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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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76.

Who Caresss!!!    

NOW ALL WE NEED IS TMZ TO GET THE 2 LAUNDERERS OF THE BANK MONEY - SHERYL CROW AND EARTH, WIND, AND FIRE TO PAY BACK THEIRS... AT LEAST FORCE THEM TO DONATE IT. HEY THEY GET A TAX BREAK TOO AND A NICE CELEB STORY.

2062 days ago
77.

RealHouseWifeofSan Jose    

I'm Glad yall put them on Blast TMZ! Keep up the Good Work, I guess it pays to be in the banking industry, I coulda swore we were in a recession.....

2062 days ago
78.

good grief    

Gosh TMZ are you dumb - the real people you should be going after are the crooks in the senate, house and white house. It is a joke that you make barney frank out to be some kind of a hero - isn't he a huge reason the US is finding itself in these dire straits? Why don't people write the truth and why don't people start paying attention to what is really going on. Wow are Americans stupid.

2062 days ago
79.

alan brickman    

Anderson Cooper refused to report this story because he is friends with a lot of "Welfare Millionaires". Gee I wonder what else he is hiding...Page Six???

2062 days ago
80.

Arkie Mom    

Good job TMZ!!

2062 days ago
81.

Blair    

Ha Ha. Get-em TMZ.

2062 days ago
82.

catch22    

Good job TMZ!!!!!

2062 days ago
83.

Gayle    

My husband and I debated media most of our marriage (he is gone now (tears here).
He was against (big time)! I have always been grateful for the media! They shine
a light in some dark places! He thought they were rude and invasive and of course
they can be but they do more good than harm. I'm getting old, went through the
whole Watergate deal which we would never have known about with out the media.
Good Job TMZ!

2062 days ago
84.

Angry Democrat 'Sky Blu' from LMFAO attack GOP Romney on Purpose .    

Dic Durbin (D) has just passed through the Senate an Amendment that would ,effectively, CENSOR Talk Radio and ,poosibly, the Internet. The acting FCC Chairman (Michael Copps) stated that radio stations -- including AM stations dominated by talk radio -- to make them “more reflective” of public interests. The Public Interests of Democrat Political Figures in DC is what he is referring to. Regardless on what side of the political spectrum you are in , This is an Act of CENSORSHIP or maybe even Tyranny.

2062 days ago
85.

good grief    

You guys are chickens and won't take on the big guys - like barney frank, the house,senate and white house. NT is small potatoes compared to the sham that those clowns in dc are pulling on the US. Unforunately it will be to late before you guys get it. Lies, lawyer speak, and the stupidty of americans will bring the US to it's knees.

2062 days ago
86.

Sapphyre    

IF THE GOVERNMENT HAD TRULY WANTED TO STIMULATE THE ECONOMY THEY WOULD HAVE GIVEN $100,000 TO EACH TAXPAYING HOUSEHOLD THAT MADE LESS THAN $150,000 A YEAR.

2062 days ago
87.

mark    

the bank never wanted the money--they were forced to take it by the gov't in order to preserve the identity of the weak baks invoved. so although the bank was happy to give it back--TMZ still did a good job.

2062 days ago
88.

paulalama    

Say what you want about TMZ, it has always been my guilty pleasure and now to see them DOING good and calling idiots out when they are irresponsible makes me love TMZ all the more.

WAY TO GO TMZ. Good looking out for our country and the American citizens who could REALLY use the money!

2062 days ago
89.

Gayle    

I would really like to see TMZ do more of this stuff. I do not care
about idiot Hollywood but this is an important story because you
are paying for this big party buddy! I can imagine you are as
worried as I am over the economy . I won't live long to gain back
what I have lost. I will probably die in poverty after working so hard
all my life. Ya think that Sean Penn, Clonney are going to bail me
out. I think not!! Hollywood is meeting and greeting Obama.
Loony Clonny actually had a set-down with Obama and Penn is
on his way. Obama owes them big time, he owes OPRAH. He
will not win a second term without their support so he will do what
pleases them. You are on your own Mister! Work your ass off and see
where it get's you!!!

2062 days ago
90.

#645732 - Cell Block H    

All TMZ did was stake out an area where some celebrities were at trying to get pictures and video so they could make some stupid comment. The were fortunate that it was the bank putting on the show and now they take credit for the bank giving the money back. I'm sure Harvey is patting himself on the back because he actually had something to do with it. This kind of things go on all the time with banks and big business companies. This is just a drop in the bucket. If you really want to impress, go after all the other companies who do the same.
And for all of you who say they are taking money out of my pocket, it amounts to less than a penny per person. Hope it doesn't break you.

2062 days ago
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