Citi Explores Breaking Mets Deal

[Blue_Tires]

Source: Wall Street Journal - subscription req.

Citigroup Inc., eager to quell the controversy over how lenders are using government bailout money, is exploring the possibility of backing out of a nearly $400 million marketing deal with the New York Mets, say people familiar with the matter.

Officials at Citigroup have made no final decision about whether to try to void the 20-year agreement, which includes naming the Mets' new baseball stadium after the bank, say these people.

In a statement Monday, Citigroup said that "no TARP capital will be used" for the stadium -- referring to government funds from the Troubled Asset Relief Program.


Read more: http://online.wsj.com/article/SB123363029719042381.html...

[ixion]

1. Citibank also sent out a blanket interest increase, to 19.99 percent

the truth is that these banks loathe most of their customers, and are more than happy to take their money and send them to the proverbial Poor House.

[bushwhacker23]

7. It's not just their customers they're after

They want everyone's money, and if you're not a customer, they'll take it with yout tax dollars. And no one seems to have the backbone to stop them.

http://tv1.com/playlists/211

[Mari333]

2. oh ho, so they are starting to realize

that people are watching their shenanigans and that it will make national news, whatever they do? even tho thats not enough, its a start.

[hadrons]

3. The Wilpons (who own the Mets) lost big in the Madoff scheme

Maybe it will be Shea again ... (not, some other corporation will pony up some cash)

[Blue_Tires]

4. yeah, someone else will pony up some cash

but it won't be anywhere near as much, and the wilpons had almost certainly earmarked that expected income for other expenses (or to cover his madoff losses)

[lifesbeautifulmagic]

5. It will be interesting to see when of if the rescission/depression

will trickle down to player salaries, which are beyond ridiculous. I mean 8 million a year for a losing pitcher?

[w4rma]

6. Who cares about the players pittance for being national talent? The owners make far more. (nt)

[RamboLiberal]

8. Mets, Citigroup: Stadium deal still on

Citigroup said Tuesday its deal to pay $400 million for naming rights to the New York Mets' new baseball stadium is still on.

The bank's statement came in response to a Wall Street Journal report that Citigroup is exploring the possibility of backing out of the deal.

The report quoted unidentified people as saying that Citigroup has made no final decision on the matter.

-----

Members of the U.S. House of Representatives Dennis Kucinich and Ted Poe wrote to Treasury Secretary Timothy Geithner last Wednesday, asking him to push Citigroup to dissolve the Mets deal, the paper said.

http://www.msnbc.msn.com/id/28992773 /

I say no funds unless they back out of this stupid deal! I'm sick of these f'ckers, especially Citigroup!

[POAS]

9. But that wil hurt

the economy, it might mean lower salaries for hard working ball players.

[ozu]

10. Legally

Can they even back out legally? If contracts are signed, I would think a huge buyout would be needed that would pay the Mets the difference between what their new sponsor will be paying and what the deal was originally worth.

[Romulox]

11. Nobody will arrest anyone, if that's what you mean. It does sound like a breach of contract.

[ozu]

12. yeah

Obviously not a criminal action, but unless it was agreed upon by the Mets, I would assume this opens Citibank up to a $400m civil suit.