Tuesday, February 3, 2009

Citibank's wise use of your money

The New York Mets are getting a new stadium. It'll be called Citi Field and that honor cost Citibank (and by extension, one could argue, taxpayers) $400 million.

A week ago, two congressmen, Reps. Dennis Kucinich (D., Ohio) and Ted Poe (R., Texas) wrote to new Treasury Secretary Timothy Geithner, asking him to "push Citigroup to dissolve the Mets deal."

"Citigroup is now dependent on the support of the federal government for its survival as an institution," the letter said. "As such, we do not believe Citigroup ought to spend $400 million to name a stadium at the same time that they accept over $350 billion in taxpayer support and guarantees."

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