Which means of course, that taxpayers are funding GMAC’s sponsorship of a sporting event with what was sold to the public as desperately-needed emergency cash:
GMAC may be in financial trouble, but that isn’t stopping the auto lender-turned-bank holding company from maintaining its corporate sponsorships. The question is – will anyone notice?
In October, GMAC (NYSE:GKM) changed its legal status so that it would be eligible for TARP funds passed by Congress. Late last month, GMAC was approved to receive a $5 billion lifeline from the U.S. government. However, the company is still maintaining its sponsorship of a collegiate bowl game set for Jan. 6 in Mobile, Ala.
“There’s about 34 bowl games, 30 of which are sponsored in one way or the other,” Fox Business Network’s Jenna Lee said Jan. 2 on the Fox News Channel’s “Happening Now.” “The lower-level, the mid-level games pull in about six figures to have your name attached to one of the games – that’s the estimate. And the big games, let’s say the Rose Bowl for example, or the Sugar Bowl, or the Orange Bowl – those figures go upwards of $5 to $6 million for some sort of sponsorship.”
I’m pretty sure this isn’t one of the ads they’ll be running:
There’s quite an interesting story behind the making of this mock commercial, if you haven’t read it, over at Iowahawk HQ.