February 25th, 2009
11:00 AM ET
5 years ago

Bailed-out bank enjoys concerts, dinners, parties

Northern Trust sponsored a Professional Golf Association tournament and associated client events.
Northern Trust sponsored a Professional Golf Association tournament and associated client events.

(CNN) - A bank that received $1.6 billion dollars of the government's bailout money sponsored what reports are calling a lavish series of events in Los Angeles, California, last weekend.

Watch: Bailed-out bank has a blowout

Northern Trust, based in Chicago, Illinois, spent an undisclosed amount of money sponsoring a Professional Golf Association tournament and associated client events, including concerts, dinners and parties, according to celebrity Web site TMZ.com.

The bank spent millions of dollars on the event, which included - on top of the sponsorship costs of the Northern Trust Open tournament - concerts by Sheryl Crow and Earth Wind & Fire, a private party at music venue House of Blues and gift bags from Tiffany & Co., the Web site said.

According to TMZ.com's report, employees and clients attending the tournament dined on seared salmon and petite Angus filet and stayed at some of Los Angeles' most elegant and expensive hotels.

Doug Holt, senior vice president of communication for Northern Trust, confirmed to CNN that his bank sponsored the tournament and its events but, he said, not at taxpayer expense.

Full story


Filed under: TARP
soundoff (235 Responses)
  1. chuck

    This is completely the fault of Congress and ex-President Bush (love saying that ex-President Bush, ex-President Bush) for handing out a no strings attached bailout with taxpayers money to the most untrustworthy people in the world. A seventh grader would have known better than this president and the congress that helped with this corporate welfare. Can you say dumb? Bush never cared about accountability anyway. Think of the billions that fell through the cracks in Iraq while Americans were watching their infrastructure fall apart around them. Dumb, dumb, dumb!!

    February 25, 2009 12:35 pm at 12:35 pm |
  2. floridian

    CNN:

    I forgot to add, it is very obvious that you left out much of what is behind a PGA-sponsored event so you could drum up controversy and rile up the idiots that have no idea what they are writing about. Why don't you report the "whole story" and not that just used to create discord and "blow back"?

    February 25, 2009 12:36 pm at 12:36 pm |
  3. chuck

    Northern NO-Trust

    February 25, 2009 12:37 pm at 12:37 pm |
  4. greg

    i bet your life,,, any1 whom has posted here,, would not change places with some1 with more $$$$$$$$$ than you... all hypocrites here,,, i aint giving my $$ to any one...

    February 25, 2009 12:37 pm at 12:37 pm |
  5. S Callahan

    That's transparecy at it's finest.........

    February 25, 2009 12:37 pm at 12:37 pm |
  6. xcusme

    I agree with Frank, return the money. It's stated that they did not ask for it. If that is true why didn't they decline to take it. Rich, white and entitled seems to have been the theme over the last several years. To bad everyone else must suffer for their greed.

    February 25, 2009 12:37 pm at 12:37 pm |
  7. Outraged

    Obscene!

    Where are the criminal charges? How 'bout we turn the IRS loose on everyone from GW to Paulsen, to Wall Street buffoons, to the irresponsible (and I'm being nice) bank CEO's?!!!

    Seems like it worked for Al Capone, when nothing else did.....

    February 25, 2009 12:37 pm at 12:37 pm |
  8. Sniffit

    String 'em up!

    February 25, 2009 12:38 pm at 12:38 pm |
  9. john

    boycott them and they will have no choice but to close

    February 25, 2009 12:39 pm at 12:39 pm |
  10. NY republican

    @ gary, gpp – So you missed your President's speech about working together. So sad. I guess you should either 1) stop childish name calling and grow up or 2) learn to spell if that was not childish name calling.

    February 25, 2009 12:40 pm at 12:40 pm |
  11. greg

    lets put all people with $$$$$$ in jail... as maggie says,,, then , the poor ,, who had not much can reap what those who had,,, oh what a cycle

    February 25, 2009 12:40 pm at 12:40 pm |
  12. Jon in Ca

    Why is everybody in an uproar???

    Obama is doing THE SAME THING! Our country is suffering a financial meltdown but Obama is throwing parties, jetting off to Chicago on AF-One for Valentines dinner, flying around the country to pimp his pork bill.

