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Today's Nuze

"Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others."

Ayn Rand

Nobody's listening.

THE BANK OF AMERICA SUPER BOWL BASH

By
Neal Boortz
@ February 3, 2009 8:15 AM Permalink | Comments (27) | TrackBacks (0)

I've been getting a lot of emails about this Bank of America Super Bowl party. And a lot of you are outraged over it. To sum up .. Bank of American sponsored a five-day Super Bowl event known as the NFL Experience. They basically set up a huge tent just outside the Super Bowl stadium and filled it with games and entertainment and lots of Banks of America logos.

But, as ABC News points out ... Bank of America has received $45 billion in federal bailout funds. How much did this event cost? Somewhere in the tens of millions, if you consider the fact that Bank of America is an NFL corporate sponsor.

The bank says that the sponsorship is a "business proposition" and part of its "growth strategy." Also note that the papers for this NFL Experience were signed last summer, before Bank of America received any bailout funds. The bank says that it was legally required to fulfill its contract.

I really don't think this is as cut-and-dried as some of the critics want to make it. This is marketing. We want these companies who have received bailout money to thrive, to grow, to flourish. We want them to be able to pay that money back to the taxpayers someday. Can Bank of America grow without marketing? Without advertising? Did the Super Bowl bash attract any new customers? Did it improve the image of Bank of America with the Super Bowl fans?

And ... most important ... do we leave these marketing decisions up to politicians and the great unwashed?

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What others are saying

  • Junkets/Conventions
    So now Obama wants these stopped. Idiot, all the economy needs now is a further reduction in spending by the (used to be)private sector. B of A did the right thing and now I see Wells Fargo is reconsidering a junket in Vegas. The Vegas ecomony really needs government to stop people coming there. their economy is almost a shambles now.

    Ya gotta love him, NOT.
    By Brian @ 02/04/09 08:14:11 AMreport abuse
  • No Stimulus For Vegas Workers
    Did you see where everyone got all bent out of shape because Wells Fargo wanted to have a employee appreciation event in Las Vegas?

    They got hammered by the press and critics so they cancelled.

    The venue they were going to, Wynn Hotels, had to cut salaries and hours for their employees.

    Boy, almost had some stimulus there. Glad they stopped it.
    By John D @ 02/04/09 06:04:56 AMreport abuse
  • BA is BS
    I think Bank of America needs to focus on keeping the few customers they have instead of focusing on "Marketing". But, lets just let them do what they've always done and hopefully they will go bankrupt.


    I USED TO (Underline the words Used to) use Bank of America for my banking and I have to say they are all completely incompetent, unhelpful, and unprofessional. The appeal to this bank for me was that it has branches nationwide. However, every branch I walked into I was treated in the same poor manner, and it left a bad taste in my mouth. Not to mention all the mistakes they made, and the hastle you have to go through for them to correct their own problems. This bank needs to be put to sleep. Most of their employees were Indian and spoke very poor english. I started coining the phrase that I was off the the "Bank of India" anytime I had to go there.

