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

[ggmome]

What was so 'urgent' about this Bailout...­.Was it because the liars and theif was leaving office, and this would be his Last Stand to fleece America?

[Sparhawk]

You mean like the Urgency of the New bailout is respectable? It's all criminal.

[CostaMesaJoe]

No Jabba The Rush this week.

Which means ditto-trolls will be even less intelligible, just FYI.

I suppose all the pressure got to Rush and he needed a week to su ck his thumb and hide it out.

[Episcopagan]

No wonder the talking points aren't coordinated. The tr0lls haven't been told what their opinion should be.

[CostaMesaJoe]

lol
exactly.

[MNmommy]

How many days is Jason the a$$ sitting in?

I heard him bloviating this morning when I took the hubster in for blood work.

(He's tooling around the house quite well with his walker, thank you very much.)

[SupremeIdiot]

I wonder if he dips his thumb in crushed OxyC tablets?

[spinns17]

or maybe he started taking meds again.lol

[Episcopagan]

Would the tr0lls defending spending the money on sports sponsorships feel the same way if the Gay Games were the recipient?

Would they feel the same way if BofA sponsored an "interactive event" at the Pride Parades in San Francisco and New York?

[GrouchoMarxist]

LOL...they would be calling for a boycott.

[Episcopagan]

They boycotted Ford because Volvo ran an ad in a gay magazine.

A gay magazine that doesn't even have "naughty" pictures.

They organized a boycott of Absolut for the same reason--even though the talibangelicals supposedly don't drink.

[SupremeIdiot]

Absolutely.

All those big gay white guys in Congress would be falling all over themselves to denounce it first.

And then go to the bathroom for a toetapping good time.

[gwhizz]

You don't even have to go that far. Let's see what would happen if they were to sponsor a symphony orchestra.

[streak of rin tin tin]

Only if you took them to the back of one of those elbow grease booths.

[streak of rin tin tin]

Nascar!

[solopico]

The sponsorships in question are not direct sponsorships to a team.

It's not as if they are going to rename a team "The New York Bank of America Mets." The sponsorship is for the facility - staduim, if you will, that each team plays in.

This particular conservative (myself) has problems with "naming rights" corporate sponsorships as much as you do. However - having said that, your gay parade comparison is weak.

The team that uses the "sponsored" stadium pays a lease to use that stadium. Therefore, if a gay event (Gay Games) wanted to use a professional sports stadium, they certainly could pay a fee to the management company that operated said facility.

Furthermore - BofA wanted to provide sponsorship to Pride Parades, that would be a business decision for the bank to make, and a business transaction between the bank and the organizers of that event. Conservatives would not take issue with the sponsorship on a business level - meaning it's capitalism, and a contract between two entities.

However, conservatives would have the right to boycott said sponsoring company, should they find that company to be doing business in a way they did not care for - much like you all talked about boycotting Rush Limbaugh's sponsors recently.

[Gunga-Din]

Nationalize the banks, mr, Obama. It is no necessary money. Only a pen and you can put de banks in the people hands

[oneeyedodin]

in the words of that great filosoffer Homer..."D­uh".

[BannedInBoston]

Actually, what Homer said was, "Well, duh...."

[GrouchoMarxist]

As a more-or-less traditionalist, when it comes to sports, I never have been a fan of stadium naming rights being sold to corporations. The old stadium names...li­ke Three-Rivers Stadium or Candlestick Park were so much better.

Of course, it may just be my secret fear that the Super Bowl will one day be played on Kotex Field...

[MNmommy]

Agreed. It's a yucky trend.

[muffler]

I agree. It doesn't appear (as usual) that this money is being used to keep ticket prices down. It's being used to build sky boxes so these same corporate CEOs can sit above us people form main street. So my tax dollars go to them building better seating for themselves. You could just scream.

[luvobama]

Hey Groucho, it is one business that will never go under!! We should invest!!

[GrouchoMarxist]

LOL...good idea!

