Jump to content

New Meadowlands Stadium News


BaumerJet
 Share

Recommended Posts

New Meadowlands Stadium could have a naming-rights deal soon

Posted by Mike Florio on May 31, 2011, 7:01 PM EDT

Getty Images

The Giants and Jets opened their new stadium in 2010, but they’ve yet to strike a deal for the application of a corporate title to the venue. The league’s decision to award a Super Bowl to the billion-dollar structure was expected to increase the value of an endorsement deal. Still, more than a year after the NFL opted to stage a Super Bowl in an open-air venue at a time when the air will possibly be full of frozen water, no agreement has been reached.

That could be changing soon. Daniel Kaplan of SportsBusiness Journal reports that the Jets and Giants are getting closer to selling the rights, and that a new name could be applied to the New Meadowlands Stadium before the start of the 2011 season.

If, of course, there even is a 2011 season.

Given that the stadium hosts 20 NFL games per year and that it’s situated in the New York/New Jersey market, look for the total value of the deal to be far more significant than the usual naming-rights arrangements. That said, the market for such contracts has softened considerably since the recession, prompting owners like Jerry Jones to simply decide not to sell the naming rights until, say, $20 million or more per year can be harvested for essentially nothing.

http://profootballta...comment-1083927

Edited by BaumerJet
Link to comment
Share on other sites

Ally bank is my guess. They have the money. They are now doing all financing for GM and Chrysler. If there is not another stadium they already sponser this will be the name.

Ally Bank formerly called GMAC bank was bailed out by taxpayer money. And they are into subprime auto loans. I doubt that they get into naming game.

Link to comment
Share on other sites

Ally (GMAC) Bank's Bailout Deceptions

Friday, 07 May 2010 10:13 AM

By John Berlau

General Motors’ false advertising that it has paid back its bailout money “in full” has prompted harsh criticism.

Yesterday, Competitive Enterprise Institute’s attorneys, Hans Bader and Sam Kazman, filed a complaint asking the Federal Trade Commission to investigate these claims, noting that “GM has only repaid a fraction of those funds — barely 10 percent, and “moreover, GM apparently repaid its loan by using other federal funds [emphasis in original].”

Criticizing both GM and the Obama administration for trumpeting the “in full” claim, New York Times liberal business columnist Gretchen Morgenson proclaimed, “Employing spin and selective disclosure is no way to raise taxpayers’ trust in our nation’s leadership.”

Now, the correct focus on spin and selective disclosure in GM’s claims should extend to an advertising campaign for another recipient of bailout funds — an entity directly affiliated with GM.

At around the same time the government was doling out money to the auto companies, it gave $17.2 billion to General Motors Acceptance Corporation, the financing arm for GM dealers and consumer that over the decades had extended itself into home mortgages and other commercial credit.

GMAC has come to the government three separate times to feed at the TARP trough, and it may not be done yet.

Nina Rosenwald, editor-in-chief of the savvy opinion site HudsonNY.org, calls the firm a “serial bailout sweetheart.”

In March, the Congressional Oversight Panel on TARP, which has a majority of members appointed by congressional Democrats, blasted that bailout as “baffling” in a report. “A company that apparently posed no systemic risk to the financial system, that did not seem to be too big to fail, too interconnected to fail, or indeed, of any systemic significance, was assisted to the extent of a total of $17.2 billion of taxpayers’ money and became one of the five largest wards of state,” the panel stated.

The Federal Reserve also made the unprecedented move of granting GMAC the status of a bank holding company able to access the Fed’s coveted discount window and other facilities. It is unprecedented for a bank affiliated with a non-financial company — and GM still owns 49 percent of GMAC — to have this access to Fed support.

So why the lack of outrage and attention to GMAC? Perhaps because the firm cleverly but deceptively changed its name for a large part of its operations. Much of GMAC is now Ally Bank.

You know Ally Bank. It has the commercials with cute kids to illustrate the supposed bad practices of the Ally (GMAC’s) competitors. “Even kids know its wrong to hide behind fine print,” one of the commercials states.

Yet the whole basis of the commercials is to hide the “fine print” that Ally (GMAC) has received massive bailouts from our tax dollars. And the kids in the commercials and other American kids are going to be stuck with a huge tab for the bank’s subsidies.

These commercials may not have legally actionable false claims, as we contend GM’s do, but certainly many of the bank’s customers would reconsider if they were aware of its troubled past and government largesse.

The worst part is that Ally (GMAC) is using money from these very bailouts to stamp out competition from its unsubsidized rivals.

