Tuesday, March 17, 2009

Are American taxpayers paying for the Barclays Center naming rights deal?

Are American taxpayers paying for the Barclays Center naming rights deal?

Well, if money's fungible, you certainly could say so.

DDDB's graphic breaks it down.

From yesterday's New York Times, in an article headlined A.I.G. Lists Banks It Paid With U.S. Bailout Funds:
Amid rising pressure from Congress and taxpayers, the American International Group on Sunday released the names of dozens of financial institutions that benefited from the Federal Reserve’s decision last fall to save the giant insurer from collapse with a huge rescue loan.

...Financial companies that received multibillion-dollar payments owed by A.I.G. include Goldman Sachs ($12.9 billion), Merrill Lynch ($6.8 billion), Bank of America ($5.2 billion), Citigroup ($2.3 billion) and Wachovia ($1.5 billion).

Big foreign banks also received large sums from the rescue, including Société Générale of France and Deutsche Bank of Germany, which each received nearly $12 billion; Barclays of Britain ($8.5 billion); and UBS of Switzerland ($5 billion).

(Emphasis added)

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