When news of Citigroup's financial woes broke last week, I assumed the Mets' new stadium would end up having a different name than Citi Field. It's been common knowledge for quite some time that Citi's paying the Mets $400 million over the course of 20 years just to have their name plastered on that enormous facade.
Unfortunately, it's better for business to advertise than it is to care about real people's jobs. Citigroup is still going to sponsor the new stadium, and is planning on picking up that colossal tab over the next two decades. Some other feathers in the cap of the corporation?
-- Earlier in the week announced it was going to let go of 52,000 workers by early next year.
-- Saw its shares on the stock market lose more than half their value.
-- May have to sell parts of the company or merge with another company.
-- May require a massive government bailout to stay in business.
You know, I can just hear them now.
Those 52,000 people? Screw 'em. Let's keep our name on the Mets' stadium, though!
I'm normally able to see the big picture in terms of small job cuts vs. the good of the company as a whole, but $20 million per year is a lot of employees, and it's a massive chunk of dough from a company that is hemorrhaging dollars.
I understand the philosophy that you have to spend money to make money, but maybe Citigroup should shoot a bit lower than naming rights for one of baseball's most expensive teams.
Citigroup Prefers Naming Rights of Mets' Stadium to Employing Real People originally appeared on MLB FanHouse on Mon, 24 Nov 2008 13:30:00 EST . Please see our terms for use of feeds.