How ironic that despite a near collapse that required $45 billion in federal taxpayer bailout funds, Bank of America was able to sponsor a five day carnival-like affair just outside the Super Bowl stadium this past week as President Obama vehemently decried wasteful spending on Wall Street. Talk about kicking taxpayers in the face with a big grin after walking away with billions.
According to ABC News, Brian Ross has launched an investigation of the bankers who sponsored Super Bowl festivities. The event – known as the NFL Experience – was 850,000 square feet of sports games and interactive entertainment attractions for football fans and was blanketed in Bank of America logos and marketing calls to sign up for football-themed banking products.
The bank staunchly defended its sponsorship, saying it was a ” business proposition” and part of its “growth strategy.” According to the Bank of America, the official bank of the NFL, its NFL partnerships and product tie-tins “generate significant revenue streams.” The bank said it was legally required to fulfill its contract to be an NFL sponsor and that its NFL product sales had already increased since the Experience began Jan. 24.
The bank refused to tell ABC News how much it is spending as an NFL corporate sponsor, but insiders have put the figure at close to $10 million. The NFL Experience was on top of that and was inked last summer, according to the bank. The NFL said it was a “multi-million dollar” event and that it was also spending money to put on the event. A Super Bowl insider said the tents alone cost over $800,000. Tickets were available for purchase for between $12.50 and $18.50, with proceeds from ticket sales going to local youth initiatives. It was the 18th year for the “interactive fan festival” and the first that Bank of America has sponsored it. Source: ABC News
That is a blatant waste of taxpayer dollars, including my own. What Bank of America’s actions have said loud and clear is that they don’t give a sh** about the American people and we are going to waste your money and not even help you in the process. This shows poor judgment and fiscal irresponsibility, the very reasons why were are in this economic crisis.
Filed under: Bank of America, Corporate Sponsorship Dealss, Government Bailout, NFL, Super Bowl Fun Fest
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