Click to play videoNew York: Banking giant Citigroup, despite of the US government’s bailout is planning to retrench 50,000 workers and instead will launch a $400 million ad campaign.
As part of the ad campaign, Citi erected giant orange signs from every major highway surrounding the ballpark in Queens, New York. US Congressmen who heckled the big three of the auto industry for arriving on private jets to request a bailout are already miffed by Citigroup's alleged excess.
Congressman Elijah Cummings says he's livid that taxpayer dollars could now be used for a massive advertising project.
“We got Citigroup coming to the Congress, begging for money to stay afloat. They've got $25 billion a few months ago and now they are getting another $20 billion and all kind of sweeteners to keep them afloat. At the same time they are saying they are going to let go some 52,000 employees, they are adamant about holding on the a deal whereby they can plaster their name on the front of a stadium in New York for $400 million over the course of the next 20 years. I have a problem with that. My constituents do too,” says Cummings.
But, Citigroup's Chief Financial Officer says that the contract is legal and binding and not an issue.
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