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Bailed-Out Bank Drops Millions on LA Golf Bash

$1.6B recipient sponsors open, hosts parties, concerts

By Matt Cantor,  Newser Staff

Posted Feb 24, 2009 9:16 AM CST
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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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COMMENTS
Showing 3 of 6 comments
Guest
Feb 24, 2009 7:20 PM CST
Hey, Northern, no worriest. It's your money and your bash. However, since it's obvious now that you lied when you claimed to need federal bailout money, you're in trouble for that. Also, since it's obvious now that you do NOT need federal bailout money, since you have enough left over to spend on something this frivolous, give the public's money back with interest. Thanks and hope you had fun.
jaguarj
Feb 24, 2009 2:51 AM CST
Bailout funds weren't used...my ass..tell me that money was earmarked previous to their bailout money for this event
Sammy
Feb 23, 2009 11:53 PM CST
If they had the $$$$ for extravaganza why did they need the bailout $$$$?

The bank's statement
TMZ

'Bright prospects' for Northern Trust
Barron's

Mickelson takes Northern Trust Open
Kansas City Star

 
Chicago • golf • Los Angeles • concert • Tiffany • party • Sheryl Crow • Northern Trust Open • bailout • Northern Trust

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