Bailout Money In Action
The next time any organization comes crying for government money, they should immediately be shown the door. This fall, Citbank received $20 billion in taxpayer money because they said they could no longer function without it. Still, their bailout couldn’t spare 52,000 Citigroup employees from losing their jobs. Meanwhile, the company will be paying $400 million over the next 20 years to have their name atop the New York Mets new stadium.
Talk about priorities. Granted, Citigroup and the Mets agreed to the naming rights deal back in 2006. Regardless, Citigroup should have approached the team and stated it could no longer afford to honor their agreement. After all, if they were as broke as they told the government, how could the Mets expect tho receive their funds?
Instead, both the Mets and Citigroup insist their deal remains in effect. As its biggest stakeholder, it’s time for Congress to get involved. In these bleak economic times, they cannot justify this luxury expense. In the future, prior to generously handing out our money, the government should really demand painful concessions from these beggars.