"Bailed-out Bank of America spent $10 million on Super Bowl party."
Just weeks ago, the federal government extended $20 billion to Bank of America to keep it afloat, bringing its total in federal bailout dollars received to $45 billion. ABC News reports, however, that the bank managed to scrounge up millions of dollars to be an NFL sponsor and for “a five day carnival-like” Super Bowl party just outside the stadium:
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 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. The NFL Experience was on top of that and was inked last summer, according to the bank.
The NFL said it was a “multi-million dollar” event and that it was also spending money to put on the event. A Super Bowl insider said the tents alone cost over $800,000.
The Huffington Post notes that this is the latest in a series of bailed-out banks that continue to spend lavishly on sports sponsorships.