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Barack Obama -- No I Won't!

2/25/2009 1:52 PM PST BY TMZ STAFF

Barack ObamaWe've been calling the White House for the last day, trying to get a reaction from the Prez on our story about the lavish parties Northern Trust threw in L.A. last week. We finally got a statement back -- "No comment."

Remember, this is a bank that got $1.6 billion in bailout money and blew a wad of cash paying Sheryl Crow, Chicago, and Earth, Wind & Fire. And then there were the dinners, the Tiffany gift bags, the fabulous cocktail parties -- all from the bank that laid off 450 workers in December.

Obama was under fire for a mortgage he got from Northern Trust back in 2005. Obama got a 5.625% rate, which was lower than the going rate of about 6%. The Federal Election Commission recently ruled no laws were violated and the rate was in line with other mortgages.

But "no comment." Really?



235 COMMENTS

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16.

chris    

LOOOOOOOL!!!! TMZ now wans to play the journalist? Have you seen the losers on TV? LOOOOOOOOL!! This is what happens when liberal losers run a CELEB PAPARAZZO website -- they start to beleive their own trash. RE-LOOOOOL!!!

1981 days ago
17.

Suzanne    

I definitely think Obama was right not to say anything - but that doesn't mean he shouldn't do anything. He should DEFINITELY do something about this, however what I've learned in my business life is it is best not to say anything until you are 100% sure on the actions you will take.

My fear is that he won't do anything about it though! They should have to give the money back!

1981 days ago
18.

hollywood resident    

has it been four years yet? Wake me up when we have our new president he just likes to see his self or camera and hear his self preach!!!!!!!!!!!

1981 days ago
19.

lynn    

He is in the executive branch. An appropriate reply would come from Treasurey or the Finance Comm.

1981 days ago
20.

Typical Liberal    

What do you expect when a whole lot of 'Change' is spread around. But who cares anyway, the REAL important thing is Obama's the 1st African-American president!!! Yea

1981 days ago
21.

rotinaj    

no comment? yes really. although i enjoy the gossip you guys report, i would NOT expect our president to lend creedence to your "journalistic" efforts. tmz is not a legit, responsible news source. don't get your feelings hurt when the officials ignore you.

1981 days ago
22.

JC    

I feel Northern Trust is getting a bad break. They did NOT ask for the money from the government. I am sure they had these events planned and paid for well in advance of receiving any money from the gov't (they sponsored the golf tournament last year, too...Phil Mickelson won that one, too).

What are they supposed to do? Cancel the events and loose deposits and piss off their VIPs. This is how they run their business - they wine and dine their VIPs. And obviously it's working....remember, they did NOT need the bailout money. It was forced upon them to take it.

I say good for northern trust. Continue on successfully running and promoting your business as you have been for years. Some of these other banks should take a lesson on how to run their business and maybe we wouldn't be in this financial mess.

After AIG did their corporate retreat thing after receiving gov't funds, I think the media gets a little too excited to try and find the next offender who is taking advantage. I think the media got it wrong in this case and they are smearing Northern Trust's name as a result. Get the facts straight.

1981 days ago
23.

Bex    

He is on the take. He is as sinister as they come.

1981 days ago
24.

Michael    

It would be nice of you to report that Northern Trust is a Chicago-based institution and Obama's reluctance to speak on the subject probably has something to do with either A) he has an interest in the bank; or B) some of his staff have connections to the institution ...

1981 days ago
25.

kim    

hey "i call BS", i call BS on you!!! you dont even know what you're talking about, all of your lame information is flat-out WRONG!!! stop letting rush, sean, glen, bill, rupert... think for you!!

if you want to actually THINK FOR YOURSELF, go to recovery.org to see what the stimulus bill will do for YOU!!!

and the dont want to nationalize banks, and if you paid attention they have comeout and said this MANY times. and if you are with a small bank, THEY ARE ALREADY NATIONALIZED and doing just fine!! cuz those executives of those PRIVATELY OWNED banks did such a GREAT job, right?!?!?!

why do you people continue to support policies and politicians who $crew you on a regualr basis, and LAUGH about it!!! cuz that's what repugs do---lie, cheat, steal, and mock you while they're doin it! they prey on your anger and bitterness and you just continue to fight their fight AGAINST YOU for them! it's ridiculous!!



1981 days ago
26.

Mayu    

I hate to say it... but I hope he stays mum about this situation.

Everytime he opens his mouth about ANYTHING, the DOW drops more!!!

1981 days ago
27.

jamelle    

TMZ, since this money was issued before Obama took office, call and ask the previous administration what they think. I hope they don't respond either. I don't think the current President or former Presidents should waste their valuable time responding to tabloid reports. What kind of precedent would this set. They wouldthen would have to give equal time to all of the others. I would rather President Obama spend his time working on the economy than responding to tmz. While I think it is good to out the wasteful spending, stop trying to waste the President's time.

1981 days ago
28.

roo    

My guess (and it's only a guess) is that his administration IS looking into the matter but since it's not decided yet the administration is staying mum. I would be extremely surprised if nothing was done, as this administration (unlike the last corrupt one) seems intent upon making the banks be more responsible with the money. We'll see.

1981 days ago
29.

Doctor Zaius    

Stimulus baby! Look at how many people got employed that night!

Quit yer bitchin

1981 days ago
30.

Glass Houses    

I didn't vote for Obama, but why in the hell would he want to respond to this website...TMZ's since of self importance has gone through the roof...Let me remind you TMZ, this sight is a sleezy gossip site, nothing more, nothing less...

1981 days ago
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