Now that the US taxpayer is a major shareholder in all the financials, every last expenditure will be scrutinized and criticised (See: AIG junkets). So we’re not surprised that a conservative group is making some hay over this:
Today the NationalLegal and Policy centre (NLPC) asked Neil M. Barofsky, the Special Inspector General for the Troubled Asset Relief Program (TARP), for a formal review of the sponsorship by Bank of America and Citigroup of the Rainbow/PUSH Wall Street Conference currently taking place in New York City. The January 13-16 event is one of two of Jesse Jackson’s annual fundraisers.
According to official conference materials, Citigroup is a “Gold Sponsor,” a designation costing $50,000. Bank of America is identified as a “Silver Sponsor,” a designation costing $30,000.
Fair criticism? It doesn’t matter. Citi and BofA have to explain why their cash is going to any political/advocacy group, when it could be going to loans.