Northern Trust has a TARP party
Hundreds of clients and employees were flown to LA and put up in the fanciest hotels in town (which, being L.A., are pretty darn fancy). Entertainment was provided by big-budget acts like Sheryl Crow, Earth, Wind & Fire and Chicago because Northern Trust is based in Chicago. Get it? That's clever stuff. There was also enough seared salmon and petite Angus fillet for everyone.
In a statement to TMZ, Northern Trust pulled the old "Don't worry! We paid for the orgy with different money. Your bailout money is safe!" In fairness, this isn't quite as bad as the shenanigans at AIG because Northern Trust was not completely bailed out. It accepted a loan offered by the government aimed at stimulating lending.
But here's what I don't understand: Given that United States taxpayers are contributing to this company's financial health, aren't we just as entitled to seared salmon and Sheryl Crow as the VIPs?
Tell Northern Trust that we're willing to forgive this PR miscue if they send us tickets to a Phil Mickelson meet and greet, along with vouchers for free suites at the Casa Del Mar. Sound fair?