NEW YORK (CelebrityAccess MediaWire) — Financial institutions such as Citigroup and the Bank of America are coming under increasing scrutiny by the government in how they are spending federal bailout money on such things as naming rights deals.
The Wall Street Journal reported that Citigroup, which recieved more than $45 billion from the Troubled Asset Relief Program, is weighing backing out of their $400 million dollar naming rights for the new Mets stadium currently under construction expected to open in April.
Citigroup was quick to state that they intended to go through with the deal, but it may not be entirely their choice after U.S. Reps. Dennis Kucinich (D-Ohio) and Ted Poe (R-Texas) wrote to U.S. Treasury Secretary Timothy Geithner asking him to force Citigroup to get out of the Mets deal.
Citigroup has disingenuously stated that no TARP money is being used in the naming rights deal or in other sponsorship agreements the troubled lender has on the books such as last month's Rose Bowl or Citibank Park, home of the Long Island Ducks minor-league baseball team. – CelebrityAccess Staff Writers