    The bailouts are pure BS. Let the companies fail...there is a reason they're in the situation they're in...they can't treat their customers right or even balance their own budget.
    By BA SUCKS @ 02/03/09 10:52:49 PMreport abuse
  • bank of america
    in so doing b of a bought services created jobs, spurred private sector spending, created tax revenues & promoted themselves, all of which were GOOD for the economy, more importantly it was done far more efficiently than government could have.
    By ebsel @ 02/03/09 07:32:01 PMreport abuse
  • bailouts
    AND THIS GOES UP THEIR WITH GM BUILDING PLANTS IN BRAZIL(1BILLON) WITH BAIL OUT MONEY THANK YOU FOR MY HARD MONEY GOING OUT OF MY KIDS LIFES
    By joe @ 02/03/09 06:42:27 PMreport abuse
  • Strings Attached?
    Not being an accountant or an economist, I don't pretend to know what the hell I'm talking about - like either of them do. But I do have a question about the gov't getting all pissy about how bailout money is used. What if Uncle Sam required any company receiving bailout money to change to the LIFO method of accounting (last in, first out)? Then, once received, any monies for bailout would unquestionably be tied back to the gov't and could be limited in how they were spent. Otherwise, the water seems a bit cloudy as to where bonus money is coming from. I hate these bailouts but if they do continue, I damn sure don't want to forced to pay for bonuses and silly marketing schemes. Am I completely wrongheaded about a LIFO provision? Or would this work to keep the monies separate? As I said, I'm not a financial type; I just know enough about accounting to ask a stupid question.
    By Lawrence Standifer Stevens @ 02/03/09 05:51:03 PMreport abuse
  • B of A and the Bailout
    I hope BofA and all the recipients of the bailout continue to spend money just as they did when they were a private sector corporation. Maybe enough exposure of this will convince the voters not to support politicians who hand out money to these folks.
    By Mark from FL @ 02/03/09 02:01:18 PMreport abuse
  • No problem
    BofA needs events like this for marketing and to show they are solid if you still see their name out people will still think they are strong company. That is how they will rebuild and retain current customers, promotions and visibility.
    By B @ 02/03/09 01:28:18 PMreport abuse
  • Party or Event?
    There is a big difference between a marketing sponsorship event (which enhances brand recognition, creates new selling opportunities, etc) and a party for executives and the sales force. It sounds like this was a high-profile sponsorship opportunity similar to those used by Kodak and Coke at the Olympics. Where fans and spectators could go and play around before/after the game. It does not sound like a big bash for all the corporate bigwigs to get tanked in a skybox at taxpayers expense.
    By MS @ 02/03/09 01:19:40 PMreport abuse
  • Bank of America bailout?
    B of A was FORCED to take the bailout because those morons at the fed didn't want to stigmatize other banks who were receiving the funds relative to those who were not.

    The entire bailout is a a sham intended solely to keep alive the idea that these bankers may some day go back to pursuing ALPHA market returns. http://www.washingtonpost.com/wp-dyn/content/article/2008/10/29/AR2008102903200_pf.html
    By Noel @ 02/03/09 12:40:11 PMreport abuse
  • Bank of America
    Marketing my eye. Boortz seems to think these people can do no wrong.

    This is the sort of profligacy that got B of A into trouble in the first place. Which would have attracted more customers? A party attended by a few thousand that cost $10-15 million? Or an ad that said, "We had an opportunity to spend $10-15 million on a party, but we thought that banks should be prudent with money -- especially in thse hard economic times"? I don't know about you, but I'd be more likely to put my money in a bank that is careful with money than a bank that is run by spendthrifts.
    By Corbett @ 02/03/09 12:02:37 PMreport abuse
  • Better ways to market.....
    I agree that marketing is important but the best marketing is managing your business wisely with excellent customer service and no junk fees.
    Word of mouth is the most powerful marketing. When I heard Clark Howard talk about how well credit unions treated their customers and after paying junk fees to BOA, I switched my business to the local CU. Thanks Clark! Now that's marketing.
    By Patriot til' Death @ 02/03/09 11:19:06 AMreport abuse
  • Of two minds
    You know, there may be a certain justice to hamstringing the corporations that took the bailouts [read "welfare"]. It would cause them to fail faster thus getting rid (in a Darwinian way) of another big welfare bum.

    On the other hand, I know that the government is just using the "bailout" to develop new restrictions that they will apply to all companies - whether they took money from the state or not. It will be handled under the "commerce" clause of the constitution [which is used to regulate ALL business - ever since FDR!]

