I found a recent article at CNNMoney.com to be very revealing about how our money is being spent. Following along with my previous post (Free Money) about why the bailout needed to be closer to a loan, this illustrates my point perfectly. I have placed some of my favorite bits from the article below and a link to the original article at the end.
Will Wall Street's woes hit the Yankees?
The New York Yankees are counting on corporate titans to pony up as much as $850,000 a year for luxury boxes in the team's new stadium.
The political uproar over AIG spending $440,000 on a beach retreat for its top agents - right on the heels of the insurance giant getting a taxpayer-funded bailout - may mark the beginning of the end for Wall Street's culture of excess.
Will there be AIG-like fallout for Bank of America or any other financial company that ponies up for baseball's primest real estate - particularly if they're also participating in the $700 billion financial bailout? Early indications are there will be. Says U.S. Rep. Elijah Cummings (D-MD), a member of the House Committee on Oversight and Government Reform: "It is absolutely unconscionable that a company would ask for billions of dollars from taxpayers who are struggling to keep their homes and pay their bills - and then in the next breath spend $850,000 of that money on a luxury skybox to watch a baseball game."
[By Jon Birger, senior writer for Fortune, Original Article]
Wednesday, October 15, 2008
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