Nine big "banks that received government funds may face questioning by Congress for spending $872 million on stadium sponsorships," writes Bloomberg this morning.
The banks, including Philadelphia indoor-arena sponsor Wachovia (now part of Wells Fargo), PNC, Citigroup, JPMorgan, among others, "received a total of $154 billion from the $700 billion U.S. bailout and are spending a combined $872 million for naming rights. U.S. banks have had $745 billion in losses and writedowns since the subprime mortgage crisis began in 2007.
Sponsorship was supposed to attract customers but has become a political "liability" and could even be voided by Congress, according to the report. To read it, click here: