Bailout Recipient Bank of America Throws $10M Super Bowl Bash
Bank of America, who JUST received $45 billion in federal taxpayer bailout funds, sponsored a five day carnival-like affair just outside of the Super Bowl stadium. The “NFL Experience event” included 850,000 feet of games and interactive entertainment attractions charging visitors $18.50 for admission. The bank spent $10 million on the pregame event. Bank of America, the official bank of the NFL, claims that its partnership with the NFL “generate significant revenue streams”, and that it was legally required to fulfill its contract, which was signed before the Wall Street meltdown, as an NFL sponsor. Apparently its NFL product sales had already increased since the Experience began on January 24th.
Bank of America is the largest bank in America
Of course Bank of America was not the only sponsor of the Super Bowl. Among many others it views its marketing as a critical part of it’s business operation according to Joe Goode, spokesperson for BOA. Goode thought their spending of $10 million for the party was flat-out wrong. He wasn’t the only one. President Obama, who recently had to address Citibank for their frivolous spending, disappointingly referred to this as “wasteful spending on Wall St.” Leading Congressional critic, Congressman Elijah Cummings said, “They should know better, but obviously they don’t.” An insider told ABC news that the tents alone cost over $800,000. This was the 18th year for the “interactive fan festival” and the first that BOA sponsored it.
This bank just took billions of dollars in bailout funds so of course it seems a little illegitimate to host a big Super Bowl party. Tom Schatz is the president of watchdog group Citizens Against Government Waste. He says “The Super Bowl is a big deal, but it’s a bigger deal that Bank of America is being bailed out by the America taxpayers..This is an exceptional year and it’s a time to say we’re not going to do business as usual. We’re going to say no, we’re going to show some restraint, and we’re going to cut back on something that really isn’t absolutely necessary.”
Even GM cut back this year! They were another NFL corporate sponsor as well as bailout recipient, and they did not send any execs to the game nor scheduled any dealer meetings around it.
Another Bailout recipient, there are just so many nowadays, Morgan Stanley held a three-day conference for clients at the Breakers which is a five-star resort in Palm Beach, Florida. The bank just laid off 5,000 employees last year and took $10 billion in taxpayer bailout money.
I think it’s time companies and banks stop spending and being greedy and start focusing on what’s important and being a little more frugal with our taxes, ESPECIALLY during these difficult times.
