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

Bailed-out bank enjoys concerts, dinners, parties

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/POLITICS/02/25/bank.party/art.northern.trust.gi.jpg caption="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. Sam Sixpack

    Who can believe the new stimulus is not also already speeding on its way to a select wealthy minority?

    The rich owe their wealth to their successful exploitation of the poor.

    February 25, 2009 03:53 pm at 3:53 pm |
  2. still hoping

    @ Not broken promise but reality

    how big are the lip marks you left on BO's butt?

    February 25, 2009 03:54 pm at 3:54 pm |
  3. John L in StL Mo.

    Maybe them fools thought it was Monopoly money

    February 25, 2009 03:54 pm at 3:54 pm |
  4. John in VA

    Not to take away from this bank's misdeeds, but do we really want to live in a world where TMZ is considered a legitimate news source?

    February 25, 2009 03:56 pm at 3:56 pm |
  5. pat C.


    February 25, 2009 03:56 pm at 3:56 pm |
  6. Randyman

    Whether they have gotten bailout money or not, they are swindling us as customers by taking this lavish trips. Boycott these banks – take your business elsewhere.

    February 25, 2009 03:58 pm at 3:58 pm |
  7. Little too late????

    Mr Obama and Ms Pelosi need to seize this moment! Make a stand and CRUCIFY this bank. Even if they were 'using old money', nail them to the wall!

    February 25, 2009 04:01 pm at 4:01 pm |
  8. wwf

    "Can't fix stupid" remember that. The President does not make the laws, congress does. Who voted congress in? You did. Don't like their actions? Call them, write them, VOTE THEM OUT!. Don't forget the last 8 years while you are at it.

    February 25, 2009 04:04 pm at 4:04 pm |
  9. CAMI

    @ baffled February 25th, 2009 11:47 am ET

    "I think we are all missing something. If we want to help American people, then why haven't we created a bailout for the American people? There are approximately 304,000,000 Americans living in this country. Instead of spending hundrends of billions of dollars on the businesses and businessmen who are already loaded, why not give everyone in America $1 million dollars or so to pay off their debt (exclude the wealthy). If this was done, the mortgage crisis wouldn't exist and people would still have their homes. People would be able to pay down their debt and spend money in the economy."

    Did you do the math on that? If he gave 300 million people $1 million each, it would add up to 300 TRILLION dollars! Where is that money supposed to come from, and do you honestly think we would all spend enough to make up for that deficit?


    February 25, 2009 04:05 pm at 4:05 pm |
  10. Ghost

    And of course, we have the mental midgets blaming Obama for this to. No disrespect to midgets or anything.

    Reading is fundamental and a mind is a terrible thing to waste, people.

    February 25, 2009 04:08 pm at 4:08 pm |
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