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Frank to Bank: Give Back the Jack

2/24/2009 12:50 PM PST BY TMZ STAFF

Congressman Barney FrankCongressman Barney Frank just told TMZ he is sending a letter to Northern Trust, demanding that the bank pay the government the equivalent of what it spent last week on lavish parties and concerts in L.A.

Frank, Chairman of the House Committee on Financial Services, is sending the letter on behalf of the Committee.

Frank is also asking Northern Trust to return the $1.6 billion in bailout money to the government. Northern Trust didn't ask for the money when Former Treasury Secretary Henry Paulson doled it out. The new law actually allows banks that didn't need the money to return it.

Frank also scoffed at the boondoggle, saying Northern Trust should have spent that money making loans and stimulating the economy. He called the Northern Trust Open an "ego thing" that has nothing to do with good business.

Senator John Kerry also weighed in on TMZ's story, calling Northern Trust's L.A. extravaganza "disgusting and stupid
and pathetic."

UPDATE: Congressman Brad Sherman said, "Wall Street is laughing at us saying, 'we got to keep your money and our lifestyle is unchanged.'"

Senator Sherrod Brown said, "A lot of banks seem to be talking out of both sides of their mouths. When we ask what they are doing with taxpayer funds, they claim it's impossible to track the money because it is fungible. But when it comes to paying for parties, all of a sudden an enormous wall divides the TARP money from everything else. They cannot have it both ways."

See what other congresspeople have to say... after the jump.

Congressman Walter Jones said, "This personifies exactly why I voted against the bank bailout bill."

Congressman Stephen F. Lynch has just agreed to sign Barney Frank's letter.

Congressman Bill Foster says he's "appalled and angered at the behavior of Northern Trust executives," adding "the bank should return what they spent on this junket..."

Congressman Steve Driehaus just contacted TMZ and said he will be signing Barney Frank's letter to Northern Trust.

We love this one. Congressman Ed Royce took a stand by saying he was "swamped" with the State of the Union so he had no comment.

How's this for taking a stand. Congressman J. Gresham Barrett said no comment. And Congressman William "Lacy" Clay said he was preparing for the President's address tonight -- we thought the Prez was giving the address.

Congressman Paul Hodes says "Northern Trust demonstrated a lack of understanding of the economic times we face with their extravagance...this should never happen again."

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2033 days ago

Whaddayouknow ?    

Go Democrats !!! Show the Republitards how it's done.

2033 days ago


i whole heartily agree!!! i'm sick and tired of these banks and companies on and around wallstreet taking my money and throwing themselves lavish parties. give it back to those of us in the country who truly need it.

2033 days ago

Get over yourselves!!!    

Hey A-holes.....You are the ones that got us into all of this mess!!! Frank and Pe-LOSER are the mornons that spear-headed this market down turn!!!!!!!

All of you Kool-aid drinkers that think Osama is going to save you are much worse off than us normal people who take accountability for our OWN actions and our OWN spending!!!!

Is Obama making your house paymenet and car payment yet??? HAHAHAHA!!!!!

2033 days ago

Dr. Adams    

Are we as Tax Payer's surprised?..."NO"...All the CEO'S of these failing banks and companies have they're heads so far up they're azz'es they can touch they're spleen's with they're tongues!! That includes all of Congress and the Senate, including the President for not keeping an eye on where our money is being 'wasted'..err...I mean spent!!!!

2033 days ago


Give the money back!! Most of us work hard and scrimp/save every month to pay our bills; and many of us are losing our houses and our jobs anyway, not because of anything we've done wrong, but because the greedy few at the top of the heap want more, more, more. NO MORE!!! Give it back!

2033 days ago

Whaddayouknow ?    

By the way, I was FIRST ! Is anyone really impressed by that ? I'm not.

2033 days ago

Bash a Pap    

George Bush and his pocket monkey Paulson gave billions upon billions of YOUR money to banks with absolutely NO control mechanisms built in as to how that money should be used -- you know... like giving people loans for houses and stuff to help kick start the economy. But I guess facts are wasted on loser idiots like #4.

2033 days ago

Get over yourselves!!!    

whatever helps you sleep better at night!!!

What flavor Kool-aid is your favorite???

Some of us are still doing just fine in this economy too and do you want to know why that is????....Well I have a mortgage payment that I can afford, a car that I have paid off, and guess what I work really hard!!!!! I can even still afford my child's private school that she doesnt have to be subjected to public school's liberal teachings!!!!!!--Maybe she'll still have a chance then!!!!!!!!!!!!!!!

2033 days ago


As a Michigan native Congressmen made it so hard to help the Auto Companys . They had to explain where all the money will go. There are thousands of families depending on the big 3. The banks were handed all these billions will no questions where it was going. They don:t have to show where it is being used.Parties'vacations'fancy offices.

2033 days ago

Get over yourselves!!!    

that was meant in response to # 8

2033 days ago


First, it's called advertising. Do you people really want the government telling company's what is the best way to advertise their company? Secondly, this money was committed under a pre-existing contract long before the bail-out ever came around. Not following through would be a violation of contract and would get them sued. How's that going to save anybody any money?

Makes me sick that an idiot like Barney Frank, who put his boy toy on the federal payroll, is getting to tell anybody how to spend federal dollars.

2033 days ago


Oh, yeah, I'm sure they will just give the money back becauseof a letter!
And the democrats are the ones that got us into this mess. Obama is an anti-American terrorist, (which we knew before he was elected) Hope you dolts are happy!

2033 days ago

who has the facts? ME    

Love ya Barney - Go Get Em!!

2033 days ago


Your darn right they should give our money back but Frank asking for it is kind of a joke as he is a major player in this mess we are in. He's such a hypocrite.

2033 days ago
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