Northern Trust Defends Lavish Spending (despite taking bailout money)

[sabra]

Source: WBBM780

CHICAGO (WBBM) - Chicago's Northern Trust is defending the money it spent last week on events surrounding a PGA golf tournament it sponsors.

Critics are questioning the lavish parties and concerts because Northern Trust took over $1.5 billion in government bailout money.

The celebrity news Web site TMZ.com reports that in addition to the millions it pays to sponsor the tournament, the Northern Trust spent lavish amounts on parties and concerts surrounding the event.

TMZ reports hundreds of clients and employees were flown to Los Angeles and put up at some of the fanciest hotels, then wined and dined for several days with concerts by such high-priced talent as Sheryl Crow, Earth Wind & Fire and the band, Chicago.

A spokesman for Northern Trust tells Newsradio 780 the company never requested bailout money, that it agreed to accept it only at the government's request. The spokesman also says Northern Trust entered into its 5-year contract to sponsor the tournament a full year before there was any bank bailout plan. He says the event is an important marketing tool to attract new clients.

Read more: http://www.wbbm780.com/Northern-Trust-Defends-Lavish-Spending/3908052

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http://www.tmz.com/2009/02/24/northern-trust-bank-bailout/

Bailout Bank Blows Millions Partying in L.A.

A bank that received $1.6 billion in bailout money just spent a fortune last week in L.A. hosting a series of lavish parties and concerts with famous singers ... and TMZ cameras caught it all.

Northern Trust, a Chicago-based bank, sponsored the Northern Trust Open at the Riviera Country Club in L.A. We're told Northern Trust paid millions to sponsor the PGA event which ended Sunday, but what happened off the golf course is even more shocking.

Northern Trust flew hundreds of clients and employees to L.A. and put many of them up at some of the fanciest and priciest hotels in the city. We're told more than a hundred people were put up at the Beverly Wilshire in Bev Hills, and another hundred stayed at the Loews Santa Monica Beach Hotel. Still more stayed at the Ritz Carlton in Marina Del Rey and others at Casa Del Mar in Santa Monica.

...

Lots of people from Northern Trust went to the golf tourney ... in special Mercedes that shuttled them to and from the hotels. But for those who weren't into golfing, they could spend a few hours at the Northern Trust seminar on the credit crunch.

Now how's this for outrage? Northern Trust laid off 450 workers in December, 4% of its workforce.

[Mari333]

1. I have been in NT corporate offices you should SEE how these people live

giant marble fucking desks, walnut cherrywood walls, shit, the bathrooms at this place would house a whole family..and probably cost as much to decorate as the price of my entire house..
they think they are priveledged. they arent. someone needs to smack them down a few notches.

[sabra]

2. friend of mine works in the IT back office dept at NT and says they treat them quite poorly...

[mopinko]

5. gee maybe we have a mutual friend.

actually, my friend took an early retirement after many years of nt bullshit.

[mopinko]

6. in fairness, tho

that walnut and cherrywood and marble are all probably over 100 years old. it is a grand old building from the hey day of chicago wealth.

[sarcasmo]

12. Greed be thy name.

[No Elephants]

3. I'm so tired of hearing how these creeps took the money only as a favor to

government. They took it because they were afraid they'd need it down the road and it might not be available when they needed it. They took it as insurance. But, they don't get it. Whether they took taxpayer money or not, the people are sick of seeing them spending like drunken sailors on depositor and borrower money, while they gouge with fees and excessive late fees and outrageous interest rates for borrowers (but low ones for depositors).

For those things, they and WE can thank lobbyists and the Congress that sells the American people up the creek for campaign contributions and enacts whatever laws the banking/credit industries request.

[gratuitous]

9. Yeah, if you didn't want the money, then don't take it

How difficult is that to understand? But once you've pocketed a billion or so dollars, yeah, we're probably going to be real interested in how you spend it. Don't want the scrutiny? Give it back. With interest, if you please. With a LOT of interest, if you don't please.

[kaygore]

4. It's the "let them eat cake" mentality. They just don't get it.

I say we take the money back and then when they fail, nationalize them. These people need to have their faces on walls of shame.

[TBF]

8. yes, we need to keep the pressure on them.

particularly when they are partying with tax-payers $$$.

[kaygore]

13. Yep, that's the real kicker!!!!!

We pay; they play!!!!!!

[Baby Snooks]

7. Northern Trust and Enron

Northern Trust invested heavily in Enron which cost customers who invested in their mutual funds quite a lot of money.

The attitude of Northern Trust was "You win some, you lose some." They were never investigated.

[saigon68]

10. They are fucking corporate criminals

[Blaze Diem]

11. Northern Trust's answer to the lavish spree? "We didn't use the bailout money for the parties"

Jesus F Christ.!!! LIARS.
We should have funded the damn school lunch programs with what we gave these pigs..