Bank of America Blows Bailout Bucks on Big Bowl Bash

Posted by ZP Heller, Brave New Films at 11:17 AM on February 2, 2009.

Just when you thought Bank of America couldn't abuse the bailout any more than they already have, the nation's largest bank threw a lavish 5-day Super Bowl extravaganza worth $10 million, according to ABC.  Apparently, the tents alone for this party alone cost $800,000.  And the The Huffington Post reports that this is just the tip of the iceberg when it comes to Bank of America's multi-million dollar professional sports sponsorships.

Now, Bank of America claims that they were contractually obligated to throw this event, considering they're the official bank of the NFL.  But as Tom Schatz, president of Citizens Against Government Waste, told ABC, "This is an exceptional year and it's a time to say we're not going to do business as usual. We're going to say no, we're going to show some restraint, and we're going to cut back on something that really isn't absolutely necessary."

Show some restraint?  What a novel idea!  One would think that after taking $45 billion from taxpayers, you might consider a little prudence by scaling back on the excessive parties--or not throwing them at all.  You might also want to stop giving your executives millions in bonuses and flying them around on corporate jets.  And maybe, just maybe, show some gratitude by giving your workers adequate health care instead of laying off 35,000 of them, not to mention curbing your nasty predatory lending practices that helped cause this economic meltdown in the first place.

Clearly, Bank of America thinks the bailout has merely entitled them to continue their wasteful ways, and they will continue to do so until we demand accountability.

Tagged as: super bowl, bank of america, bailout

ZP Heller is the editorial director of Brave New Films. He has written for The American Prospect, AlterNet, The Philadelphia Inquirer, and The Huffington Post, covering everything from politics to pop culture.