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?
CITIGROUP GETS 25 BILLION DOLLARS IN BAILOUT FUNDS AS IS PAYS 400 MILLION FOR NAMING RIGHTS FOR THE METS STADIUM
November 24, 2008 By 2 Comments