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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."
116 COMMENTS

No Avatar
31.

Lindsey    

I fking hate that man. You people need to read up on him before you start declairing your love for him. Mass is so poorly represented by this fat ass

2012 days ago
32.

SickofTMZ    


Barney "Fwank" is a waste of space, who should be forced out of office for his underhanded dealings with Fannie Mae and Freddy Mac. I would personally like to kick this guy in the n%ts!

2012 days ago
33.

jm    

The de-regulations in banking under the Clinton administration is the biggest reason for the banking problems now. NO, EVERYONE cannot afford to buy a house, and that's what the Clinton admin's changes to the banking laws supported. I am sick of all the Dems pointing at George Bush for all the problems in this country. The banking problems are the result of a democratic president, folks.

2012 days ago
34.

Mike    

DO I AGREE WITH WHAT THE BANK DID? NO. BUT, THEY DID SPEND THEIR MONEY, IN CA, AND STIMULATED THE CA ECONOMY A LITTLE. BUT I THINK SAVING PEOPLE'S HOMES IS FAR MORE IMPORTANT.

JUST SAYIN'

2012 days ago
35.

Eileen Gatti    

Barney Frank is another tax lackey. Can someone please push that dirty little man into a shower?

2012 days ago
36.

Jafo1138    

YOU ARE DAMN RIGHT ... GIVE IT ALL BACK!

2012 days ago
37.

Good Example    

WTG Congressman Driehaus!! He's got my vote.

2012 days ago
38.

Bo    

Do you really think obama is giving the speech?? The teleprompter is giving the speech and everyone around him is writing it because he's an idiot who's never had a real job and is in WAAAAAAAAAAYYYYYYYY over his big-eared head. Everyone that voted for this loser and the dumocrats are the laughing stock of the USA. The sad thing is, they are destroying my Country.

Remember this DUMOCRATS: Obama Lied--the USA Died.

2012 days ago
39.

fedup    

Congress should have made sure what the money was to be spent on before giving it away.

2012 days ago
40.

HARDY-HAR-HAR    

Congressmen, this is the time to prove to us that you understand. Don't brush us off. Thank you Barney Frank and the other supporters ... and for those who can't seem to find the time to even listen to the damn story ... well, maybe it's time you found another line of work.

How many families out there looking for jobs, not being able to pay their heat bill or buy food? This is not a joke people. It is extremely important.

2012 days ago
41.

twogolfcats    

Good Old Shiester Barne Frank---- After he lets Fannie and Freddy loose BILLIONS and BILLIONS in the housing market, he wants to get back a few CENTS???? What a great "human" being he is--mmmHe created the biggest fault in this economy and now- he wants to act like a savior!!!!! WHA A HIPPOCRITE this ASS---- IS?????

2012 days ago
42.

twogolfcats    

His next job should be on the Kineset in Israel- and take Chuck Schumer with him---Two of a KIND !!!

2012 days ago
43.

kchick4u    

I'm so glad that they are doing something about it. I really like Barney Frank though. He gets straight to the point and he does NOT mess around. It's nice to have somebody like him in the office. I'm quite fond of him. They really need to pay all that money back and I hope that other banks see this ridicoulousness and turn the other cheek and decide to spend the bailout money the right way, Which is putting out them loans and stimulating our economy THEY SCREWED UP back to normal again. Not partying. That is sooo stupid. I can't believe they did that. But I'm also upset at the celebrities also for takking the money from the bank and doing the performance. They have PLENTY of money and they are Americans, they know our situation. They could've opted out of the performance. The whole situation just really pisses me off,

2012 days ago
44.

Bbig Yar    

A couple of things:

# 1 - The congressman is asking the Bank Northern Trust to RETURN the bailout money (which was not requested) I can agree to that, in as much as it appears that the Bank has strategically looked at thier situation and decided that they could continue as they have been without the Govt assistance.

#2 - The congressman wants Northern Trust to also pay back to the government that they spent on the Golf Tournament?? How and Why does he think that they should need to pay back tax payers money that was not paid by Taxpayers, but ratner is partof their advertising dollars? This Tournament had to have been planned at least 1 year ago, and the bank had to been able to show that they had the monies to do the Sponsorship - Bank of America, Wells Fargo Bank, CitiBank, etc spend 100's of millions yearly on advertising for TV and Radio, should they be required to pay that back to the tax payers?

#3 - Also where did the money get spent? How was the money Spent?
a) Well it went to extreme awards to the winners of the Tournament.
b) It went to the Hotels,
i) Maids Salaries
ii) Room Service Salaries
iii) Other Hotel Staff Salaries
iv) Kitchen - Food
a) stores - distributors
b) Transport Companies
c) Farm Hands
d) Farmers
c) Airlines - Pilots - Flight Service personell - Airport - Airport Staffs and companies
d) Taxis - Transportation Companies
e) Venues - Staff - Food - Services

Why do we think that when a Bank does what Anheuser Bush, Miller, Coca Cola, Pepsi, McDonalds, and thousands of other companies do annually and use a portion of their advertising dollars to Sponsor Special Events. With out these Sponsorships these great events, from small community theater to major Festivals, Tournaments, Concerts, etc would not be able to go on, there would be no more New Port Beach Film Festival, no AFI Film Festivals, well you get the impression.

So if Northern Trust is able to continue to operate in their usual manner, give their employees a great weekend which will give them motivation for next year, and makes a more productive staff, then we should applaud them, and if they truly did this tournament as I have outlined it, and can safely show the bailout is still safely accounted for, and if any has been used, has been used for the mortgage crisis in their area we should applaud them.

2012 days ago
45.

Beef    

Banks such as Northern Trust and Wells Fargo were FORCED to take the money. They neither required it nor desired the money. These Democrat idiots simply want to control them. The party NT threw WAS stimulating the economy by securing the services of countless individuals working for many service providers. Barney Frank needs to go get a real job.

2012 days ago
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