It’s not been the best of week’s on the economic front.
Brace yourself. The news is about to get a little worse.
This doesn’t have anything to do with the Senate’s vote later today on the $700 billion economic bailout plan. It doesn’t have anything to do with the House rejecting the same measure on Monday, immediately sending Wall Street into a panic, and a 770-point nosedive.
It does have something to do with the failure of so many of our financial institutions. Sort of.
The names are now familiar to us. Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, Merrill Lynch. AIG.
Now Wachovia, the biggest bank in the region, is about to disappear, at least in terms of its banking operations. They are being taken over by Citigroup Inc.
And for local sports fans, it could mean another chapter in the merry-go-round of the names that adorn two of our sports palaces in South Philadelphia.
That’s right, what was first the CoreStates Center first morphed into the First Union Center. Right now it’s called the Wachovia Center. Oops!
Official are not yet sure if the name will be changed again. While Citigroup is taking over some Wachovia operations, others will remain. Back in 1996, CoreStates signed off on a $40 million, 29-year deal for the naming rights of what would become the CoreStates Center.
Comcast boss Peter Luuko indicated yesterday he does not yet know if the names will change once again. Of course the Wachovia Spectrum is already on the “hit” list. It will be torn down after one final season to make way for Philly Live!, an entertainment and retail complex at the sports playground in South Philly.
But there is one other reason to hope they don’t hoist that “Citi” mantel onto the Wachovia Center.
It would put us in bed with the hated New York Mets. The Mets this year bid adieu to decrepit Shea Stadium. Next year they will move into their new palace, Citi Field. That’s right, Citibank has the naming rights to the Mets new stadium.
We don’t need to share anything with the Mets.
Next thing you know someone will tell us that Citigroup is taking over Citizens Bank.
Don’t even think about it.
Brace yourself. The news is about to get a little worse.
This doesn’t have anything to do with the Senate’s vote later today on the $700 billion economic bailout plan. It doesn’t have anything to do with the House rejecting the same measure on Monday, immediately sending Wall Street into a panic, and a 770-point nosedive.
It does have something to do with the failure of so many of our financial institutions. Sort of.
The names are now familiar to us. Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, Merrill Lynch. AIG.
Now Wachovia, the biggest bank in the region, is about to disappear, at least in terms of its banking operations. They are being taken over by Citigroup Inc.
And for local sports fans, it could mean another chapter in the merry-go-round of the names that adorn two of our sports palaces in South Philadelphia.
That’s right, what was first the CoreStates Center first morphed into the First Union Center. Right now it’s called the Wachovia Center. Oops!
Official are not yet sure if the name will be changed again. While Citigroup is taking over some Wachovia operations, others will remain. Back in 1996, CoreStates signed off on a $40 million, 29-year deal for the naming rights of what would become the CoreStates Center.
Comcast boss Peter Luuko indicated yesterday he does not yet know if the names will change once again. Of course the Wachovia Spectrum is already on the “hit” list. It will be torn down after one final season to make way for Philly Live!, an entertainment and retail complex at the sports playground in South Philly.
But there is one other reason to hope they don’t hoist that “Citi” mantel onto the Wachovia Center.
It would put us in bed with the hated New York Mets. The Mets this year bid adieu to decrepit Shea Stadium. Next year they will move into their new palace, Citi Field. That’s right, Citibank has the naming rights to the Mets new stadium.
We don’t need to share anything with the Mets.
Next thing you know someone will tell us that Citigroup is taking over Citizens Bank.
Don’t even think about it.
Comments
Here's an oldie - do you remember individuals attempting to get the new center names after the late Mayor Frank Rizzo during its construction? The same man opposed to the idea of its construction in the 80's and up to his death, it would have been an odd honor. Thank the Lord for the evils of corporate sponsorships!!!