Tuesday, February 3, 2009


Isn't cash fungible? How can Citi say it is not using TARP funds for the naming rights on the NY Mets new stadium? Those rights are currently slated to cost Citi $400 million per the WSJ.

Citi says, "We are not using TARP funds for the naming rights." Let me see if I get this straight. You took $45 billion from TARP presumably because you needed the funds. If you don't spend the $400 million on the new stadium, don't you need $400 million LESS of the TARP funds?

Really, can you say are not using TARP funds when cash is fungible???

Even though I posted twice already today, I could not let this go by. Victor please tell me you didn't endorse the "we aren't using TARP funds" spin.

Cheers, Mike


  1. I was really insulted when B of A said yesterday their Vegas trip was not paid with Tarp $$. Please.

  2. Yes, it is more than the same fungible cash issue. Wells Fargo was operating as business as usual and these are not usual times.