Your tax dollars at work:
GMAC is sponsoring a bowl game on January 6th.
GMAC took a massive bailout from the government in October.
But, the company is still spending hundreds of thousands of dollars to sponsor the GMAC (Bailout) Bowl on January 6th.
Business and Media Institute reported:
GMAC may be in financial trouble, but that isn’t stopping the auto lender-turned-bank holding company from maintaining its corporate sponsorships.
In October, GMAC 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.”
As Lee pointed out – GMAC is continuing to sponsor the game, although they’re in financial trouble.