CM James Calls on Barclay’s Bank to Cancel Naming Rights Deal with Ratner

FOR IMMEDIATE RELEASE

March 18, 2009

$400 million more taxpayer money for Ratner???

Council Member James calls on Barclay’s Bank to cancel naming rights deal with Ratner

(Brooklyn, NY) “Staggering, that is the only word for it,” said Council Member Letitia James upon hearing that controversial Barclay’s Bank is receiving money from the federal bailout of insurance giant AIG. Some of the bailout money would likely be used to meet Barclay’s $400 million commitment to purchase the “naming rights” to Forest City Ratner’s proposed 18,000 seat arena in Prospect Heights, Brooklyn.

“Here we have a private bank trying to use taxpayer money to put their name all over a privately-held sports arena. That is clearly not what President Obama intended the Troubled Assets Relief Program (TARP) to accomplish. TARP is supposed to get banks lending to small businesses and homeowners, not to bail out a billionaire and his stalled mega-development,” said Council Member James.

“Taxpayers are more willing to support efforts to free up lending for critical needs but they will not and should not support frivolous naming rights deals like this one. Deals like this put the legitimacy of all future public spending in jeopardy, as well as jeopardize public trust in the government’s commitments of public money to this point. This is why I’m calling on Barclay’s and Ratner to terminate their deal regarding naming rights for the proposed arena. There should not be even the slightest hint that taxpayer money will be used to enrich a private developer and a British bank,” said Council Member James.

AIG has earned public scorn for doling out over $165 million in bonuses to employees after receiving $170 billion from the federal government.

Contact: Amyre Loomis at (718) 260-9191

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ATTENTION: A Community Forum on the Economic Bailout- Impact on Healthcare Institutions. Wed., Nov. 19th. 6PM

THE ECONOMIC BAILOUT & CRISIS:
What will be the Impact on Our Healthcare Institutions?

A Community Forum & Panel Discussion featuring

Togba Porte, DC 37 Healthcare Workers Local 420
Judy Wessler, Commission on The Public’s Health System
Kate Navarro-McKay, Greater New York Hospital Association
______________________________________________

DATE: Wednesday, November 19, 2008

TIME: 6pm

LOCATION: Brown Memorial Baptist Church
484 Washington Avenue (Enter on Gates Ave.)
Brooklyn, N.Y.

SPONSORS

*57th Assembly District Democratic Organization*
*State Senator Velmanette Montgomery, Member*
Health Committee, New York State Senate
*State Senator John Sampson, Ranking Democrat*
Health Committee, New York State Senate
*Council Member Letitia James - 35th District*
*District Leader Olanike Alabi - 57th Assembly District*

Bail Out Main Street, Not Just Wall Street!

Three of our favorite community-based organizations are the Association of Community Organizations for Reform Now (ACORN), Pratt Area Community Council (PACC), and Families United for Racial and Economic Equality (FUREE). These organizations work hard from the grassroots level representing lower-income peoples in New York City in housing and other areas of economic and cultural inequality, and are especially active in the 35th District.

Today (September 23, 2008), ACORN held their rally “to protest the Bush administration’s failure to include lifelines for American homeowners facing foreclosures in its big Wall Street bailout proposal.”

ACORN called “on Congress to ‘Bail out Main Street, Not Just Wall Street’! ” Council Member James agrees with ACORN’s position that homeowners deserve same consideration that lending institutions do (…or more so). Please contact your Congressional Member to let him/her know your position on this issue, and continue to be informed on issues of economic inequality.

ACORN- http://www.acorn.org/index.php?id=2716&no_cache=1
PACC- http://pacc.publishpath.com/
FUREE- http://furee.org/