Jeff Smith 2:15 p.m., July 27
Here Are the Banks Using Your Tax Money for Pro Sports Naming Rights Scam
Bloomberg News has published the names of the U.S. banks getting bailout funds while putting money in the pro sports naming rights swindle. The banks are getting Troubled Assets Relief Program (TARP) funds. The purchase of naming rights is a scam because the team gets the entire benefit of the naming rights, when taxpayers have normally paid for more than half of the stadium, and should at least get their share. Here they are:
Citigroup: $45 billion TARP (plus $306 billion loan guarantees), spending $400 million for NY Mets naming rights.
Bank of America: $45 billion TARP, spending $140 million Carolina Panthers rights, negotiating with NY Yankees.
JP Morgan Chase: $25 billion TARP, $66 million Arizona Diamondbacks rights.
PNC $7.6 billion TARP, $40 million Pittsburgh Pirates.
Bank of NY Mellon: $3 billion TARP, $18 million Pittsburgh Penguins arena.
Wells Fargo: $25 billion TARP, $40 million Philadelphia 76ers and Flyers arena.
Comerica: $2.5 billion TARP, $66 million Detroit Tigers.
M&T Bank: $600 million TARP, $75 million Baltimore Ravens.
BankAtlantic: $124 million TARP, $27 million Florida Panthers.
I got the list from fieldofschemes.com, which picked it up from Bloomberg.
More like this:
- You will get hoodwinked on stadium costs — Dec. 5, 2012
- Is Federal Reserve "Banker to the World?" — Dec. 2, 2010
- Geithner Caves in to Blackmail; Participants in Financial Rescue Package Won't Have Pay Limits — March 23, 2009
- Two Congressmen Say Citigroup Shouldn't Pay NY Mets $400 Million for Naming Rights When Sucking $350 Billion from Federal Government — Jan. 30, 2009
- Gamy Banks — Sept. 24, 2008