Monday, February 2, 2009
Despite whining to Congress they were near a collapse that required $45 billion in Federal taxpayer bailout funds, Bank of America sponsored a five day carnival-like affair just outside the Super Bowl stadium in Tampa, FL this past week known as the NFL Experience.
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 swag and marketing calls to sign up for football-themed banking products.
The bank refused to reveal to ABC News how much it is spending as an NFL corporate sponsor, but insiders have put the figure at close to a staggering $10 million.
This is precisely why I vehemently opposed the $700 billion dollar bailout of Wall Street from the start. With absolutely no transparency language in the bill, corporations like Bank of America (as well as others) are free to use bailout money in ways that are completely inappropriate and unethical.