Citi Storm Coming Mets Way - The Mets Police

Hey Mets, I warned you Monday to get out in front of this one. Return the $20M for the first year (take it on the back end) and make some “noble” statement about jobs and the economy and the holidays blah blah.

There’s a PR storm coming, and it’s going to wind up being something like “Mets Pay Big Free Agent $20M in Bailout Funds, Citigroup lays off 50,000 at Christmas.”

Here’s a roundup of today’s stormwatch:

USA Today: http://www.usatoday.com/sports/baseball/nl/mets/2008-11-25-citi-field_N.htm

Two New York City Council members say that Citigroup should show its thanks for a federal bailout by sharing the naming rights to the new Mets ballpark in Queens.

Reuters: http://blogs.reuters.com/reuters-dealzone/2008/11/24/citigroup-bailout-another-subsidy-for-the-mets/

Here is what CFO Gary Crittendon had to say about it Monday on CNBC:

“That was a decision made in a different time. We have binding legal agreementsâ€¦ I don’t think it’s an issue.”

So let’s follow the money here: The government gives funds to Citigroup, who is now better able to make an annual payment to the Mets. Sounds a bit like a new taxpayer subsidy for the Mets, who are already receiving government subsidies for building their stadium.

Yes Gary, it is impossible to renegotiate any contract with a partner in trouble. It has never been done.

Newsday: http://www.newsday.com/sports/baseball/ny-spwally265942390nov26,0,5323479.column

That $20 million per year – which, by the way, the Mets don’t seem all that eager to invest in the free-agent market despite another dismal late-season collapse – is coming out of your paycheck and mine, funneled through the federal government to the failed executives of Citigroup, and ultimately winds up in Fred Wilpon’s pocket.

This amounts to not only the worst kind of corporate welfare, with no punishments meted out and no strings attached, it also adds up to 20 years of free advertising for a bank with nothing to brag about but a vault full of fail.

This is just the latest chapter in two sorry histories, the first being that of the U.S. banking industry and the second being that of the New York Mets.

For all the hand-wringing about the way the Yankees go about their business, it is really the Mets, the “little brothers” in town, who are the most fan-hostile organization in New York sports.

Those are the words of Wallace Matthews. Amen brother!