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Northern Trust -- A Best Business?

4/8/2009 5:45 PM PDT BY TMZ STAFF

Northern TrustNorthern Trust -- the company that blew millions around L.A. after taking serious bailout cash -- was just named one of BusinessWeek's Top 50 Companies. Was wasting taxpayer money one of the criteria?

They only placed 49th, but the mag calls them "a conservative wealth manager and a prudent lender." Ironically, no mention of lavish parties, golf tournaments and concerts for shareholders on the Sunset Strip.

You'll remember back in February, we reported on how Northern Trust blew millions around Los Angeles after they received $1.6 billion in federal bailout money. Less than a week after our story, they agreed to pay the money back -- but thus far they haven't, nor have they even filed the paperwork to begin the process.

37 COMMENTS

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1.

Terri    

Disgusting!!!!

1987 days ago
2.

goldieok    

yeah great company if you work there & make lousy business decisions & get rewarded for it AND lousy for taxpayers paying these crooks

1987 days ago
3.

Steve    

Please get your facts straight folks! This is a financial institute that was forced to take the TARP funds and offered to pay it back was not allowed to do so. They are a commercial bank that has zero participation in the junk mortgage business that brought the industry down. Don't make them out to be the bad guy. They were one bank that played by the rules to become successful. Please get your facts straight

1987 days ago
4.

Merin    

This bank NEVER asked for bailout funds - the Federal Gov't told them they were getting it. This bank has remained solvent during this crisis due to their Best Business practices. No I don't work for them, but have had an accounts with them since I was 14.

1987 days ago
5.

Linda Mott    

They should have mentioned that they were forced to take Tarp funds and mention the amount of money they blow on a precious few to party. They still have to answer to the stockholders. Why not come clean with all the information? They did give the money back, so I guess if they had yelled loud enough, they might not have been FORCED to take the money.

1987 days ago
6.

smart person    

TMZ, your ignorance on this issue has been nothing short of amazing. NT is a good, healthy bank. They, like a few other recipients, didn't need or want bailout money. It was forced upon them in order to make it difficult to distinguish which banks were truly insolvent. That was the governments plan to avoid another enormous sell off, and it failed. Now they delay the results of the stress tests until after earnings seasons which makes you wonder how bad the results are.

Banks that don't need government money don't want it and when they try to give it back, they are basically told no. Pick up a Wall Street Journal because whoever is writing this is making America stupider.

1987 days ago
7.

Disgusting    

Ha, ha.

Meanwhile, BusinessWeek should be listed on the 50 Worst businesses list. All these corporate entities are a big circle jerk.

If you Northern Trust trolls are going to claim Northern Trust was FORCED to take money (ha), back up that claim with a legitimate reference.

Also, they have NOT paid the money back, only vaguely said they would. If they didn't need the money, then they should be able to pay it back now.

Irrespective of whether they wanted taxpayer money or not, it shows bad judgment to blow it on concerts and golf, etc. What a bunch of whiny crooks, screeching because they actually are being held accountable for once. Banks run this country, and continue to control Congress.

1987 days ago
8.

Megan    

TMZ Staff~

As per above, Northern Trust was given the TARP funds however declined them ,but was forced to take on due to the government. You along with the government are tarnishing the hotel, event and meeting planning industries. As a member of the event planning industry, I am on the verge of loosing my job due to the issue of perception that many corporations are facing. Events and programs are constantly being cancelled because of irresponsible journalism such as your story on Northern Trust today, and all the one in the last months and weeks. Please do more research next time and understand that because of these types of stories, bellman, busboys, drivers, maids, conceirge and waitstaff among many differnt occupations that are supported, are all loosing their jobs across this country due to a lack of corporate events and meetings.

Please stick to stories on celebrities and leave actual impactful journalism to professionals, before you put more stories out that harm the prosperity of many families.

1987 days ago
9.

craxyeights    

Listen - everyone that is screaming in "disgust and outrage" over Northern Trust is misinformed and the reporting of this article is pathetic. What you are NOT being told is that Northern Trust was forced to accept TARP money by the government and has been refused in numerous attempts to return the TARP money. Northern Trust has always been cash flush and continues to be cash flush and the TARP money sits in an interest bearing acount, untouched, from the day it was crammed down their throat. Second, Northern Trust markets to a very select population that cannot be reached by mass-marketing strategies and has ALWAYS used these types of events to solicit business which is, frankly, towards wealthy individuals and companies (they are a trust company NOT a finance company and if you don't know the difference between the two you should probably reserve your comments). There are many financial firms that have operated out of greed and corruption and have caused real damage to our economy. Northern Trust is not one of those firms and I suggest people do a little bit of inpendent research before stating your opinion on the matter.

1987 days ago
10.

savvydude    

TMZ drank the Kool-Aid of the main-stream media blather on this issue. Obama is forcing these institutions to take federal money so he can dictate orders to them. Thomas Jefferson is rolling in his grave.

1987 days ago
11.

lmotsie    

TMZ should be ashamed! They are either poor fact checkers or just down-right dishonest. Northern Trust (which our business does its banking with) never engaged in the risky behavior that has brought down so many other banks. Furthermore, it did not want the goverment money that the OBAMA ADMINISTRATION FORCED on it at a rate that is above prime, thereby making it USELESS for loaning at prime, and useless for NT. As for the California event, that was planned and paid for long before the banking troubles began. The people that were treated were their top customers, which it behooves NT to court in order to keep their patronage. Get real, people, do you think that an event like that is planned in mere weeks.? The only thing that I am unhappy about is that I did not get an invitation to the event!

1987 days ago
12.

Louisiananuggetsfan    

Wow, isn't this the one in the same that had that BITCH, Sheryl Crow, sing?

1987 days ago
13.

Tim    

United States of France.

1987 days ago
14.

George Herbert Walker Chicken    

Wow - either Rush Limbaugh mentioned this item on his show in a drug-induced haze OR some stuffed suits at NT didn't have enough busywork today. Nice try at spinning the narrative, by the way. But the photos speak for themselves; it is naive to blame TMZ for doing the work that the so-called liberal mainstream media was too busy or lazy or incompetent to do. I say TMZ gets a Sunshine Award - their only real competition is Sy Hersh and Keith Olbermann. You can write off the major networks and the few remaining daily newspapers. Gosh, wonder if there's any connection between lazy, sloppy journalism (Weapons of Mass Destruction in Iraq anyone?) and the demise of the newspaper???

1987 days ago
15.

American    

I think TMZ (run by AOL/TIME WARNER) may be our real terrorists. They are slowly tearing America apart by breaking American companies up and bringing American people to their lows with made up rumors. This is the last time I visit this Anti-American website, and I think every real American should follow in times like these.

1987 days ago
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