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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."


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Wow TMZ.. I want to work for you now after I finish college.

2031 days ago

tmz is the pits your research before you start posting dumb crap like this. This bank was and still is currently profitable. The government forced them to take the bailout as to thinly veil the major short comings of B of A and Citibank and the like as to offset panic in the banking sector. They are also forbidden to pay back the forced bailout funds for 3 years so the govt can sit on the interest. If you go to the bank's website this is all explained in black and white. And you people are just as ignorant as TMZ. They are a celebrity site, not a financial one. Furthermore, because they are a profitable private bank they owe the American people no explanation as to why they throw the lavish parties that they do. It's non of your business how the bank spends it's profits. So stop lapping up the stupidity and do your research TMZ.

2031 days ago


They did? Good for them.

2031 days ago

fressen your scheiße    

You have the power to do good by doing what you do to those in need. In other words, ruin the lives that deserve ruining. Good job.

2031 days ago


First of all TMZ you really don't know what the hell you are talking about, you should really stick to what you know, stalking and reporting on celebrities, just like Congress and Barney "Elmer Fudd" Frank should stick to what they do best, wasting taxpayer money and doing nothing. Northern Trust is a healthly bank that does not lend out money to people who cannot afford it and have not been greatly impacted with the crisis. Congress practically forced them to take the money even though they didn't need.

TMZ have your reporters stick to their usual stalking instead of trying to report on finance and client entertainment matters. Northern Trust has run a successful bank for a long time, they know what they are doing.

2031 days ago

Good Goin'    

God job TMZ! Sometimes I've been kind of critical of you guys in the past, but I have to give it to you guys. Thanks for exposing this BS! Though it is kind of sad that a gossip website had to break the story because no one in Washington was keeping track of the money. And the fact that they didn't even ask for the 1.6 B in the first place is just outrageous! I'm sorry Obama, but this looks like an earmark to me.

2031 days ago


Good for you guys at TMZ!! Forget the celebs. Keep going after these kinds of slimey bastards!!!

2031 days ago


TMZ, you kick some serious butt. Thank you so much!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Think of what that money will do for the economy.

2031 days ago


Now start staking out the sky boxes and after parties of all the major sporting events sponsors---then determine which of them is crying "broke" and laying off workers in the public, but privately are taking Federal bail out money and living it up on our dime.

It has to be endless, the number of photo ops for this type of gluttony. Maybe it will help put an end to idiots like Manny Ramirez from the DR turning down 45 million dollars for two years of playing baseball, and Teams and sponsors still willing to pay it in a climate of desperation for the common man.

2031 days ago


Forget about might Obama bringing change to this country! Let's impeach him and vote for TMZ to run this country...they are doing a better job!!!!!!!!!!!!!!!!!!!!!

2031 days ago


TMZ you are America's newest Hero!!!!!!!!!!!!!!!!!


2031 days ago

Linda Mott    

Great Job to TMZ/Harvey Levin and Barney Frank. If Harvey Levin runs for office, let me send the first contribution.

2031 days ago


"as quickly as prudently possible." Please you didn't force them to do anything. That was just a line they can use so they can keep the money as long as they like. 3yrs from now "still not prudently possible."

2031 days ago


#13 and 14, thank you for having some brains and using critical thinking skills. Apparently, for some, doing the same would be a very tall order.

2031 days ago


Smartest thing the bank ever did was to return the money for the power hungry Liberals.
The bank had every right to entertain their best clients. It's a business after all.

2031 days ago
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