CITIGROUP GETS 25 BILLION DOLLARS IN BAILOUT FUNDS AS IS PAYS 400 MILLION FOR NAMING RIGHTS FOR THE METS STADIUM

President Bush says, “The first step of recovery is to safeguard our financial system.” With that said, the White House is giving Citigroup a life-line at a tune of $25 billion dollars. In front of the Treasury building, the president said more decisions like the Citigroup bailout could occur to safeguard the financial system in the future. As Citigroup gets the billions in bailout funds, they are keeping the $400 million dollar name rights contract for Mets stadium. The Citigroup funded stadium is Citi Field. Friday, Citigroup declined to opt out of the naming rights deal worth $20 million dollars, each year, for the next 20 years. The White House says it is a marketing decision for Citigroup’s regulators and lawyers to review. Maryland congressman Elijah Cummings contends, Citigroup had never marketed its name on any stadium before. Cummings says without that tool, it became the largest financial institution in the world. In related news, in efforts to belt tighten during tough economic times, GM and Tiger woods have come to an amicable decision to part ways after 9 years and millions of dollars in endorsement deals. Gm is looking to streamline the budget and tiger woods wants more personal time. Is it fair for rescued companies to use tax dollars for large questionable purchases like marketing and company retreats?


Comments

  1. Is bailing out corporate America companies fair to everyday tax paying Americans? The answer is absolutely not! Bailing out companies such as Citibank is no more than corporate welfare. Bailing out companies such as Citibank while they are allowed to keep the naming rights of the New York Mets is a slap in the face of all Americans in this country struggling to make ends meet, and the ultimate hypocrisy. Millions of hard working Americans across this country have lost pensions, their jobs, and their homes, while Citibank is bailed out with their tax dollars. Does saving Citibank with a bailout package save the country from certain collapse, or would that be better accomplished by saving the average American and their normal way of life? Maybe the experts will get the answer when this year’s Christmas retail sales are down by 33% or so.

    SRS

  2. “Is it fair for rescued companies to use tax dollars for large questionable purchases like marketing and company retreats?”

    No, I do not think that is fair. We, as the everyday working people and taxpayers have suffered and are suffering enough. No Mas! No More!
    ~LT

Speak Your Mind

*