Citigroup Ballpark Naming Deal Denounced

(CBS)  Citigroup received billions of dollars in federal bailout money this winter.

But, in 2006, the bank entered into an agreement to pay the New York Mets$400 million dollars over 20 years for naming rights to the team's new stadium. The ballpark is almost finished.

But, reports CBS News correspondent Priya David, Citi Field isn't generating the kind of publicity the bank had hoped for.

It was just last week that Citigroup gave in to public pressure and gave up a new corporate jet.

This week, the bank is again taking heat, this time for the naming deal.

"They just act as though the taxpayers' money is free money, and they can spend it any way they want. Well, no they can't," says Rep. Dennis Kucinich (D, Ohio), who adds that taxpayers have the right to be upset.

"Their money is going for these banks that are just doing anything they want with it," Kucinich says. "Well, that's not right, and they have to be called on it."

Up until fairly recently, David points out, a bank's name on a stadium was positive public relations. But now, many see such accords as examples of wasteful spending, particularly if that bank's been bailed out with taxpayer money.

"(Citigroup) wants eyeballs," notes Forbes magazine Executive Editor Melanie Wells. "They want good will. But right now, there's a lot of bad will, because of their plans to name the stadium."

Citigroup isn't the only company with or seeking bailout money while paying to have its name on a stadium, David notes. "There's also Bank of America Stadium in Charlotte, N.C., M&T Bank Stadium in Baltimore, and General Motors Stadium in Vancouver, Canada.

"More companies," Wells observes, "are going to have to look at their image and how they're promoting themselves and how much they're spending doing it.

Citigroup is reportedly considering whether to back out of the stadium deal.

If they don't, Kucinich has a suggestion for them: "Maybe it should be called U.S. Taxpayers' Stadium."

[mytoosense]

Why don''''t they call it METS Stadium? Ever since Enron Field, these places leave a bad taste in fan''''s mouths.
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Posted by jxknowles

I agree,
In Detroit the Tigars play in Comerica Park; everyone calls the place The Copa.

At one point Comerica was rummered to be sold to the Bank of Chicago and Detroiters were left wondering whether the Detroit Tigers would be soon playing in a Detroit Stadium called Chicago Field.

[perk235]

As long as the bank has customers they will continue to spend our free tax dollars/bailout money given by Nobama. Wake Up America!
Posted by win4usa at 12:51 PM : Feb 04, 2009
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Just so that we don''t rewrite history, the $3 TRILLION given to financial institutions was predominantly at the beginning of the economic unraveling and was done so under George Bush and Henry Paulson.

[jxknowles]

Why don''t they call it METS Stadium? Ever since Enron Field, these places leave a bad taste in fan''s mouths.

[hober_mallow]

Hey, SOMEONE has got to pay the lavish salaries of the pampered baseball players !!!

Baseball players (and other pro athletes): Millionaires now, and millionaires forever !!

Meanwhile, our friends and neighbors (and many of us, too) can just stand patiently in the welfare lines.

[win4usa]

As long as the bank has customers they will continue to spend our free tax dollars/bailout money given by Nobama. Wake Up America!

[whitemale08]

Finally, CBS is doing their job!!!

Expose this corporate empire of fascism!

This private-corporate empire once known as the British East India Company is nothing but a pack of theives that loot countries around the world.

Time to bury this dead financial citi-corpse!

[endrepubs]

You tell em Dennis. No way should Citi have the rights to do any advertising with bailout money.