If you ever needed a clearer example why we don't want e.g., the House of Representatives making investment decisions, this is it:
NBC has obtained a letter signed by six house Representatives from New York State sent to Timothy Geithner, asking the Treasury Secretary to disregard the call for Citigroup to break its 20-year, $400 million investment for the naming rights to the New York Mets stadium.
The letter comes in response to a note sent to Geithner two weeks ago by Representatives Ted Poe and Dennis Kucinich.
The note asked Geithner to recommend that the contract be dissolved in the best interest of public policy, given that Citigroup had received $45 billion in public funds from the Troubled Assets Relief Program (TARP).
"We believe this would set a terrible precedent of unfairly singling out a specific company and particular form of advertising for a politically popular reason," the letter states. "This attack has broader implications on all sports marketing, and would certainly have a negative impact on all media outlets such as television, radio, cable, and newspapers."
Of course, it is hard not to look hypocritical if you find this bemusingly offensive but have no problem with the likes of Maxine Waters deciding who gets a loan and who doesn't.
NY Reps To Geithner: Don't Kill Citi-Mets Stadium Deal [CNBC]