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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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46.

billyboyhere    

The job wont be complete until the following happens:

Crow, Chicago and Earth Wind and Fire give the money back---and the ladies give their Tiffany Gift Bags back.

And going forward, Crowe, Chicago, Earth Wind and Fire and every other singer and group out there professing "Social Love Ins" know just who the frick and where the money they are getting is coming from.

Smart Managers wont book them for anything to do with; The Banking Industry, Wall Street Firms, Polticial Campaigns, or Steroid Users.

Good Grief we have all these Left Wing Liberal Loving Loonie Tunes telling us how to live our lives, yet they take money from whomever and whatever has it.

Start reading newspapers, reading news on the internet or on TV and get with it you Entertainer Greedy Money Mongers.

Shame on all who took money from a Bank hosting a Rich Peoples Carnival at a time when all of us knew Banks were in trouble and so is this Country.

1971 days ago
47.

Stanzer69    

Watch what is going to happen. Exactly what the feds did not want to happen. A stigma on those banks that CAN NOT pay back the money. They made all the big banks take it regardless. Then they start telling them how to pay the employees, how much a commission salesperson can make. Sorry, as a commission sale person I can tell you exactly how much money I bring to a profitable business to the bank for the year. If they are going to cap how much I can make. I will go to a non TARP recipient bank. That is called a free market. All good sales people will do the same. As droves of people begin to leave, the bank will have to give the money back. If they can't there could be a run on those banks that don't give it back because it will be very obvious which banks are in trouble. Get ready for the biggest government you have ever seen, a bankrupt USA and one of the worst presidents EVER! In the same breath this moron says he is going to Payback 800 billion of the defisit by the end of 2010. The joker mentions nothing about the 800 billion he just spent the day before. Does he not think the American public realizes this? Oh yeah I forgot... that the 95% of the population that does pays 35% of the total tax revenue is also the 95% that does not have a clue. When the 5% that carry's 65% of the tax burden of this country shuts down, stops creating jobs, cuts back the spending and bascially stops carrying its 65% because OBAMA wants to tax them to death, take away our charitble donation exemption and home interest deduction because we make over 250k. He will be punishing all the small business owners across this country who create jobs and employ millions of Americans. The upside of it all... he is effecting every American in so many ways he does not even realize yet that it will be nearly impossible to be re-elected for a second term.

1971 days ago
48.

Cathy    

GOOD JOB TMZ

1971 days ago
49.

octomom's 6th born    

tmz for prez! y'all have saved the tax payers more than anybody at this point. now, think you can get some of that 1.6 billion dollars allocated to my I.R.S. dept, so i can go buy stuff and help stimulate this economy?

1971 days ago
50.

superman    

What do you think the chances are that you'll be invited to an event for any other company when you guys make them look bad?

1971 days ago
51.

octomom's 6th born    

someone said "yay" for barney? remember, him and his boyfriend got us into some of this trouble in the 1st place. the fact that hes doing something now is just a smoke screen to cover up his past.. it'll work too in our a.d.d. nation...

1971 days ago
52.

crat    

Great job TMZ! I love that you were on the major news channels discussing this, something they should be doing.

1971 days ago
53.

Rock Singer    

Thanks TMZ,

You've become more than a gossip rag now, you've become a true tool for people like me who want to see these idiot's who steal from the public pay for what they've done to us taxpayers. Keep up the good work and I'll keep reading.

RS

P.S. Do you have any spare change :)

1971 days ago
54.

lisa    

Funny... the gov is simply handing out "bailout" money even if the funding was not asked for??? It seems to me that the govmt is doing exactly the same type of behavior and standards that the banks had when they were handing out many of the loans that they SHOULD NOT have underwritten in the first place. "Part" of the bailout money will be returned? I thought that the bank stated they didn't really need it and the party was out of another "operating account." Okay. If it is from another "operating acct," then it should be returned IMMEDIATELY and not take the time frame of, "as soon as prudently possible." What a joke.

Just a thought: Can you imagine if the media found out that a person that was facing foreclosure had a huge over the top party? The banks should be better examples and keepers of people's money.

1971 days ago
55.

M.S.    

For once you guys were at the right place at the right time aiming your cameras in the right direction!

1971 days ago
56.

a girl named sue    

Good Job TMZ!!! Please do more expose's like this...I enjoy the celebrity stuff, it is entertaining, but kudos to you for this story!! You guys rock!!!

1971 days ago
57.

Proud American    

Now that is what reporting is suppose to be about. Good Job TMZ. !!!!!

1971 days ago
58.

lmc    

WAY to go TMZ~!!!

now get that blonde guy to wash his hair

1971 days ago
59.

Dragnfly    

Who says sleaze doesn't pay...???
Good job TMZ, enjoy the kudos, you earned it. Even our own government doesn't work this fast on their own.

1971 days ago
60.

Proud American    

Now maybe they expose the others that are doing wrong. The rich and the greedy, shame on them all.

1971 days ago
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