Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Here Are the Banks Using Your Tax Money for Pro Sports Naming Rights Scam

Bloomberg News has published the names of the U.S. banks getting bailout funds while putting money in the pro sports naming rights swindle. The banks are getting Troubled Assets Relief Program (TARP) funds. The purchase of naming rights is a scam because the team gets the entire benefit of the naming rights, when taxpayers have normally paid for more than half of the stadium, and should at least get their share. Here they are:

Citigroup: $45 billion TARP (plus $306 billion loan guarantees), spending $400 million for NY Mets naming rights.

Bank of America: $45 billion TARP, spending $140 million Carolina Panthers rights, negotiating with NY Yankees.

JP Morgan Chase: $25 billion TARP, $66 million Arizona Diamondbacks rights.

PNC $7.6 billion TARP, $40 million Pittsburgh Pirates.

Bank of NY Mellon: $3 billion TARP, $18 million Pittsburgh Penguins arena.

Wells Fargo: $25 billion TARP, $40 million Philadelphia 76ers and Flyers arena.

Comerica: $2.5 billion TARP, $66 million Detroit Tigers.

M&T Bank: $600 million TARP, $75 million Baltimore Ravens.

BankAtlantic: $124 million TARP, $27 million Florida Panthers.

I got the list from fieldofschemes.com, which picked it up from Bloomberg.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Pranksters vandalize Padres billboard in wake of playoff loss

Where’s the bat at?

Bloomberg News has published the names of the U.S. banks getting bailout funds while putting money in the pro sports naming rights swindle. The banks are getting Troubled Assets Relief Program (TARP) funds. The purchase of naming rights is a scam because the team gets the entire benefit of the naming rights, when taxpayers have normally paid for more than half of the stadium, and should at least get their share. Here they are:

Citigroup: $45 billion TARP (plus $306 billion loan guarantees), spending $400 million for NY Mets naming rights.

Bank of America: $45 billion TARP, spending $140 million Carolina Panthers rights, negotiating with NY Yankees.

JP Morgan Chase: $25 billion TARP, $66 million Arizona Diamondbacks rights.

PNC $7.6 billion TARP, $40 million Pittsburgh Pirates.

Bank of NY Mellon: $3 billion TARP, $18 million Pittsburgh Penguins arena.

Wells Fargo: $25 billion TARP, $40 million Philadelphia 76ers and Flyers arena.

Comerica: $2.5 billion TARP, $66 million Detroit Tigers.

M&T Bank: $600 million TARP, $75 million Baltimore Ravens.

BankAtlantic: $124 million TARP, $27 million Florida Panthers.

I got the list from fieldofschemes.com, which picked it up from Bloomberg.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Stadium Mess

Next Article

Wall Street's Goldman Sachs, Which Got $10 Billion Government Handout, Paid Only 1% in Taxes

Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.

This Week’s Reader This Week’s Reader