Bank of America (NYSE: BAC) is taking a nice chunk of the money it received from the United States taxpayer and plowing it into a worthy cause: the New York Yankees.Yes, America's least favorite welfare brat is extending its sponsorship of the Evil Empire after breaking off talks on a long-term sponsorship of the new stadium at the beginning of the month.
Bank of America Joe Goode said Friday that "while we couldn't proceed with a long-term partnership, we have extended our current sponsorship agreement with the Yankees for one more year."
Bank of America has said that it generates $10 in revenue for every $1 it invests in sports marketing, and nets $3 of that amount in income. I'm wonderfully curious about how Bank of America can possibly prove that, but I guess we'll have to take their word for it.
It just doesn't quite seem right that the United States taxpayer has to subsidize the most powerful bank in the country, which in turn takes that money and subsidizes the most powerful baseball team on the planet, one that has been accused of upsetting the competitive balance in the sport.
I say we make Bank of America give the money to the Kansas City Royals and the Pittsburgh Pirates.
Closing Bell: Stock bulls and dollar death (DDRX,GMCR, PEET, SBUX, EBAY, CI, TECD)
So long peak oil, here comes peak uranium
Black Friday expected to be strong, no promises for Christmas
Reader Comments (Page 1 of 1)
3-30-2009 @ 5:23PM
Dan Barnett said...
So then, Yankee players and executives pay is capped at the $500k level?
Don't I wish.
3-31-2009 @ 6:51AM
davis10oregon1 said...
corporation sponsorship in the sports venue is in most cases a benefit rather than a liability. when ask for total capital outlay here ( as oppose to their 10-1-3 ) for the year ), that may prove to be a point of irritation for some. especially, after the contentious figure paid, is disputed as bailout funds which were slated for other use. the chiefs may have to mount up and ride into the sunset ( no not the kansas city royals chiefs ). the b.o.a. chief mr. kenneth and those board member chiefs. is there any week they haven`t ask for him to leave ? watch those traps ! mr.ken.