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Reply With Quoteif you always got away with it before why change your tactics? Its sick and grossly negligent, but even with restrictions put in place they will either ignore them or find a away to stretch around them.
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Bailout Money Spent on Lavish Party..... OMG! Did you guys see this? This bank spent hundreds of thousands of dollars on a golf event when they just took bailout money from the government. AND they're laying people off!! WTH???
From CNN’s Jack Cafferty:
"A bank that got $1.6 billion dollars in government bailout money sponsored a series of “lavish parties” during a golf tournament in Los Angeles last weekend.
Northern Trust Bank sponsored a series of “lavish parties” in Los Angeles last weekend.
Chicago-based Northern Trust bank spent millions of dollars sponsoring the tournament and associated client events. The website TMZ reports that this included dinners, concerts by Sheryl Crow and Earth,Wind and Fire, a private party at the House of Blues and gift bags from Tiffany. Also, hundreds of people were flown in and put up in luxury hotels.
A Northern Trust official confirms to CNN that the bank sponsored the events, but not on the taxpayers’ dime. He said the bank is healthy and didn’t ask for TARP money, but entered the program at the request of the government. He added that their “normal cash flow” — and not TARP funds — paid for the event.
But the bank’s explanation may not be enough for some. Congressman Barney Frank is writing a letter to Northern Trust calling on it to pay back the money it spent on these events. Frank says this behavior demonstrates “extraordinary levels of irresponsibility and arrogance.” And in the Senate, John Kerry says he’ll introduce a bill this week to end what he calls the “extravagant spending practices” of banks getting taxpayer money. Under his legislation - banks wouldn’t be able to host, sponsor or pay for conferences, or holiday or entertainment events in the year they get government funds.
In December - Northern Trust announced plans to cut 450 jobs this year."
I can not believe that there aren't stringent rules around what companies that ASK FOR AND TAKE this money can and cannot do!!! How many people have you known or read about that were doing all the right things, paying their bills, being responsible but have been caught in all this and laid off? And then can't get any public assistance??! Where in any universe does this make any sense!??!!
It's like the $800 toilet seats all over again, only this time it's BILLIONS of dollars!! WTH??!! The people responsible for this should be drawn and quartered! They should have to sit before an auditorium full of people who have lost their jobs and can't find new ones and explain themselves! To look these people in the eyes and explain these choices. AND have to share what salaries, bonuses and perks all the executives have gotten this past year! Aren't these the same people that got us into this mess in the first place??!! The arrogance of some people continues to astound me!!
Re: Bailout Money Spent on Lavish Party..... Want to guess which family has a home mortgage with Northern Trust? Here a letter from Barney, not the good one, and friends lecturing Fred on wasting all this no strings attached taxpayers dollars.
Letter to Northern Trust from Rep. Barney Frank, others on House Committee on Financial services -- chicagotribune.comLetter to Northern Trust from Rep. Barney Frank, others on House Committee on Financial services
Feb. 24, 2009
Mr. Frederick H. Waddell President and Chief Executive Officer Northern Trust 50 South LaSalle Chicago, IL 60603
Dear Mr. Waddell:
We are dismayed and angered to learn that Northern Trust recently spent millions of dollars on a PGA golf tournament sponsorship and associated parties at the same time it has taken over $1.5 billion in federal stabilization funding under the Troubled Asset Relief Program. According to published media reports, your bank not only sponsored the Northern Trust tournament at the Riviera Country Club, but also hosted clients and employees at places like the Beverly Wilshire and Ritz Carlton hotels and gave away Tiffany souvenirs. If this is accurate, we are demanding you take corrective action.
At a time when millions of homeowners are facing foreclosure, businesses and consumers are in dire need of credit, and the government is trying to keep financial institutions -- including yours -- alive with billions in taxpayer funds, this behavior demonstrates extraordinary levels of irresponsibility and arrogance.
We insist that you immediately return to the federal government the equivalent of what Northern Trust frittered away on these lavish events. Federal taxpayers should not and will not stand for such abuses, and we will insist that any future Treasury support for Northern Trust be conditioned on a thorough reform of your company's policies and practices.
We look forward to your reply and immediate reimbursement of these funds.
Sincerely,
Reps. Barney Frank, Carolyn Maloney, Brad Sherman, Dennis Moore, Wm Lacy Clay, Stephen F. Lynch, Brad Miller, Al Green, Gwen Moore, Paul W. Hodes, Keith Ellison, Charles Wilson, Bill Foster, Andre Carson, Mary Jo Kilroy, Steve Driehaus, Alan Grayson, Gary Peters
Re: Bailout Money Spent on Lavish Party..... Part of this needs to go back to the people who authorized the banks this money. If you give away money with no restrictions, this is what you get.
People who truly disagree with the seriously bad behavior of these institutions need to pull their money out and boycott the companies, plain and simple.
Re: Bailout Money Spent on Lavish Party..... The government Pointing out the Banks mistakes is a smoke screen to take the attention away from the real problem... the government!
They would not have our money if the government didn't give it to them.
Re: Bailout Money Spent on Lavish Party..... These are the same type of companies some people feel need a tax break, just unreal. The bailout of these companies just disgust me to no end. It is funny on this board how all the stimulus threads are long and drawn out, but at the same time only a few responses for this one.
Re: Bailout Money Spent on Lavish Party..... Originally Posted by kas
And these are the big corporations that "need the tax break so they can hire more people". We can now see for ourselves what they will do with the bailout money and tax breaks they are getting and it surely is not hiring more people. I am pretty sure the money used for those toilet seats and other junk could have went to help out a homeowner or making sure the average Joe can keep his job.
Re: Bailout Money Spent on Lavish Party..... It doesn't surprise me at all. This is what the world has come to.
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