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July 4, 2012
What’s in a Stadium Name? Often Trouble for a Company
DealB%K [NYTimes.com]
by William Alden
It was probably not on the list of warning signs that led regulators to uncover a rate-manipulation scandal at Barclays, but there’s one red flag that nevertheless should not be overlooked: the stadium-naming curse.
The British bank, whose chief executive resigned on Tuesday after the company agreed to pay $450 million to settle accusations that it tried to influence important borrowing rates, seems to have fallen victim to an eerily common phenomenon of the last decade or so. It secured the naming rights to a sports stadium, and then fell on hard times.
The curse has claimed a range of corporations, names like Enron, Adelphia, Trans World Airlines, Conseco, PSINet and, recently, American Airlines.
NoLandGrab: More likely it's that the rotting hulk of Atlantic Yards seems to draw sleazeballs and scammers like flies, including Carl Kruger, Richard Lipsky, Jim Stuckey, Bruce Bender and now-ex-Barclays CEO "Diamond" Bob Diamond.
Posted by eric at July 4, 2012 10:17 AM