According to American Banker, Citigroup's third quarter marketing and advertising budget for 2008 was $515 million (that's down 33%, by the way). So figure their M&A budget is around $2 billion a year.$20 million = One percent. Whew. It's hard to even wrap your mind around that one.
The naming rights cost Citi $20 million a year. Guess what percent $20 million is of $2 billion? I have a calculator, so don't sweat it -- one percent. A drop in the bucket.
It is in everyone's best interests for Citigroup to survive. A big part of that, from Citi's point of view, is to at least appear to be sound and successful. And to their way of thinking, having their name on the Mets' field helps. A year or two from now, once they've gotten back on track and this storm has (hopefully) passed, will the naming rights look so bad? Not at all.
But that kind of thinking requires some perspective and thought, which is in short supply with the hair-trigger crowd, which is made up of morons who like hearing themselves scream and yell, or seeing their byline on page three instead of in the back of the paper.
Unfortunately, I like to hear myself scream and yell and to see my byline anywhere in a paper. Heck, I'm a journalism major. It's in our blood.
Great job, Des!