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Consider those Wall Street Journal-fueled hopes that CitiField would be something else dashed, as both the Mets and CitiGroup say they are going ahead with their $400 million, 20-year agreement. Mets VP of business affairs David Howard tells Newsday, "The Wall Street Journal got it wrong. Citi contacted us this morning and they reinforced that they will honor the legally binding agreement that they have with us. They have consistently said to us that they will honor the agreement." And Citi released a statement, "Citi signed a legally binding agreement with the New York Mets in 2006. No TARP [Troubled Asset Relief Program] capital will be used for Citi Field or for marketing purposes." And yesterday, Howard explained to Newsday, "Superficially, I understand [the public's reaction. But the reality is, the TARP recipients were companies the federal government thought were vital to our economy. To continue doing business, they still need to advertise."
Mets: Wall Street Journal Wrong, Citi Field is ON!
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It's the same media that NEVER mentioned Muslims' hatred of Israel as a possible motive for 9/11.
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It's not about them using TARP funds for this, that would be outright criminal, but they're mismanaging what they do have. At the end of the day it doesn't matter where the money comes from, it's how they spend their money that's the issue.
Call me crazy, but when you really think about 400 million dollars is less than 1% of the TARP money given to them.
What needs to happen is that the banks need to use the TARP money to increase liquidity within the market, and use that liquidity to lower Mortgage rates
"To continue doing business, they still need to advertise."
What an Douche!
How about they take out ads with the Daily News for $20k instead of naming a stadium after them for $400,000,000.
And if they didn't get the bailout money, then they wouldn't have $400 mill to spend on other things, like advertising. Dumbass!
400 Million is ash tray money for these fucking thieves
"To continue doing business, they still need to advertise."
This isn't advertising, Mr. Vice President of Business Affairs. This is an example of what's called "branding." Spending of this type is meant to keep the name and identity of the business prominent in peoples' minds, not to directly sell.
And that's why it's unnecessary spending. None of us are going to forget about Citi for a good long time.
"None of us are going to forget about Citi for a good long time."
I don't think that's how they'd like to be remembered if they're indeed still trying to get people to take loans, start checking accounts or whatever else they do (or hopefully WILL do again soon to make a profit).
"I don't think that's how they'd like to be remembered"
Of course it isn't, but having their name on a baseball stadium isn't going to change anything.
But seriously, it's likely that the agreement between Citi and the Mets involves more than simply exchanging a bunch of money for naming rights, and they probably receive other givebacks like reduced advertising rates on SNY, in the game programs, things like that. If they detailed the whole agreement it probably wouldn't sound as bad it does.
Citibank ATM's throughout the stadium for sure.
Maybe a concession stand for collateralized debt obligations on the mezzanine concourse?
Our government has been ripping us off for decades, including lately running up a debt of $10 trillion.
But people get bent out of shape over sports-facility naming rights.