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Big Banks Conceal Identity Using Stealth Spending, Anti-Branding

Big Banks Conceal Identity Using Stealth Spending, Anti-Branding
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Caleb Kramer
  • 17 august 2009

We previously covered one clothing company and its undertaking of an anti-branding campaign, removing logos from its gear to focus on designing a superior product. In July we spotted a covert Starbucks store in Seattle. Now big banks are also taking measures to avoid being identified using “stealth spending” at sponsored events.

During the U.S. Open golf tournament at Bethpage Black,  Goldman Sachs, Bank of America, Merrill Lynch, and Morgan Stanley all brought clients to the Heritage Club, an exclusive corporate hospitality center. Hundreds of thousands of dollars were spent on tables but those responsible could not be identified, logos on tote bags and polos were no more.

According to The New York Times the gatherings are sometimes so well disguised that even the event planners might not know whose event they are working on.

Its a post-Hummer world where DIY, unconsumption, and frugality is in and big spending is out. With government hands all over big banks’ business, companies like Merrill Lynch don’t want to catch taxpayers’ attention with excessively long receipts.

[via NYtimes]

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