Bank of America, a key recipient of TARP bailout funds in recent months, reportedly spent about $10m on Super Bowl festivities, citing it’s part of their growth strategy. ABC News excerpts below and video here:
Despite a near collapse that required $45 billion in federal taxpayer bailout funds, Bank of America sponsored a five day carnival-like affair just outside the Super Bowl stadium this past week as President Obama decried wasteful spending on Wall St.
The event – known as the NFL Experience – was 850,000 square feet of sports games and interactive entertainment attractions for football fans and was blanketed in Bank of America logos and marketing calls to sign up for football-themed banking products.
The bank staunchly defended its sponsorship, saying it was a “business proposition” and part of its “growth strategy.” Critics blasted the spending as a serious abuse of taxpayer money.