Anorak News | CitiGroup: Us Taxpayers Back The New York Mets

CitiGroup: Us Taxpayers Back The New York Mets

by | 26th, November 2008

THE three horsepower men of the car manufacturers’ apocalypse fly into Washington and the kings of burghers of Ciftigroup nestle their chubby bums into the box seats at the Mets:

The RAW Story reports: “Citi criticized for $400 million stadium sponsorship.”

As worldwide banking conglomerate Citigroup accepts a $306 billion government aid package and prepares to lay off 52,000 workers, it won’t be trimming back a $400 million stadium deal. Congressman Elijah Cummings (D-MD) appeared on CNN Tuesday morning to declare that industry executives need to realize their place as they show up in Washington to beg for taxpayer money.

“Citi remains committed to its relationship with the New York Mets,” the conglomerate’s Vice President of Public Affairs, Luis Rosero, said in a Monday statement. “The sponsorship of Citi Field is an important marketing priority for the company.”

“We’ve got Citigroup coming to the Congress, cashmere hat in hand, begging for money to stay afloat. They got $25 billion a few months ago, [they’re] now getting another $20 billion and all kinds of other sweeteners,” said Cummings, senior member of the House Oversight and Government Reform Committee, on Tuesday. “They come to us saying, ‘Look, Congress. We’re on a respirator. We’re about to die,’ but…they’re adamant about holding on to a deal whereby they can plaster their name on the front of a stadium in New York…I have a problem with that, and my constituents do too.”

Citigroup, Rep. Cummings said, did “very well” for many years without help from stadium naming rights. “Suddenly now they need it? Come on, give me a break.

J-Walk notes:

Canceling the Mets deal would be a symbolic gesture, rather than a real cost-saving gesture. $400 million is 0.13% of $306 billion. Putting it in number that we can actually relate to, 0.13% of $50,000 is 65 bucks.

Terrific news for fans of other teams to know that they are paying for their rivals.

Meanwhile over at the Northern Rock No.10, the kings are in their counting house counting out your money…

Posted: 26th, November 2008 | In: Money Comments (2) | TrackBack | Permalink