As Rosenwald puts it: “GMAC, it seems, would like to attract customers to transfer their accounts over to Ally from unsubsidized private banks, by offering better terms and interest rates — using your money in the process. This, of course, stacks the deck in competing for customers and financing against private banks and other car companies that do not have the benefit of government subsidies or guarantees — even though GMAC made terrible loans, and the private companies may have done everything right.”

The Congressional Oversight Panel echoes these concerns about the effect of the Ally (GMAC) distorting and possibly reducing competition as well as well the viability of GMAC. “Many questions remain unanswered with respect to Ally Bank,” the report states. “How much, if any, of the projected $10 billion loss of TARP funds allocated to GMAC is attributable to Ally Bank and its payment of above-market rates of interest? If the answer is one dollar or more, why has Treasury committed the taxpayers to subsidize these rates?”

Read more on Newsmax.com: Ally (GMAC) Bank's Bailout Deceptions

Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!

Link to comment
Share on other sites

Ally bank is my guess. They have the money. They are now doing all financing for GM and Chrysler. If there is not another stadium they already sponser this will be the name.

Joe, you got me thinking about that - the only bank in the top 10 that does not have a stadium is METLIFE BANK (A subsidiary of METLIFE Insurance of america).

Even though the Insurance group sponsors one of the entrances, it could be the one that gets the nod. They can afford it:

01. Bank of America Corporation (Charlotte, NC) $2,340,667,014

02. J.P. Morgan Chase & Co.
(New York, NY)
$2,135,796,000

03. Citigroup Inc. (New York, NY) $2,002,213,000

04. Wells Fargo & Company (San Francisco, CA) $1,223,630,000

05. Goldman Sachs Group, Inc., The (New York, NY) $ 880,677,000

06. Morgan Stanley (New York, NY) $ 819,719,000

07. Metlife, Inc. (New York, NY) $ 565,566,452

08. Barclays Group US Inc. (Wilmington, DE)

$ 427,837,000

09. Taunus Corporation (New York, NY) $ 364,079,000

10. HSBC North America Holdings Inc. (New York, NY) $ 345,382,871

Read more: United States' Largest Banks — Infoplease.com http://www.infopleas...l#ixzz1O4OVnfBU

Edited by BaumerJet
Link to comment
Share on other sites

Joe, you got me thinking about that - the only bank in the top 10 that does not have a stadium is METLIFE BANK (A subsidiary of METLIFE Insurance of america).

Even though the Insurance group sponsors one of the entrances, it could be the one that gets the nod. They can afford it:

01. Bank of America Corporation (Charlotte, NC) $2,340,667,014

02. J.P. Morgan Chase & Co.
(New York, NY)
$2,135,796,000

03. Citigroup Inc. (New York, NY) $2,002,213,000

04. Wells Fargo & Company (San Francisco, CA) $1,223,630,000

05. Goldman Sachs Group, Inc., The (New York, NY) $ 880,677,000

06. Morgan Stanley (New York, NY) $ 819,719,000

07. Metlife, Inc. (New York, NY) $ 565,566,452

08. Barclays Group US Inc. (Wilmington, DE)

$ 427,837,000

09. Taunus Corporation (New York, NY) $ 364,079,000

10. HSBC North America Holdings Inc. (New York, NY) $ 345,382,871

Read more: United States' Largest Banks — Infoplease.com http://www.infopleas...l#ixzz1O4OVnfBU

Nice....I currently work for one of the top 3 and used to work for one of the others in the top 10. I've never heard of #9 tho.

Edited by KSJets
Link to comment
Share on other sites

Ally Bank is no longer owned by GM. Ally Bank is an FDIC bank in the too big to fail club. Ally Bank has an IPO pending and a big bond deal pending that is supposed to pay back most of what they borrowed. I highly doubt that since Ally Bank is currently basically owned by the US Govt could possible do naming rights at a stadium. Even if they paid back US Govt they would have to have excess Tier One Capital buffers before their regulators would allow them to blow money on garbage like naming rights.

Sadly, the Govt is between a rock and a hard place on Ally bank, if they let them go belly up the deposits are FDIC insured so Govt has to cover them. Better of two evils is loan them money in hopes and IPO will get the funds paid back like Chrysler just did then let them go under and face 100% certain losses related to covering FDIC losses. Plus ain't exactly rich folks banking at Ally, mainly mom and pop put their money their.

So lets just say Ally ain't naming any stadiums any time soon.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share



×
×
  • Create New...