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?
