Bailed Out Banks Still Spending Millions On Sports Sponsorships, Considering New Ones

Tax paying sports fans beware... it appears that you may be helping sponsor major teams whether you like them or not! A couple reports out cite how bailed out banks are still spending millions on sponsorships. Moreover, Bank of America is considering a new sponsorship with the Yankees. Read below.

ABC: Bank Of America doled out around $10 million for super bowl festivities...

Despite a near collapse that required $45 billion in federal taxpayer bailout funds, Bank of America sponsored a five day carnival-like affair just outside the Super Bowl stadium this past week as President Obama decried wasteful spending on Wall St.

The event - known as the NFL Experience - was 850,000 square feet of sports games and interactive entertainment attractions for football fans and was blanketed in Bank of America logos and marketing calls to sign up for football-themed banking products.

HuffPost's Ryan Grim: Congressmen want Citibank to nix its Mets sponsorship deal...

In 2006, Citigroup entered into a $400 million contract with the New York Mets for naming rights to the team's stadium, now called Citi Field. That was then. Housing prices were climbing, no-doc loans were flying out the door and Citigroup was encouraging us all to "Live Richly."

This is now. Citigroup has taken $45 billion in bailout funds -- plus another several hundred billion in guarantees -- to stay afloat as it contemplates breaking into smaller pieces. With that cash in mind, Ohio Rep. Dennis Kucinich, one of the House's most liberal Democrats, and Texas Rep. Ted Poe, one of the most conservative Republicans, see a problem with the $400 million contract. The duo wrote newly-confirmed Treasury Secretary Tim Geithner Thursday urging him to nix the deal.

Charlotte Observer: Will Bank Of America continue to negotiate a Yankees sponsorship deal?...

Charlotte-based Bank of America Corp. continues to negotiate a possible New York Yankees sponsorship amid increased scrutiny of spending by banks that have received government assistance.

Published reports in September said Bank of America was close to a deal to become the largest sponsor in the new Yankee Stadium, although the agreement wouldn't include naming rights. Bank of America already has a sponsorship with the baseball team that includes Yankees-themed credit cards and checking accounts.

Comments

[Mildmannered]

Maybe the U.S. should start from scratch with new federal banks, and just let the existing banks die on the vine???

[trinity]

As a Mets fan (which can be torturous enough)...Citigroup should have their name stripped from the new Citifield. If they need billions of taxpayer money to stay afloat, they certainly shouldn't be blowing money away on sponserships and sky boxes.

[rubygreen]

To those of you who would like to help with Limbaugh's demise - the following was posted earlier, I don't remember who posted it. A website listing all advertisers phone#'s and e-mail address'. Put your fingers to work. http://rushwenttofar.synthasite.com/

[EllisWyatt]

Won't work. Been tried before. He just picks up new sponsors.

[rubygreen]

And I should believe you because.... ? If he gets more sponsers - we can get their phone #'s and e - mail address' too. And when sponsers realize that they will get inundated they might think twice!

[BannedInBoston]

Never a shortage of rich dittoheads....

[Son of a Rich]

Jesus Christ! Did they get the money without having to agree to any terms set forth? Sweet deal (for them).

[BannedInBoston]

Actually they did. If you look at the bailout application form required by the Treasury, you can see that Paulson placed absolutely no conditions on these handouts, NONE whatsoever. And, in fact, he apparently encouraged banks to use the money to buy other banks (and god knows what else....)

[streak of rin tin tin]

Is PCP the wallstreet d r u g of choice?

[7StarGeneral]

who cares let them spend it! Whinners!!

http://thenoz.wordpress.com

[WLA]

What's a "whinner?" And is the opposite a "looser?"

[Tags]

No, no, you've got it all wrong.

America's not a monarchy, we're a capitalist republic.

Without a king or queen like England or an emperor like Japan, where do we go for pomp and ceremony?

Why, Bank of America and AIG, of course.

Just imagine the social collapse if we took away their Super Bowl parties and golf junkets. Golf and football are core values in our society, we can't just willy-nilly eliminate them.

[toocoldout]

Congress got conned out of BILLIONS of dollars. The money is not being spent on what they thought it would be spent on.

[lj9283]

Let's see:

$400 Million to get your name on a Baseball Stadium or

$350 Million to carry out domestic HIV/ AIDS, viral hepatitis, sexually-transmitted diseases,
and tuberculosis prevention programs.

I wonder which would be better for the welfare of the public at large?

Could Citbank make a $350 Million donation to the American Recovery and Reinvestment Act?

Then this prevention program could be named after them, just like the stadium.

[mediamarv]

And they are now raising interest rates on your credit cards. I just got a notice from Chase bank that my APR is going from 7.4% to 12.99, out of the blue... and I have a perfect payment record. It's also the one for AAA members so if you have that card, watch your mail box.
I am cancelling the account because I refuse to participate.
Anyone know offhand how much Chase got in bailout funds? I haven't been able to find out yet...

[speedingpullet]

Don't cancel - just pay off your account in full every month.

They HATE that, as they're effectively giving you an interest free loan for 30 days.

[BannedInBoston]

SPONSOR a team??? Aren't those d.amned pro sports teams supposed to be turning a PROFIT? It's not quite like sponsoring the Special Olympics is it? (Oh, wait....)

[Anastasia]

These guys don't get it on so many levels. For one, their actions are actually helping the Dems case, that there has been too little regulation, and too much orgiastic spending and risk taking by the bankers and brokers.

Second, George Bush is no longer in power. There's a new man in the WH and he disapproves of this kind of stuff. No more getting a pass from the president. Those days are gone.

[Sparhawk]

I laughed out loud reading this. Obama VOTED for the Bank Bailout. He VOTED for the "no strings attached". It's Criminal what the Senate did. They had a Democratic Majority since 06. Why didn't they vote this down and force the previous Administration to rework it the right (if there ever WAS a right way). Bailing out the Bankers was like giving alcohol to a Drunk....duh...

I know....he was FOR the bailout before he was AGAINST it...yeah......

[gifu]

Quit watching the crap and they will quit advertising. Opt out of the pop culture trap and garden, read, hike, fish or hunt, play music, take a nap....anything but sit on your butt and watch a bunch of over paid boobs throw balls and chase each other for a scrillion dollars a piece.

[GrouchoMarxist]

“With those who don't give a damn about baseball, I can only sympathize. I do not resent them. I am even willing to concede that many of them are physically clean, good to their mothers and in favor of world peace. But while the game is on, I can't think of anything to say to them.”

-- Art Hill

[GrouchoMarxist]

"With those who don't give a d@mn about baseball, I can only sympathize. I do not resent them. I am even willing to concede that many of them are physically clean, good to their mothers and in favor of world peace. But while the game is on, I can't think of anything to say to them."

-- Art Hill

[MsLiz]

Quote from the article: "A couple reports out cite how bailed out banks are still spending millions on sponsorships."

Atrocious grammar.

[blueshift]

And the American taxpayer, through AIG, is supporting Manchester United in the IK.