TMZ

Our TV Shows

Got a Tip?

Call TMZ at (888) 847-9869 or Click Here

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

No Avatar
16.

Mm    

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.


1974 days ago
17.

The REAL DEAL    

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.

1974 days ago
18.

karen    

harvey i just used to look at your site for some entertainment.... now you are helping us all and i am grateful to your whole team... can you send some of them to D.C. before they give away my kid's future college fund? thanks TMZ.

1974 days ago
19.

drwuzer    

You are such a bunch of morons. Everyone who has commented on this so far, and especially TMZ.

The really funny part about this is, in the end, the bank got EXACTLY what it wanted in the first place...

It did not want the loan from the government, it was forced to take it....now they get to pay it back right away and not incur all of the interest the government was imposing. HAHAHAHA.

By the way - regardless of who is suffering from the econmic downturn - and I feel bad for all that are, I really do - WE STILL LIVE IN A FREE SOCIETY - THE MONEY THE BANK OWNS BELONGS TO THE BANK- NOT TO YOU, AND NOT TO THE GOVERNMENT AND ITS NOT OF YOUR G-DAMN BUSINESS WHAT THE HELL THEY DO WITH THEIR MONEY! THIS IS STILL A DEMOCRACY, WE HAVENT GONE FULL COMMIE YET (Though our president is sure trying)

1974 days ago
20.

jared    

Sheryl Crowe is obviously a gold diging thug, as well...how could she accept money considering where it was coming from??????

1974 days ago
21.

say what    

I read the letter sent to this bank. They did NOT ask for ALL of the money back. Just the money they spent on this golf tourney and the parties. Think about this. If ALL of the money our govt. gave to all of these big business to bail them out had been equally divided amongst all americans , think what THAT would have done for the economy.

1974 days ago
22.

LongJohn69    

That bank HAD to be going under. Look at the list of entertainers for this bash. Chicago? E W & F? Sheryl Crow? These are the fodder for "The Flava Flave Show" You know......has beens.

1974 days ago
23.

Jim    

I appreciate your efforts but lets wait and see when exactly "as soon as possible" turns out to be before we all celebrate.

1974 days ago
24.

Pookie    

GREAT WORK HARVEY, LAWYER!
THIS IS THE GREATEST THING TMZ HAS EVER DONE
AND I SALUTE YOU!

1974 days ago
25.

INGY    

YES! Now THIS is using the site for something positive. You will never see that fat ass Perez Hilton using his blog for anything that doesn't make him money.

1974 days ago
26.

Jester    

The comment… his bank will repay the government funds "as quickly as prudently possible." Ever say that to the bank when they want their money?
To the comment it’s the banks money….I think not it’s the depositors money…people if you do not like what a bank dose with ‘your money’ walk with it. You may not have much but the power of many should never be over looked.

1974 days ago
27.

david    

nice work, levine! YOU DA MAN!!!

1974 days ago
28.

Whaddayouknow ?    

Nice try, but it doesn't make up for all the crap you plop out into the world each day.

1974 days ago
29.

Mary    

Good for TMZ. You were right from the Tom and Gisele engagement/marriage right on up to Northern Trust..as well as just about everything else. And your not afraid of anybody and you don't back down. I now go to your website before Fox News an CNN and USA Today to get information.

1974 days ago
30.

duDe    

Twenty Mile Zone ROCKS! GREAT CREW! But i'm not a lawyer. duh

1974 days ago
Previous 15 Comments | 1 | 2 | 3 | 4 | 5 | 6 | 7 | Most Recent | Next 15 Comments

Around The Web