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TMZ Story Forces Bank to Return $1.6 Billion!!!!

3/1/2009 5:04 AM PST BY TMZ STAFF

breaking newsHow's this for action. Northern Trust -- the bank TMZ exposed this week for throwing a series of lavish parties and concerts in L.A. -- is giving back the $1.6 billion in federal bailout money!

We had our cameras out as the bank hosted fancy dinners for hundreds of clients and employees. We had video of the Sheryl Crow concert it threw after closing down the House of Blues. And then there were concerts by Chicago, as well as Earth, Wind & Fire ... and the Tiffany gift bags for the ladies.

The story triggered a furor in D.C. ... Congressman Barney Frank demanded that Northern Trust repay the money it blew.

Outrageously, the bank didn't even ask for the bailout money in the first place. But now, under pressure, Northern Trust CEO Frederick Waddell sent a letter to members of the House Financial Services Committee, saying his bank will repay the government funds "as quickly as prudently possible."

230 COMMENTS

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1.

moneycometh    

That is amazing. They are giving a huge amount of money back. Right on! Congressman Barney Frank. No one should be wasting grant money like that. Thank goodness that The House of Blues is still open in other area around the nation.

1990 days ago
2.

k - from Seattle    

Good Job TMZ - with the dwindling future of our print media your kind of news outlet becomes increasingly important. Nice to see you take on the mantle of muckracking journalism that goes after the deep outrage we all feel. Now I am paying attention to you.

1986 days ago
3.

Katharine Parker    

TMZ has become exactly what CNN was supposed to become: a populist reporter of hard news. You guys rock! Michael Moore faulted the media for not asking the tough questions and giving crooked politicians a free ride and TMZ is proof of the good that can happen when the media behaves in an entertaining and responsible manner. if politics is show business for ugly people then thank you so much TMZ for getting Sheryl - by proxy - to illustrate the problems that most of the masses just don't understand.

1980 days ago
4.

omg!    

nice job tmz....i dont care what the other people say i love you guys!

now come to canada and get stories like this on the air since our news outlets dont seem to be able to

1999 days ago
5.

aha    

Good for them. I'm glad.

1999 days ago
6.

Reynaldo    

See, it's stuff like this that makes me sick!!!!!!!!!!!!!!!! Doesn't matter if this phony bank ask for the money or not-too be throwing away money like this is these very difficult economic times is not only a waste, but downright shameful and pathetic!! There are REAL people out there hurting, one foot in a home and the other on the street, if they haven't lost their homes already, and money for everything isn't there. Yet this kind of crap is still going on like there isn't a care in the world. If I had money in a bank like that, I would definitely remove it and go elsewhere ASAP!! The CEO of this bank and on down with whoever participated in this should hang their head in complete shame and remorse.

1999 days ago
7.

wisermom    

Congratulations for a job well done. Silly celebrity blogging is paying off for all of us. Who'd have thought that would be possible?

1999 days ago
8.

dave    

Keep stickin it TO THEM! FTW

1999 days ago
9.

sure sure    

maybe you guys should be in charge of monitoring these wasteful companies. DO IT!!!

1999 days ago
10.

Heather    

Go TMZ- You should be honered because of all the truth you reveal

1999 days ago
11.

cathyL    

You should pat yourself on the back for doing something good. If not for your expos'e we may have never known. Good Job.

1999 days ago
12.

btownclown    

Did not need but can't repay until "prudently possible"?

1999 days ago
13.

meg    

You know, I was angry at you, TMZ, for publishing the Rihanna police photo. I was considering never again visiting your site. Then I saw this story, and you have redeemed yourself. This story boiled my blood and I'm glad you drew attention to this ridiculous and insensitive party. Watchdog journalism. Way to go.

1999 days ago
14.

Kay    

Way to go, TMZ. Can you point your cameras at pork? And I don't mean Jessica Simpson.

1999 days ago
15.

Lindsay    

gggggggrrrrrrrreeeeeeeeeeaaaaaaaaaaaaaatttttttttttttttttt job boys/girls! THIS IS WHAT YOU ARE IN BUSINESS FOR FOOL

1999 days ago
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