Home >> Celebrity Justice, Politix >> TMZ Story Forces Bank to Return $1.6 Billion!!!!

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

Posted Mar 1st 2009 3:04AM by TMZ Staff

breaking news How'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."

Tags: 1.6 billion, 1.6Billion, bail out, bailout, bailout money, BailoutMoney, banks, barney frank, BarneyFrank, billion, CEO, chicago, earth wind and fire, EarthWindAndFire, federal, finance, financial crisis, FinancialCrisis, frederick waddell, FrederickWaddell, government, government funds, GovernmentFunds, governmentloans, house financial services committee, house of blues, HouseFinancialServicesCommittee, HouseOfBlues, lavish parties, LavishParties, northern trust, northern trust bank, NorthernTrust, NorthernTrustBank, repay money, RepayMoney, sheryl crow, SherylCrow, tax payers, taxes, TaxPayers, tiffany bags, TiffanyBags, washington dc, WashingtonDc

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Reader Comments

(Page 1 of 16) | 1 | 2 | 3 | 4 | 5 | Most Recent | Next 15 Comments

1. 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

Posted at 10:09AM on Feb 28th 2009 by omg!

2. Good for them. I'm glad.

Posted at 10:08AM on Feb 28th 2009 by aha

3. 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.

Posted at 10:12AM on Feb 28th 2009 by Shakendra

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

Posted at 10:12AM on Feb 28th 2009 by wisermom

5. Keep stickin it TO THEM! FTW

Posted at 11:30AM on Feb 28th 2009 by Dave

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

Posted at 10:13AM on Feb 28th 2009 by wow

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

Posted at 10:14AM on Feb 28th 2009 by Heather

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

Posted at 12:42PM on Feb 28th 2009 by cathy

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

Posted at 10:48AM on Feb 28th 2009 by btownclown

10. 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.

Posted at 12:40PM on Feb 28th 2009 by meg

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

Posted at 10:18AM on Feb 28th 2009 by Kay

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

Posted at 10:21AM on Feb 28th 2009 by Linnyb

13. You did a good job, TMZ/Harvey. I saw the story on msnbc next day. Instead of annoying celebrities and making fun of poor koala, you should follow bigger corporate theives and blow the covers. This is such a scoop if you really break the news. Don't you think you will almost become a crime solver for the better purpose of the people?? Harvey: I think you are way better than head honcho of paparazzis. Your talents are wasted.

Posted at 10:22AM on Feb 28th 2009 by herewego

14. BRAVO TMZ! Expose those smug bastards!

Posted at 10:21AM on Feb 28th 2009 by Green Is Good

15. Some of you are totally brainwashed.....if we stop all spending that we ourselves cannot afford or are jealous that other can then we will just force more people out of work and continue to damage the ecomony. Just because your in a negative position currently there is no reason to bring others down to your situation. There will always be those who can and those who cannot. Those who cannot can change their personal situations with hard work and not require those who can to support or supplement their condition. WAKE UP AMERICA. The Obama brainwashing is hurting this country - he is not a celebrity or messiah, he is the president. Obama just hosted a lavish party for Stevie Wonder. Where was that outrage. Fools.

Posted at 10:22AM on Feb 28th 2009 by The REAL DEAL

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