fort wayne right Weblog


ARE YOU KIDDING ME !!!!!!!!!!!

Posted by zeakster on November 26, 2008

As part of its federal life preserver, Citigroup will stop dividend payments for the next three years and curb certain executive compensation. But the banking giant and other recipients of taxpayer largess — AIG, the insurance behemoth, for instance — will continue to spend hundreds of millions of dollars to put their corporate logos on sports stadiums and events, ABC News says.

Citi has a 20-year contract to pay the New York Mets $400 million for the naming rights to the team’s new stadium in Queens — “Citi Field.” Chief financial officer Gary Crittenden said in an interview today with CNBC the contract was “legal and binding” and “not an issue.”

AIG is paying $125 million so the Manchester United soccer club will wear the AIG logo on their uniforms. An AIG spokesman said that the Man U sponsorship won’t be abandoned but that the company is “reviewing all sponsorships to identify any relationship that might be essential, to maintain the value of the business and service customers, so we can repay the (government) loan.”

“A friend of mine joked they should put ‘US Treasury’ on the front of their uniforms,” said Steve Ellis of Taxpayers for Common Sense.

“This type of spending is indefensible and unacceptable to Citigroup’s new partner and largest investor: the American taxpayer,” said Rep. Elijah Cummings, D-Md., in a statement Monday.

At the daily briefing, White House spokesman Tony Fratto said he was not aware of Citi’s sports marketing plans but believes such support is necessary.

“I mean, firms do that as a marketing item, and certainly marketing is important for any business,” he said.


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