Corporate Tool
Some might say that Fall Out Boy bassist Pete Wentz has sold out from his punk roots, so what a relief it was to hear him take a stand against corporate greed last night from the stage of the Time Warner Cable Amphitheater (NYSE:TWC) in Cleveland, the band's lastest stop on their tour presented by Live Nation, Inc. (NYSE:LYV).
"We feel stupid being given a stage this big and not speaking out," Wentz noted between songs.
I really enjoyed Fall Out Boy's latest CD (on Decaydance/Island), which I picked up at Target (NYSE:TGT) thanks to the distribution services of Warner Music Group's (NYSE:WMG) Alternative Distribution Alliance.
So I went ahead and shelled out $80 for a pair of tickets for their show. I would have liked to have had the chance to discuss corporate greed with Mr. Wentz personally, but I didn't have the $300 for the pair of VIP tickets to the band's pre-show meet-and-greet. (I believe opening act All Time Low were available for a free meet-and-greet, thanks to AT&T Signing Stage sponsor AT&T, Inc. (NYSE:T)).
Live Nation stocks were off 6.31% on volume of 629,951 shares the day following Wentz' anticorporate broadside, but Live Nation still expects to meet 2009 earnings projections due to the company's strategy "to increase relationships with larger corporate sponsors [including JTI, Anheuser-Busch and Comcast]" and a 45% reduction in capital expenditures in the first quarter "in line with our current plan to reduce overall capital expenditures to less than $55 million for 2009, down from $187 million in 2008."





