Posted Apr 8th 2009 4:45PM by TMZ Staff
Northern 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.
Filed under: Politix
Tags: bailout money, BailoutMoney, lavish, lavish spending, lavish-style, lavishspending, Northern Trust Bank, NorthernTrustBank, obama, obamaadministration
Posted Mar 1st 2009 3:04AM by TMZ Staff
How'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."
Filed under: Celebrity Justice, Politix
Tags: 1.6 billion, 1.6Billion, bail out, bailout, bailout money, BailoutMoney, banks, barney frank, BarneyFrank, billion, CEO, chicago, earth wind and fire, EarthWindAndFire, federal, finance, financial crisis, FinancialCrisis, frederick waddell, FrederickWaddell, government, government funds, GovernmentFunds, governmentloans, house financial services committee, house of blues, HouseFinancialServicesCommittee, HouseOfBlues, lavish parties, LavishParties, northern trust, northern trust bank, NorthernTrust, NorthernTrustBank, repay money, RepayMoney, sheryl crow, SherylCrow, tax payers, taxes, TaxPayers, tiffany bags, TiffanyBags, washington dc, WashingtonDc
