Thursday, February 12, 2009

Crowley & Weiner defend Citigroup stadium deal

From 1010WINS:

New York House members want the Obama administration to ignore the little-town blues of a couple of out-of-state congressmen who want a $400 million stadium-naming deal between Citigroup and the New York Mets to disappear.

The six New Yorkers came to the defense of Citigroup's 20-year naming rights deal for Citi Field, the Mets' new stadium scheduled to open in April. Last month, Reps. Dennis Kucinich, D-Ohio, and Ted Poe, R-Texas, urged Treasury Secretary Timothy Geithner to demand that Citigroup cancel the deal because of $45 billion the bank received in government aid.

In their own letter to Geithner released Wednesday, the House members from New York said they ``strongly disagree'' with that call. That letter was signed by Democrats Eliot Engel, Joseph Crowley, Yvette Clarke, Gregory Meeks, Anthony Weiner and Steve Israel.

They noted that there are several other stadium naming deals with banks that have received government money, such as Bank of America Stadium in Charlotte.


Photo from the NY Observer

8 comments:

Anonymous said...

It is plainly inappropriate that Citigroup blissfully squander $20 million dollars annually on stadium naming rights and signs, at the same time that it has requested and received $50,000,000,000.00 (50 billion) dollars in Troubled Assets Relief Program (TARP) emergency "bail-out" funds from the federal government -- more emergency assistance than any other institution. This is an insult to all American taxpayers and most especially to those in Queens who cannot escape viewing the ominous CitiField signs whenever passing near the stadium.

Under the circumstances, with Citigroup in such dire financial straits, the stadium naming rights contract must be rescinded, the Mets must be precluded from receiving any cancellation penalty which the contract may specify, and Citigroup must refund $20 million dollars to the United States Treasury. The Mets are free to shop the stadium naming rights to other companies who are not desperately dependent for their survival on receiving billions in emergency relief funds.

In addition, the Mets should welcome the opportunity to distance their team and brand from the severe negative reputation of a troubled financial institution.

Anonymous said...

Its too bad people never listened to Kucinich and others such as Ron Paul who are REAL independent thinkers and honest politicians that point out money thats being flushed down a black hole for corportae welfare that does not benefit the country or cities.

The U.S. should be looking to see what Sweden did some years back to not destroy there country by having actual bank oversight and not letting banks brainwash people into thinking their some civic institution.

adeez said...

Great comments, both.

In sharp contrast to the last comment thread I read here, where I thought I was transported into Mississppi in the 60's territory.

I guess the smart ones post early.

Taxpayer said...

Citigroup purchased these cheesy politicians long ago, so naturally, they will parrot whatever their paymaster says.

Weiner, in particular (because I heard him say so), believes that he is a better manager of the financial, insurance, auto, and health industry than those who have spent a lifetime doing the actual managing.

But Weiner, Crowley, and the others on those industry payroll, do not want any of the wasteful spending managed, since they are on the receiving end of that waste.

It's probably safe to call these politicians "solid waste".

The sad observation is that neither these incompetent politicians nor MOST of the current managers in these industries are slackers no better than the couch potatoes on the welfare rolls.

Massive corporations have been purchasing politicians like this bunch for years and years to have those politicians provide benefits like laws, regulations, rules, contracts that can be used to crush any competition, allowing the insiders and the enabling politicians to get very, very wealthy.

Anonymous said...

He jsut looked like someone wants to replay his singing 'concert' at the democratic clubhouse fest around Christmas.

Miles Mullin said...

Great comments, both.

In sharp contrast to the last comment thread I read here, where I thought I was transported into Mississppi in the 60's territory.

I guess the smart ones post early.

---------

Welcome to American democracy. Refreshing isn't it?

Anonymous said...

Joe Crowley spends your time and money on defending the Mets right to your 400m being paid to them by Citibank.

Anonymous said...

I agree that Citibank should be required to auction off the naming rights.

The only reason for TARP funds is to protect the innocent depositors and to avoid an unnecessary run on the bank.

How can anyone have confidence that any amount of government funds will effectively stanch the losses unless we plug the leaky holes in the bucket.