goldman Sachs to help develop a solution.
Beginning in 2010, Goldman Sachs helped structure an innovative financing plan for the $1.2 billion project which brought together public and private revenue streams from both the City’s Public Stadium Authority and the 49ers. Additionally, Goldman Sachs committed its own capital of $850 million to ensure the financing was in place, which enabled the Authority to start construction earlier and in turn move the stadium’s opening date up by a full year.
Ground broke in April 2012, with the goal of creating one of the most technologically advanced stadiums in time for the 2014 football season. The stadium drew ideas from some of the greatest minds in Silicon Valley. Local fans became strategic partners, working to create a truly wireless, paperless experience where anything can be accessed from your digital device, from instant replay to food orders to post game traffic.
And this being in the Bay Area, sustainability is important as well. State-of-the-art photovoltaic panels will help power the games. A water management system will sustain a 27,000 square-feet green roof. And local recycled construction materials are being incorporated throughout.
Levi’s® Stadium has been awarded the 50th Super Bowl to be played in 2016, and will continue to be a catalyst for further economic development in Santa Clara.”
Source: http://greeneconomics.blogspot.com/2015/07/goldman-sachs-has-created-3-minute.html
