tmz.vo.llnwd.net - 2/24/2009
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Bank Draws Heat for L.A. Parties After Taking Feds' Money
News —
... , the Chicago-based bank sponsored a golf tournament this past weekend, performances by Sheryl Crown and Earth, Wind & Fire, and rented out rooms in pricey hotels for clients and employees. Northern Trust participated in the Treasury Department's Capital Purchase Program (CPP) voluntarily, helping meet the government's goal of gaining the participation of all major banks in the U.S., Northern Trust said in a statement . "CPP funds are not allocated to operating expenses, including marketing, advertising, corporate sponsorship or charitable activities," the bank continued. ...
Obama-Rezko Bailed Out Bank Throws Week-Long Oscar Bash
Pat Dollard | Young Americans —
... Northern Trust gave us a statement yesterday before going total radio silence. A rep for the bank acknowledges they paid for the events, but that the bailout money did not pay for the events. He claims it was paid out of the bank’s operating expenses. Here’s Northern Trust’s full statement to us. ...
Bailed-out bank eliminated 450 jobs and then spent millions on lavish parties in LA.
Think Progress —
... Northern Trust said in a statement that the parties were funded through “our normal cash flow,” not bailout funds. But lawmakers are having none of it. Sen. John Kerry (D-MA) called it “insulting” and “ ...
Today in Banking News
Shakesville —
... I don't really care if Northern Trust needed the bailout money or not. Taking the bailout funds provided them with a nice buffer to spend lavishly when it's not exactly prudent of them to do so, especially from a PR perspective. ...
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