Instead of Citi Field, 'US Taxpayer Field"

"AIG, Citibank and a number of other federally bailed-out financial institutions have no plans to cancel hundreds of millions of dollars in sports team sponsorships, even as they take billions in taxpayer support, ABC News has found....

• Struggling Citibank just sealed a multi-billion-dollar emergency "backstop" deal with the U.S. government. The financial behemoth, suffering with billions in bad mortgage-related assets on its books, recently shed 53,000 workers and saw its stock price lose over half its value.

• Yet it's in a 20-year contract to pay the New York Mets $400 million to name the team's new stadium "Citi Field."

"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. ...

Citicorp is not reviewing its deal with the Mets, chief financial officer Gary Crittenden said in an interview Monday. Crittenden told CNBC the contract was "legal and binding" and "not an issue."...

• Bank of America (TARP take: $25 billion) is reportedly poised to ink a $20 million-a-year sponsorship with the New York Yankees – a team that is hardly hurting for cash. They are already in a reported 20-year, $140 million deal with the Carolina Panthers football team to call the team's arena "Bank of America Stadium."

Bank of America spokesman Joseph Goode said his bank's deal with the Panthers is making the bank money. "Any investments we make in sponsorship marketing are directly linked to driving revenue growth for the bank," he said, noting the deal also allowed Bank of America to market debit cards with the Panthers logo. He would not comment on the reported pending deal with the Yankees."... via Lucianne.com

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