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THURSDAY, NOVEMBER 26, 2009
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7

Bailed-Out Bank Drops Millions on LA Golf Bash

$1.6B recipient sponsors open, hosts parties, concerts

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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.

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.
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)
Former Calif. Gov. Gray Davis, left, and his wife Sharon watch as Fred Couples reads the green on the 18th hole in the final round of the Northern Trust Open golf tournament Sunday.
Former Calif. Gov. Gray Davis, left, and his wife Sharon watch as Fred Couples reads the green on the 18th hole in the final round of the Northern Trust Open golf tournament Sunday.   (AP Photo/John Lazar)
Phil Mickelson holds the winner's trophy during the award presentation on the 18th hole of the Northern Trust Open golf tournament Sunday.
Phil Mickelson holds the winner's trophy during the award presentation on the 18th hole of the Northern Trust Open golf tournament Sunday.   (AP Photo)
Sheryl Crow performed at the West Hollywood House of Blues in one of the events bankrolled by Northern Trust, sponsor of last week's PGA golf tournament in Los Angeles.
Sheryl Crow performed at the West Hollywood House of Blues in one of the events bankrolled by Northern Trust, sponsor of last week's PGA golf tournament in Los Angeles.   (AP Photo)
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7 comments
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Observer
Feb 24, 09 9:42 AM CST
When you are used to a lavish Country Club lifestyle, like these spoiled, insincere Bankers, luxe events are expected as normal business. Screw them and deduct the expense from the Federal bailout. Golf tourneys are not a necessity for begger's banquets. Neither are parties with major musical talents. Couln't they find a local garage band that would play for about $200 a gig? Bankers always live up to their rotten reputations. Reply
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IN RESPONSE:
jaguarj
Feb 24, 09 2:51 PM CST
Bailout funds weren't used...my ass..tell me that money was earmarked previous to their bailout money for this event
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joanb
Feb 24, 09 10:23 AM CST
Cut off any funding now. No one is helpping us little guys, especially the banks. Reply
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SPH
Feb 24, 09 10:45 AM CST
Good grief..At least require the banks to come begging for funds before it's handed out... Reply
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AnnieOkie58
Feb 24, 09 11:35 AM CST
Reading this just makes my blood boil...What the hell is wrong with these people...The money they blew on their fun in the sun...could of payed the wages for the people they laid off...just a nicer way of saying fired...I'm sure these people without a job now are living it up too...."NOT" ! Reply
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