In an interview published in the LA Times, Hillman eludes to the song being about LA, and the manipulative influences of greedy recording execs.

"It'll swallow you in, if you've got some money to burn" refers to the "sin"-full lifestyle prevelant in the music industry at the time...which Parsons did get swallowed into, eventually overdosing.

The Byrd's manager was Larry Spector whom Hillman refers to as a thief. He had a condo on the 31st floor and had a garish painted gold door.

"The scientists say, it'll all wash away" most likely is reference to LA sliding into the ocean with the long predicted "earthquake".

He says the reference to the "recruits in their mohair suits" is a statement on how the industry viewed music as fashion, not art.

I found the interview to be very inlightening, having always thought that the song was about Vegas...which didn't totally jive with the words. Now it all makes so much more sense.