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Outrage Over Bank's Golf Tourney Is Misplaced

By Harry Kimball,  Newser Staff

Posted Feb 28, 2009 3:27 PM CST
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(Newser) – “Golf, with its traditional fat-cat image, is an easy target for abuse, some of it deserved,” John Paul Newport writes in the Wall Street Journal. But the recent hubbub over Northern Trust’s sponsorship of a PGA tourney—that bank received $1.6 billion in TARP funds—threatens “effective business practices” and “the entire microeconomy of golf.” And the events weren’t “particularly lavish,” either.

The fat cats can find something else to do if banks who received public funds ratchet down their golf-related spending on clients, which they’re now doing left and right. Not so for the “20 guys who valet-park cars for minimum wage plus tips, the 15 cooks in the kitchen,” a guest at the event said. And the spending isn’t for nothing. “You've got to let businesses do what they know how to do best to make money,” the guest said.

Japanese golfer Ryo Ishikawa at the Northern Trust Open golf tournament at Riviera Country Club in Los Angeles.
Japanese golfer Ryo Ishikawa at the Northern Trust Open golf tournament at Riviera Country Club in Los Angeles.   (AP Photo)
Frederick H. Waddell, President and Chief Executive Officer of Northern Trust Corporation, left, hands a Tiffany silver trophy to Golfer Phil Mickelson.
Frederick H. Waddell, President and Chief Executive Officer of Northern Trust Corporation, left, hands a Tiffany silver trophy to Golfer Phil Mickelson.   (AP Photo)
Phil Mickelson hits from the fairway on the 18th hole during the final round of the Northern Trust Open golf tournament.
Phil Mickelson hits from the fairway on the 18th hole during the final round of the Northern Trust Open golf tournament.   (AP Photo)
Sheryl Crow performed at the tournament.
Sheryl Crow performed at the tournament.   (AP Photo)
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As business propositions, underwriting tournaments can make sense on many levels, especially for companies like Northern Trust, which cater to high-net-worth individuals and for whom personal relationships are central. -

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COMMENTS
Showing 3 of 7 comments
Rob
Mar 2, 2009 5:56 AM CST
Obviously thier system didn't work so why do we continue to let them screw up on our dime?
Guest
Mar 1, 2009 6:36 AM CST
shorter - "Wha?!? Jus' trus me, really! What could go wrong?!?"
Guest
Mar 1, 2009 4:41 AM CST
Salary pros: Great. Effective Business practices: Great. Bailout: No way, the smarties don't need it. They're paid appropriately for the work they do. If their companies are happy with the results, we the people and the government ought to be also. Oh and those companies should take their own medicine and stop going to WDC to ask for handouts. Although that could be part of their effective business practices.

Northern Trust to give back TARP funds it didn't even ask for
Associated Press

Morgan Stanley one bank learning Northern's lesson
Chicago Tribune

Northern Trust did slash workforce last year
Reuters

 
golf • Northern Trust Open • corporate sponsorship • Northern Trust • Wall Street bailout • TARP

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