Could U.S. block Wells Fargo from sponsoring Wachovia Center?

020309_wingbowl400_2
John "Super Squibb" Squibb of Berlin. N.J., won this year's Wing Bowl by eating 203 chicken wings. (Alejandro A. Alvarez/Staff Photographer)

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:
http://www.bloomberg.com/apps/news?pid=20601079&sid=aRcdswO7S3m0&refer=home

Continue Reading