A report has emerged which has shown Bank of America has launched a promotion to its customers, although apparently not limited to its customers, to get people to go and see the 3D version of Monsters vs Aliens. Innocuous enough, no? Well, take in the following facts:
1. DreamWorks’ co-founder and now CEO of DreamWorks Animation, Jeffrey Katzenberg, is a former vice-chairman and chief financial officer of Bank of America.
2. Bank of America has been the recipient of $45bn in rescue financing from the federal government, money which was provided primarily to give the bank the capital base required to start lending again and stimulate the housing market.
So, in summation, Bank of America has launched a promotion using taxpayer’s money in aid of a film produced by a studio headed by a former executive of the institution. Essentially, it is giving a leg up to a DreamWorks picture with money intended to keep the entire company afloat. Given the huge controversy over the bonus payments made to derivatives traders at AIG over the past week, I wonder if this will be a smaller focus of anger for taxpayers to focus on.