Bailed-Out Bank Drops Millions on LA Golf Bash

$1.6B recipient sponsors open, hosts parties, concerts
By Matt Cantor,  Newser User
Posted Feb 24, 2009 9:16 AM CST
Northern Trust, which received $1.6 billion in federal bailout money, put on a lavish series of parties in connection with last week's PGA tournament in Los Angeles.   (AP Photo)
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(Newser) – A bank that got $1.6 billion in federal bailout cash lived it up last week in Los Angeles with luxe parties and concerts as it sponsored a PGA golf tournament, TMZ reports. Northern Trust flew hundreds of workers and clients to LA to stay in swanky hotels, eat classy meals, and groove to the likes of Sheryl Crow and Chicago—in addition to paying millions in sponsorship.

Women at one of several parties received parting gifts from Tiffany; a rep for Chicago said the band was paid $100,000. Northern Trust laid off 450 workers in December, TMZ notes, and received government aid without asking for it. The Chicago-based bank said bailout funds weren’t used for the LA extravaganza.