The song's title was inspired by Tommy James' view of the "M.O.N.Y." sign atop the Mutual of New York Building on the New York City skyline from his Manhattan apartment. As James said in a 1995 interview in Hitch magazine: True story: I had the track done before I had a title. I wanted something catchy like "Sloopy" or "Bony Maroney," but everything sounded so stupid. So Ritchie Cordell and I were writing it in New York City, and we were about to throw in the towel when I went out onto the terrace, looked up and saw the Mutual of New York building (which has its initials illuminated in red at its top). I said, "That's gotta be it! Ritchie, come here, you've gotta see this!" It's almost as if God Himself had said, "Here's the title." I've always thought that if I had looked the other way, it might have been called "Hotel Taft".