Frank Rips CitiField Then Welcomes Bank Money

Massachusetts Representative Barney Frank is one of the most powerful politicians in the country, serving as head of the House Financial Services Committee. And lately, he’s been one of the more outspoken critics of banks receiving bailout money paying big bucks for corporate sponsorships, complaining to the NEW YORK TIMES about Citigroup’s 20-year, $400 million stadium naming deal with the Mets that “marketing expenses should be for real marketing, not ego boosts, which is what I think naming rights are.

Barney Frank

Which is a reasonable position to take; I don’t know if I agree with his assessment that no one “has ever opened a bank account or decided to buy a CD because a bank’s name is on the stadium” - if that’s the case, why do any marketing at all - but it’s a valid point. Of course, when you read Darren Rovell’s column on CNBC today, you start to get a sense that his motives might not be so pure.

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Golf Sponsor Blew Bailout Millions On Partying

The Northern Trust Open was held at the Riviera Country Club in L.A. last weekend. Since Tiger Woods did not recuperate in time to participate, most of the general public really didn’t care too much about it.

Northern Trust salmon Sheryl Crow

(Bank uses bailout money to secure salmon & Sheryl Crow?)

However, most of the general public should care to know that Northern Trust, the bank that sponsored the golf tourney, recently received $1.6 billion in taxpayer-funded bailout money. And you should be happy to know how Northern Trust has been managing their financial situation - by flying hundreds of clients & employees to L.A. and hosting expensive parties.

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