[Jewkie]

At the rate we were going, I wouldn't have been surprised by Memorex Christmas, or Qualcom Easter.

[GrouchoMarxist]

ROFL!

[MsLiz]

Which would inspire creative sports metaphors, such as "the game was a bloodbath.­"

I'm still waiting for the Tampax car in NASCAR.

[GrouchoMarxist]

LOL...no doubt.

[TattereD 1]

(Way off topic) If anyone who is in contact with the POTUS or his staff, please ask Robert Gibbs to quit saying "Umm" so much at the White House Briefing lol. I counted 50 so far.

On topic. I hope your having fun with my money BoA...And my children's money...An­d my children's children's money. FFS

[MNmommy]

Both Gibbsy and Obama need to work on their verbal transitions when they are answering questions.

[mcfried]

I have to say I don't think Gibbs is very good ...I hate to say this but I find him twitchy like McClellan, he doesn't inspire confidence or trust. Always touching his glasses and sweating - I could do a better job.

[Anastasia]

Did any one receive an invitation to B of A Super Bowl party? Seeing as how we paid for it, and all.

[Leatherhelmet]

Cutting their spending is hurting the companies doing business with them.

The concentration should be on executive pay and bonus pay, not on cutting advertising and sponsorship.

Remember, the next cutting place will to donations to charities and to the arts. Are you going to scream "wasteful" on that also?

[mairs]

Yep! I would scream at that too. So we're supposed to feel bad for the advertising companies and beer companies and banner printing and catering companies who are getting Super Bowl party work on our dime to advertise BofA? I don't think so!

[dc2nm]

I think, while we are talking about banking reform, we can't forget the problems ChexSystems is causing since most banks have agreements with them. A few years ago, Congress was looking at problems with them, but it didn't go anywhere.

http://www.consumeraffairs.com/finance/chex02.html

[scooperss]

WASHINGTON (AFP) – The US Senate should strip a "Buy American" clause from President Barack Obama's economic stimulus plan, the chamber's top Republican said Monday amid anger at the restriction from US allies.

"I don't think we ought to use a measure that is supposed to be timely, temporary, and targeted to set off trade wars when the entire world is experiencing a downturn in the economy," said Senator Mitch McConnell.

Asked whether he would support trying to strip the measure from what is now roughly an 888-billion-dollar economic stimulus package, the Republican minority leader told reporters: "I think it's a bad idea to put it in a bill like this, which is supposed to be about jump starting the economy, yes."

The House of Representatives last week voted to require that public works projects funded by its 819-billion-dollar stimulus bill to use only US iron and steel. The Senate version extends that restriction to all manufactured goods.

http://news.yahoo.com/s/afp/20090202/pl_afp/uspoliticseconomytrademcconnell

[GrouchoMarxist]

Leave it to Republicans to object to buying American.

[muffler]

They seem to oppose a lot and offer nothing. Oh I forgot with them you are either Right or Wrong, not right and left or just plain in the best interests of the country.

[mairs]

I thought Republicans hated the F r e nch. So no restrictions against buy French luxury jets then???

[MNmommy]

Yeesh, Tapper is a tool.

[TiffanyHusseinBanned]

Yep.

[LynnW49]

Is there anybody left in America who is stupid enough to pay taxes this year when we know now how our tax money is being spent? Let's have a moratorium and agree to pay when TARPees are made to return some money to taxpayer coffers. Clearly they did not really need all of the money they got or they would not be doling out luxurious amounts for parties, bonuses and big sponsorshi­ps/stadium­s.

[raymondjiii]

Phil Graham says all you complainers are just a bunch of whiners!

[MsLiz]

The name is Gramm, not Graham.

[DannyEastVillage]

he's a patriotic american.

[rbrinega]

I'm not adverse to banks advertising, and the corporate sponsorship listed in this article appears to be advertising. This does not strike me as excessive as the the billions in bonuses and the perks aplenty (lavish offices, spa trips, etc).