Friday, January 30, 2009


We all got to hear President Obama's comments regarding the CEOs of the companies we are bailing out, getting millions in bonuses. Well here is a new item to piss everyone off even more.

Citigroup is in contract to the naming rights of the new New York Mets ballpark, to the amount of $400 Million. This was one of the first companies to get in line when President Bush wrote the first check.

According to the AP: Reps. Dennis Kucinich and Ted Poe sent a letter to new Treasury Secretary Timothy Geithner on Thursday, urging the government to demand that the company drop the agreement. If you think about it logically, you'd have to agree with them.

Kucinich was quoted: "At Citigroup, 50,000 people will lose their jobs. Yet in the boardroom of Citigroup, spending $400 million to put a name on stadium seems like a good idea. The Treasury Department, which forced Citigroup corporate executives to give up their private jet, should also demand that Citigroup cancel its $400 million advertisement at the Mets field and instead begin to repay their debt to the taxpayers.”

Citigroup reached its agreement with the Mets three years ago. It is among several American banks that have received financial assistance from the federal government in recent months.

Poe, a Texas Republican, said: “While average Americans are hunkering down worried about their jobs, food, clothes, and mortgage payments, these irresponsible executives are blowing hundreds of millions of taxpayer dollars.”

The comments Thursday from Obama on the CEOBonus issue, should give the American public some reassurance that the second half of the stimulus package will be watched more closely for continued abuse.

Every dollar Citigroup and the other corporate monsters are forced to return will be that much more availible for infrastructure repairs throughout the country. Lets see if the Congress and President will actually back these strong words of constraint with action.

Should we pester our Reps Maurice Hinchey and John Hall to add thier support for the Citigroup refund?


Anonymous said...

Am I the only person that finds this post ironic given your previous entry? Tax breaks to enrich developers who create minimum wage jobs without benefits is something to be celebrated, but the bailout money used for CEO bonuses is a problem for you? Where is the consistency?
I'm also not interested in any thanks. To illuminate a press release praising the declining standards for workers and complete lack of accountability for job development is just sad. My reasons for making a motion and voting to suspend the labor policy are apparently too complex for you to understand and are well detailed elsewhere. You can write me at if you are interested in the real story.
Let me also make myself clear on one point. If you think workers should accept crumbs from the table and say thank you, you are just foolish. There will be a reckoning for all of those elected to serve the people's interest, whose actions only serve to keep workers down.
Jen Fuentes

Anonymous said...

Madsen, you're like our local Lou Dobbs Jr around here. You're just going to take that?
Buy American! Secure the borders! Repeal NAFTA! And then this Fuentes gives you this? She obviously doesn't frequent your Pro-Worker Blog very often.
Enough of us know where you're coming from.

Anonymous said...

When all is said and done, I believe we are going to turn a corner towards better and better working and living conditions locally, nationally and globally...

In the meantime, it is going to be difficult (inside ourselves and outside of ourselves) to deal pragmatically with the mess that Bush, Cheney and Co. left behind...

This is a period of transition - or "evolution" (to quote a friend of mine...) - and, as such, is bound to be difficult...

But NOT (in the quest for better days ahead) impossible.

Keep your "sunny side up!"