There’s a delicious irony about New York baseball and New York banks that I think is worth discussing in light of the imminent Yankees World Series victory.
As baseball fans throughout the nation piss and moan about the fact that the Yankees have the wealth of NY to draw upon when pricing tickets, broadcast rates and payroll budgets, it is instructive to bring up the fact that the NY Mets have those same natural advantages.
And what do the Mets do with these advantages? They break hearts, find ways to lose and get abused by many smaller-market teams on a regular basis (hey Citi shareholders, sound familiar?).
This Tale of One City is analogous to Goldman’s regular trouncing of Citigroup and other hapless New York banks in everything from underwriting to trading to M&A.
The irony here is that Citigroup has its name slapped above the stadium where the Mets play (Citi Field), while Goldman Sachs, believe it or not, actually owns the concession stands at the new Yankees Stadium (through its Legends Inc. subsidiary).
I suppose misery loves company and birds of a feather flock together.
Let’s go Yankees! (sorry Todd Sullivan, it’s inevitable)