    Let the welfare companies die or stop a slipper slope! Ayn Rand (whose birthday was yesterday) is shouting "I told you so" from beyond the grave.
    By Fosse Fan @ 02/03/09 11:16:49 AMreport abuse
  • BoA bailout
    Worth noting as well, Bank of America neither asked for nor had any choice in the bailout money. Paulson told them he was not asking but was telling them that they WOULD take federal funds and WOULD give govco equity shares in the bank. They were, in other words, held up for a portion of their business as though the government were the Mafia. . .
    By Mark @ 02/03/09 11:03:53 AMreport abuse
  • A LETHAL COMBINATION
    The combination of "wealth envy" and "the bailout" gives the government the people's blessing in running these businesses now. Danger! Danger! Danger!
    By Scrappy @ 02/03/09 10:49:24 AMreport abuse
  • Attracting wrong customers
    The clients that would be attracted by ostentatious marketing ploys are not the type of clients BOA needs. They need clients that are concerned with market stability, client friendly loan packages, personal service, and competitive interest rates. Offer a good product and good customers will flock to you. Bubba is attracted to "NFL Experiences".
    By Carlos @ 02/03/09 09:58:36 AMreport abuse
  • Too Much Waste
    B of A needs to clean up their own house instead of going to the taxpayers. They announce layoffs on one hand and waste money at a party with the other hand. Enough is enough.
    By J R Spaugh @ 02/03/09 09:40:57 AMreport abuse
  • Advertising?
    10 million spent on Super Bowl advertising is a drop in the bucket compared to the billions in bailout. We know it adds up but what sense does it make to bash BOA for advertising? It's not like they were trying to AVOID new business.
    By Samael @ 02/03/09 09:40:30 AMreport abuse
  • Bank of America
    The solution is simple: If you don't want a business to spend taxpayer money a certain way, - don't give them the money in the first place.

    These "stimulus" and "bailout" packages to dig us out of a hole are doing nothing except digging a deeper hole.
    By John Sullivan @ 02/03/09 09:38:40 AMreport abuse
  • BIAS
    I love how there is support when the pork money comes from Bush. BoA could have done marketing by handing out pens, not a 5 day party
    By Stan Gable @ 02/03/09 09:36:08 AMreport abuse
  • BofA SuperBowl Party
    As Neil pointed out, this "party" was not for Bank of America associates, but for kids and families attending the Super Bowl. It was a way to reach out to the community, not to mention they had to follow through on their previously signed contract. People that whine about a company spending money to promote itself are either mad because they want their share of the bailout pie, or have no understanding of how companies make money. If they had spent $10m on a luxury suite for the top brass I would agree with the complaints, but this was just business.
    By Andrew @ 02/03/09 09:28:05 AMreport abuse
  • Mexicanos
    This doesn't even scratch the top 100 of "reasons to hate Bank of America." The fact it actively courts and helps illegal aliens with banking should be #1.
    By Josh M @ 02/03/09 09:23:07 AMreport abuse
  • $10 million
    Isn't this money being put back into the economy? I mean, the Bank of America had to hire a caterer, a designer, a party planner, and lots of ther people too to be able to carry out this "hootenanny." Isn't this pretty much the same concept of creating jobs that the Dems. are trying to pass off in their spending bill?

    It's nice to see someone finally exposing that BofA had this party planned well before they received any bailout money, too.
    By Patrick @ 02/03/09 08:49:20 AMreport abuse
  • BOA Superbowl party
    EXACTLY, it's advertising, thank you. People don't seem to understand that no one is going to bank with, buy from, eat at, or do any other kind of business with someone they haven't heard of. Granted, BOA is well known but how many people decided to open accounts with BOA because they went to this?
    By Brian @ 02/03/09 08:43:39 AMreport abuse
  • B of A Bash"ing"
    Two words -- Atlas Shrugged
    By Dale @ 02/03/09 08:42:23 AMreport abuse
  • Bailout
    BofA got the bailout funds for taking over 2 companies that were about to go TU. Merrill Lynch & CountryWide. They did the fed's a favor.
    By billy b @ 02/03/09 08:29:31 AMreport abuse
  • what's the problem?
    Those NFL experience parties are usually great, we used to have them in Charlotte when BofA was the sponsor of the Panthers.
    There was entertainment, games, autographs, free T-shirts and a feeling that the BofA was getting somethign out of dropping so much money in the panthers and a good place to put your money.

    Besides this was probably planned months or even years in advance even before the crisis became the crisis
    By Paul @ 02/03/09 08:26:48 AMreport abuse
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