Citigroup, Baseball and $400 Million

It is well known that Citigroup needed federal funds in order to survive financially. How it wants to spend $400 million dollars is rather astounding. Citigroup plans to spend $400 to have its name associated with the new stadium for the New York Mets:

“…”It’s just totally unacceptable that Citigroup should be able to spend $400m on naming rights when they’re recipients of a massive federal bail-out,” Kucinich told Long Island’s Newsday newspaper.

The controversy comes amid mounting anger over perceived profligate spending by Wall Street banks. On Thursday, president Obama railed against “irresponsible” bonus payments to bank staff. Earlier in the week, the treasury secretary, Timothy Geithner, told Citigroup to cancel an order for a new $50m executive jet.”

link: Citigroup under fire over baseball sponsorship

Is this the best way to spend $400 million? If there is such discretionary funds for such expenditures, does Citigroup really need forty five billion dollars in tax-payer bailout funds? It is baffling to see such expenditures when the focus going forth is fiscal responsibility.

Catherine Forsythe