Super Bowl parties and Beach Resorts: a ‘Let them eat cake’ UPDATE

February 2, 2009

 

Today’s update features Bank of America and Morgan Stanley:

 

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…

 

The bank refused to tell ABC News how much it is spending as an NFL corporate sponsor, but insiders have put the figure at close to $10 million.

 

Earlier last week, Morgan Stanley, the bank that laid off 5,000 employees last year and took $10 billion in taxpayer bailout money, held a three-day conference for clients at the Breakers, a five-star oceanfront resort in Palm Beach, FL.

 

Click here for pictures of the Breakers.  Apparently, the resort is “set amidst 140 acres of breathtaking oceanfront property, the resort offers an extensive range of services and amenities for the vacationing or business traveler”.

 

Click here for a graph of unemployment rate increases over the past few months and projected increases into the near future.  Notice no smiling families, sunshine or beaches.

 

Click here for a list of TARP bailout funds recipients.  Here are the top ten (note these figures do not include other, extraordinary ‘injections of capital’ by the taxpayer… I mean Treasury or the Fed):

 

  1. Citigroup: $25 billion
  2. JPMorgan Chase: $25 billion
  3. Wells Faro: $25 billion
  4. Bank of America: $15 billion
  5. Goldman Sachs: $10 billion
  6. Merrill Lynch: $10 billion
  7. Morgan Stanley: $10 billion
  8. PNC: $7.7 billion
  9. US Bancorp: $6.6 billion
  10. Capital One: $3.55 billion

I will continue to bring you ‘Let them eat cake’ updates as the saga unfolds.  You may as well read about the good times… you’re paying for them.

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