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The New York Mets Bailout Palace

Dan BooneSenior Analyst IApril 28, 2009

FLUSHING, NY - SEPTEMBER 25: CitiField is seen from the New York Mets bullpen at Shea Stadium on September 25, 2008 in the  Flushing neighborhood of the Queens borough of New York City. The New York Mets will move from Shea Stadium at the conclusion of their 2008 season for their new home at Citi Field.  (Photo by Nick Laham/Getty Images)

April 28 (Bloomberg)—Citigroup fell in New York trading on concern the company may be forced by regulators to raise additional capital.

Citigroup dropped 8.5 percent to $2.81 after the Wall Street Journal said early results of the government’s so-called stress tests show the bank may need more capital. Company executives are meeting with regulators to dispute the findings, the Journal said, citing unidentified people with knowledge of the matter.

Bank of America, the biggest U.S. bank by assets, and Citigroup, the third-largest, have already received about a combined $90 billion in U.S. bailout funds after record losses from the collapse of the housing market.

April 27 (Yahoo Sports)—No. 2-ranked New York Mets rose 11 percent and are now worth $912 million. The team is in a sense a mini version of its cross-town rival. The Mets also moved into a new stadium, Citi Field, this year, and the team will get an average of $20 million a year in naming rights and related advertising from the bank. And a great cable deal brought in $52 million last season. 

Gordon Gekko: "Greed is good."

Citi is into the New York Mets for $400 million. Well, make that you are into the Mets for 400 Million large.

Your into Citi for a lot more then $400 million. $50 billion and climbing, baby.

"One thing's sure and nothing's surer, the rich get richer and the poor getchildren. In the meantime, in between time"

Maybe the Mets ought to play that Great Gatsby swinging jazz tune instead of Take Me Out To the Ballgame for the seventh inning stretch brought to you by your friends at CitiGroup.

Don't forget back in 1998 Citi fought bravely to deregulate banking. They valiantly battled, well their lobbyists and politicos they paid did anyway, to get banks more involved in insurance, stocks and vast world wide, wicked financial webs.

Citi cracked the credit card whip and jumped the fees and fought to keep them high and keep them hard.

Being just a bank, apparently, wasn't getting them enough jack.

Hey maybe the Mets are hurting too. Times are tough and $912 million just ain't what it used to be.

Ask anyone.

Ask General Motors. Ask Ford. Ask Chrysler. Ask AIG. Ask Bank of America.

Ask Congress.

Stop complaining citizen, after all what did the fat faced politician once say: "We are but a nation of whiners?"

$52 million for a cable deal? Peanuts. In the grand Ponzi scheme of things anyway.

And what kid doesn't want to catch a game at a field named after a bail out bank?

Sure Pops might have lost his job and his pension bailing the banker boys out but still, Citi Field has a ring to it.

That's snappy. That's catchy. That has an old school baseball ring that would even make old Yankee General Doubleday sing.

And it makes the Mets register go ching, ching, ching.

Surely that $400 million from Citi couldn't have been spent on a better thing? I know, I know, the Citi and the Mets sing that contract was already in before the bailout blues began to blow. And everyone knows the contract is the thing.

And what's $400 million anymore? Sure some roads, fireman, cops, education, veterans care, health care, or some money to help Gramps in the seniors home.

All that boring bad juju jazz.

But that's not the national pastime. Big bucks and baseball are. So tell them aforementioned folks to tune in and enjoy the shiny lights.

It's not just baseball of course, The Ford family of failing Ford motors just fired $81 million at a Georgia college kid who never played a down in the big leagues.

Hey have a hunch bet a bunch.

When the Romans provided the bread and circuses the Emperor or the Senate used to, at least, act like they paid for it anyway.

The idea was to keep the Roman rubes happy at their games and mellow in their minds.

Apparently the minds matter not so very much anymore.

So it goes.

Bankers, barkers, and baseballers need some change in their pockets too.

Like the old NYC Sports writer Bat Masterson once wrote, "every dog has its day unless, of course, there are more dogs then days."

Enjoy Citi Field, you paid for it.

Sit tight and sing along. And chip in a few bucks, just a few more billions brother, to clean up the mess and pay for that sweet glittering Citi sign in the sky.


"They were careless people, Tom and Daisythey smashed up things and creatures and then retreated back into their money of their vast carelessness, or whatever it was that kept them together, and let other people clean up the mess they had made."

—The Great Gatsby

"There are those who argue that everything breaks even in this old dump of a world of ours. I suppose these ginks who argue that way hold that because the rich man gets ice in the summer and the poor man gets it in the winter, things are breaking even for both. Maybe so, but I'll swear I can't see it that way."

—The final words of New York Sports Writer Bat Masterson. Discovered in his typewriter upon which he was slumped dead in 1921.

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