Putting your money where it is safe - Chicago Banks doing what they do best
From
TMZ:
Bailout Bank Blows Millions Partying in L.A.
A bank that received $1.6 billion in bailout money just spent a fortune last week in L.A. hosting a series of lavish parties and concerts with famous singers ... and TMZ cameras caught it all.
Northern Trust, a Chicago-based bank, sponsored the Northern Trust Open at the Riviera Country Club in L.A. We're told Northern Trust paid millions to sponsor the PGA event which ended Sunday, but what happened off the golf course is even more shocking.
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.
And to top it off:
Now how's this for outrage? Northern Trust laid off 450 workers in December, 4% of its workforce.
And here's what's absolutely amazing: The United States Government flat out gave Northern Trust the $1.6 billion in bailout money, and the bank didn't even request it!
These institutions will never learn -- this sort of behavior is embedded in their corporate DNA. Time to close them down...
Posted by DaveH at February 24, 2009 4:37 PM