I had told Joe last week I was working on another article I was ready to post here on the site. However, in light of everything going on Citigroup and the New York Mets, I have decided to talk about something that has just come to the surface.
We all know Citigroup and the Mets have been taking harsh criticism for the $40 million naming rights deal they have. Congress is accusing Citigroup of using the TARP (Troubled Assets Relief Program) funds to do it.
However, Newsday has written about the Yankees and Bank of America.
Bank of America has received $45 billion in bailout money. They sponsored the five day Super Bowl Fanfest. They had to answer for this. They also have naming rights to the Carolina Panthers stadium.
In this latest deal, BoA wants premier signage all over the new Yankees stadium. How much will it cost? According to some reports being published, $20 million per year. No one knows for how long the deal is for. Neither has anything been finalized.
I’d like Congress to mull that over for a little bit while they spend our money on their little “rendezvous” and the like before they continue their gripping over Citigroup and the New York Mets.
Here’s my last word to Congress. Do something productive like actually passing the stimulus package President Obama presented to you.