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March 19, 2009
Follow the money...
The Brooklyn Paper, Tish: Follow the money
Councilwoman Letitia James has found a Brooklyn angle on the nation’s populist outrage against AIG, calling on the British bank Barclays to not use the billions in taxpayer funds funneled to it by the insurance giant on its $400-million naming rights deal at the proposed Atlantic Yards arena.
James (D–Fort Greene) condemned any use of the federal bailout — officially, the Troubled Assets Relief Program — for anything other than jump-starting the economy.
“TARP money is for banks to start lending again, not for Barclays to polish its corporate identity,” said James.
The Daily News I-Team Blog, Trickle-down economics in Brooklyn
Backed by Develop Don't Destroy Brooklyn's flowchart graphic and Councilmember Letitia James' statement, the "I-Team" explains why Barclays' naming-rights deal for the Atlantic Yards arena doesn't pass the smell test:
American taxpayers spend $170 billion to bail out AIG, which spends $8.5 billion to help Barclays, the huge British bank that is choking on its own financial woes. Barclays then says it will honor its $400 million naming-rights deal for Nets owner Bruce Ratner’s proposed Brooklyn arena.
Posted by lumi at March 19, 2009 6:03 AM