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Should Bailed Out Banks Spend Millions on Sports Teams?

There's nothing surprising about companies sponsoring sports teams, but Bank of America may have gone too far. The bank, which has received $45 billion in taxpayer money, sponsored a five-day blowout called "NFL Experience" last week, and according to insiders the tents alone cost $800,000. ABC reports that in total, being the official bank of the NFL has put the bank (or taxpayer) back $10 million. Bank of America defended the sponsorship as part of its growth strategy.

Regardless, lawmakers have identified sports sponsorships as a problem. Last week Democrat Dennis Kucinich and Republican Ted Poe joined forces to ask Treasury Secretary Geithner to demand that CitiBank ends its $400 million contract with the New York Mets for naming rights to the team's stadium, now called CitiField.


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