    Why the anger at banks when our Government is doing the SAME DAMN THING??

    February 25, 2009 12:41 pm at 12:41 pm |
  13. Kathy

    Bush's boy Paulson gave them the money...that is why the GOP will not go after them, GOP GAVE them the money with NO OVER SIGHT!!!!

    February 25, 2009 12:42 pm at 12:42 pm |
  14. NY republican

    Some one answer this for me – Is it a requirement that to be a liberal (from any country) you cannot be able to spell? At least President Obama was right about one thing last night, the results of the education system of late is shameful!

    February 25, 2009 12:42 pm at 12:42 pm |
  15. Nina Pencheva

    Disgusting!!!!!!! I'm speachless !!!!!!!!!!!!They have to be prosecuted!

    February 25, 2009 12:42 pm at 12:42 pm |
  16. Washington Insider

    Great to see how it is Business as Usual in Chicago. I swear Chicago is making most crooks look better by the minute. Blago, Burris...need I go on?

    Come on, President Obama! You need to get tough with your former State and City. They are making the Democratic Party look bad.

    February 25, 2009 12:43 pm at 12:43 pm |
  17. kingssman

    wow this is sad. Here the banks are defaulting because their accounts are low from bad loans, and what do they do? take vacations. they could have paid off 800 mortgages for the price of the CEO bonus. now granted those foreclosed homes would still be foreclosed and on the market but at least they wouldn't be sitting on 800 homes of debt!

    February 25, 2009 12:43 pm at 12:43 pm |
  18. atypical

    it is ultimately, at the taxpayers expense. if any company asked and received bail-out money, they aren't–in good conscience, going to spend money on excess. and therin lies a big part of the problem regarding our econonmy: lack of good conscience.
    poor people are prosecuted every day for fraud and theft and yet we allow some of the wealthiest to get away with the same violation.

    February 25, 2009 12:43 pm at 12:43 pm |
  19. texas teacher

    Come on, FAT CAT Wall Street, your sucking the life out of the middle class to support your life of luxury is finally being called what it is.... you are parasites of the face of this country! And you have nearly killed us with your greedy ways.... time to pay the piper!

    February 25, 2009 12:44 pm at 12:44 pm |
  20. Lynn

    obama-mama: I totally agree with you as my credit union is community based and has consistently had policies that benefit their members. The bigger a company or business gets the less responsibility or conscience they have for their constituients, only concerning themselves and their richest, greediest shareholders.

    February 25, 2009 12:44 pm at 12:44 pm |
  21. texas teacher

    Come on, FAT CAT Wall Street, you have been sucking the life out of our country and it is finally being called what it is.... you are parasites on the face of this country! And you have nearly killed us with your greedy ways.... time to pay the piper! :)

    February 25, 2009 12:45 pm at 12:45 pm |
  22. smartypants

    To Baffled @11:47: Giving each American one million dollars would cost over three hundred trillion dollars. Think before you type dumbass.

    February 25, 2009 12:45 pm at 12:45 pm |
  23. Mari

    Thanks to Paulsen and Bush, for writing up a Bail Out Bill that did not contain limits, and requirements!

    Have we not learned YET that the Banks and Wall Street are ALL about GREED????

    I say LET THE BANKS FAIL.

    February 25, 2009 12:47 pm at 12:47 pm |
  24. RJ

    @baffeld.
    304 million x $1 million = $304 TRILLION

    The national debt is just under $11 trillion
    That would increase the national debt to 27 times the current level.

    Get a clue… better yet, go retake first grade math.

    February 25, 2009 12:47 pm at 12:47 pm |
  25. Amy

    Jim, I understand you are saying that there is a cost of doing business. I am not a 9-5er, I am a 1099 contractor. Yes, we do need to spend, but in these times, this is NOT how banks should be conducting business. I spent years as a sales rep going to conventions, etc. It was the OLD way of doing business. Things are going to have to change and these practices cannot happen now. Move to new generation of thought and figure out how you are going to make it in the new global economy. I know big banks that are now forcing employees to clean their own cubes instead of bringing in cleaning companies. It is the future of banking for now.

    February 25, 2009 12:51 pm at 12:51 pm |
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