(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.
The banks and big corporations know full well the glory ride is over. On the way out, they will steal every single dollar they can get and put it in their pockets, and leave their employees, depositors, and investors to fend for themselves. Bank interest rates are at an all time low, and consumer interest rates are at an all time high...go figure. Your credit card interest rate should probably be around 5%, instead of 20-40% (my "high-yield money market" is paying less than one half of one percent interest!). They are not going to change or go quietly or easily. Get ready for another rob and pillage spree before they all go belly up with multi-million dollar "bonuses" in their pockets. The banks should all be nationalized immediately...not because the government can run things any more efficiently, but to remove them from the corrupt open market.
Remember in the old days after WWII when bankers were generally regarded as sober, conservative the guardians of depositor's and investor's money? Now they seem to have evolved into the 'Masters of the Universe.' Idiots that consider themselves the ruling class.
Don't you think that the reasons for the wars in the Middle East is that this region of the world is the only one in which corporate exploitation has been limited by culture?
We have had governance by global corporate powers. Obama, by avoiding their financial support in the election is immune from the puppet strings.
We have needed a new Teddy Roosevelt for a long time - it may be that in bringing things into the light, we just might have one.
It was inevitable that these looters would over-reach their hands.
Problems with letting banks fail - is that there is no accountability by CEOs who just take their golden parachutes and later on just move into another institution to do it all over again.
Note C. Michael Armstrong - almost destroyed ATT: then he went and oversaw Citibank's financial board - and they ended up with tens of billion's of losses. Now he is head of the Johns Hopkins Medical Institutions Board of Trustees - and the School has announced they have a billion dollars of debt - which almost totally encumbers their endowment which, in turn, has fallen in value.
These guys have no shame - and no end of new opportunities to screw the institutions they rotate in and out of. Time to start holding them accountable.
all bailout money spent lavishly should be returned. This is outrageous. The bankers are just laughing now, and we? We are struggling!
Yeah.............What a shocker! NOT!!!!!!!!!!!!!
Our government does this all the time even though they take our (taxpayers') money. Nancy Pelosi just flew her high class jet to Europe for a week.
Practice your reading, spelling, and writing skills...then comment.
Many of you liberal intellects quickly forget who was pushing fervently Bush to release that money so quickly. Any guesses? Go back and check it out on your own (if you can)! ANSWER= OBAMA & the DEMOCRATIC CONGRESS. You people hate facts, but love to place blame.
Why aren't depositors making runs on these banks? Sinking ships
Martin you're an idiot
This has been going on forever and we are just now catching it?????
I don't know why we keep talking about the banks doing this kind of thing. It has been clear for decades this is how they operate. We have never been able to trust these people. I wish we would stop and work with average people to find a way out of this. The banks are use to spending our money and they will continue.
Disgusting. These people need to be forced to give back the money they stole from the American people.
WHY is the government letting these so called banks get away with this?????????????? Aren't there some rules and regulations that came with the bailout?
I agree with a prior comment...give us OUR money back and let us pay off our own debts, of course there would also be the idiots that would take their money and go party just like the banks do?
There are some RESPONSIBLE Americans out there, me being one of them. God please help President Obama sort through this huge mess and be our earthly saviour. There is so much greed in this country and abuse of taxpayer's money it is almost too much to wrap your head around. I may be losing my job this year and I am terrified.
Pay us back, and make sure you tack on the interest they would charge us for 'borrowing' a pile of cash.
And yet, if we do not keep giving them "stimulus money" to save them from failing, they (Wall Street and the other big banks) will keep stocks low and keep us afraid.
The same band (Earth, Wind and Fire) that Obama just had play for him the other night. Hmmmm....coincidence....or a connection.
still hoping February 25th, 2009 1:40 pm ET
if we want to talk about stealing taxpayers money, why don't we start with Obama and the $787 billion he just stole from us taxpayers.
And then we can talk some more about the 700b bank bailout and the millions we spend daily in Iraq (the land of no WMD's), then we can finish up by talking the 1.3 trillion tax cut GW gave to the top 5% wealthy in this country.
I put my money in Teachers Federal Credit Union.
Obviously the bail out has been badly implemented. There should have been at least a few conditions (and monitoring) applied to how our money (or should I say, our and our children's money) is going to be spent. THAT'S why having the government run institutions is a bad idea!
why don't we go back even further when your favorite 'dubya' stole tax-payers money to fund a war primarily for personal vengeance and dick and nothing else...now Iraq is one of the few countries experiencing budget surplus...who is to blame for that?
Well if the bank was "forced" to take the money then they should have no problem paying it back, today! This guise that they didn't use taxpayer money is absurd. The little fact that they were "asked" to take doesn't fly well. Local banks around here were asked and they declined.
Ahhhhhh, Matthew, Detriot
I could be way off base here but you or a member of your family work for or has some steak in Northern Trust???? Just a wild guess. . . .
And, I'm sorry, I don't buy this 'they forced us to take the money' crap! Something, somewhere was in trouble as I don't ever recall reading anything anywhere that said ALL banks received a bailout. That's just pure ridiculous and one would think that if their leadership were going to be such JERKS they could come up with a better excuse.
Last but not least, even if they're excuse did have merit (seriously doubt), they're laying off 400+ people, then turn around and fund this event!!!! They should pay back every dime of the TARP and all execs who took part in this shin-dig should be fired for insensitivity alone!!!
Post my comments CNN...
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.
Outraged @ 2:19:
"W had threatened martial law unless TARP was approved. There were no strings attached, and virtually no accountability….
Why hasn't this little tidbit received more press?"
Because the government usually censors any mainstream mention of the use of REX84.
"not at tax payers expense" WHATEVER!!!!! Give back ALL of the bailout money you took now!!! Damned crooks!!!!!!
This irritates me. I think we have a right to see where are funds are being put within the company. OVERSITE TIL PAID BACK!