Just In Case You Were Wondering What The Banks Are Doing With Your Bailout Money... - Page 2
"Our decisions, while difficult, will further enhance Northern Trust's position amid challenging conditions, while maintaining our focus on clients and those activities in which we have significant competitive advantage and continue to see opportunities for growth," said Waddell.
Some in Congress say whether or not the bank sought the funding, once they accepted it they have a responsibility to the taxpayer.
"This type of spending is outrageous and disgraceful. The government did not hand over $1.6 billion for Northern Trust to go off partying or give away taxpayer-subsidized trinkets from Tiffany's," said Rep. Elijah Cummings (D-Md.) who sits on the House oversight committee.
"This is money that should be used to expand lending or pay the salaries of the hundreds of employees that the company recently laid off," said Rep. Cummings.
Northern Trust says it is using the bailout money to support lending and that the expenses for the golf weekend came from their operating expenses, which do not include the federal funds.
And what were they supposed to do, cancel their party or stay in a Super 8?
Critics say even if the bank has contractual obligations, money could have been saved by canceling concerts or staying in budget accommodations."That's really the issue more than prior commitments," said Schatz. "You can cancel a concert."
"You've recently fired 450 employees," said Schatz, "so this certainly isn't great for the morale of other employees or for the morale of taxpayers."
Well, you know, maybe the combined salary of those 450 employees just covered the cost of the event. Hey, somebody has to take one for the team. Tiffany ain't cheap, y'know.
Whether they asked for it or not, they accepted bailout money. They are still using money from the taxpayer (that's you and me, people) for their bank. And then they go out and do something like this? Where is the accountability?
And just what did these poor people do at their party? Stand around a Crock-Pot eating little weenies on a toothpick while listening to CDs out of the dollar bin?
Northern Trust flew hundreds of clients and employees to L.A. and put many of them up at some of the fanciest and priciest hotels in the city. We're told more than a hundred people were put up at the Beverly Wilshire in Bev Hills, and another hundred stayed at the Loews Santa Monica Beach Hotel. Still more stayed at the Ritz Carlton in Marina Del Rey and others at Casa Del Mar in Santa Monica. Continued on the next page
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