All posts containing the tag: "northern trust bank"
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
Posted Feb 25th 2009 11:52AM by TMZ Staff
We've been calling the White House for the last day, trying to get a reaction from the Prez on our story about the lavish parties Northern Trust threw in L.A. last week. We finally got a statement back -- "No comment."
Remember, this is a bank that got $1.6 billion in bailout money and blew a wad of cash paying Sheryl Crow, Chicago, and Earth, Wind & Fire. And then there were the dinners, the Tiffany gift bags, the fabulous cocktail parties -- all from the bank that laid off 450 workers in December.
Obama was under fire for a mortgage he got from Northern Trust back in 2005. Obama got a 5.625% rate, which was lower than the going rate of about 6%. The Federal Election Commission recently ruled no laws were violated and the rate was in line with other mortgages.
But "no comment." Really?
Filed under: Barack Obama
Tags: bailout, barack obama, BarackObama, no comment, NoComment, northern trust, Northern Trust Bank, NorthernTrust, NorthernTrustBank, response, sheryl crow, SherylCrow
Posted Feb 25th 2009 11:25AM by TMZ Staff
Sheryl Crow was in no mood to talk about her now-famous performance for the pampered peeps at Northern Trust as she landed in Washington D.C. yesterday.
Seemed like a fair subject -- Congress is in a rage after seeing our story about the millions of bucks Northern Trust blew last week on partying and golf. And speaking of rage, get a load of Sheryl's assistant.
Filed under: Music, Exclusives
Tags: house of blues, HouseOfBlues, northern trust, Northern Trust Bank, NorthernTrust, NorthernTrustBank, sheryl crow, SherylCrow
Posted Feb 25th 2009 2:15AM by TMZ Staff
According to Congressman Thaddeus McCotter, there's a simple solution to Northern Trust's lavish party problem: If you want a '70s bash, "pitch in and buy a karaoke machine."
When our TMZ cameraman found the Republican Rep for Michigan and member of the House Committee on Financial Services in DC yesterday, dude blasted Northern's decision to throw a big bailout burning fiesta last week.
His quick fixes for the corrupt system: Hire back the 450 workers Northern Trust laid off in December and have the government stop giving "our" money to banks that clearly don't need it.
Filed under: Celebrity Justice, Politix, Exclusives
Tags: bailout, congressman thaddeus mccotter, CongressmanThaddeusMccotter, Michigan rep, Michigan representative, MichiganRep, MichiganRepresentative, Northern Trust bank, NorthernTrustBank
Posted Feb 24th 2009 3:51PM by TMZ Staff
TMZ just obtained this letter that Congressman Barney Frank wrote to the president of Northern Trust:
Filed under: Celebrity Justice
Tags: apology, bailout, Barney Frank, BarneyFrank, Congress, Congressmen, demand, money, Northern Trust Bank, NorthernTrustBank, president, return funds, return money, ReturnFunds, ReturnMoney
Posted Feb 24th 2009 1:30PM by TMZ Staff
A bank that received $1.6 billion in bailout money just spent a fortune last week in L.A. hosting a series of lavish parties and concerts with famous singers ... and TMZ cameras caught it all.
![Bail out Bank]](http://www.blogcdn.com/www.tmz.com/media/2009/02/0223_northerntrust_collage.jpg)
Northern Trust, a Chicago-based bank, sponsored the Northern Trust Open at the Riviera Country Club in L.A. We're told Northern Trust paid millions to sponsor the PGA event which ended Sunday, but what happened off the golf course is even more shocking.
Northern Trust flew hundreds of clients and employees to L.A. and put many of them up at some of the fanciest and priciest hotels in the city. We're told more than a hundred people were put up at the Beverly Wilshire in Bev Hills, and another hundred stayed at the Loews Santa Monica Beach Hotel. Still more stayed at the Ritz Carlton in Marina Del Rey and others at Casa Del Mar in Santa Monica.
Here are the highlights:
- Wednesday, Northern Trust hosted a fancy dinner at the Ritz followed by a performance by the group Chicago.
- Thursday, Northern Trust rented a private hangar at the Santa Monica Airport for dinner, followed by a performance by Earth, Wind & Fire.
- Saturday, Northern Trust had the entire House of Blues in West Hollywood shut down for its private party. We got the menu -- guests dined on seared salmon and petite Angus filet. Dinner was followed by a performance by none other than Sheryl Crow.
There was also a fabulous cocktail party at the Loews. And how's this for a nice touch: Female guests at the Chicago concert all got trinkets from ... TIFFANY AND CO.
As for what all that costs: Well, the company isn't talking. We spoke with a rep from the band Chicago who said Northern Trust paid them around $100,000. A House of Blues source told us it cost more than $50,000 to close the joint down last Saturday night. As for Sheryl Crow's fee, her rep didn't get back to us. Earth, Wind & Fire acknowledges payment but won't say how much.
As for the golf tournament, a rep from the PGA told us Northern Trust wrote one big fat check in order to sponsor the event. That check covers part of the $6.3 million purse, the advertising costs for the spots on CBS (which broadcast the final two rounds of the tournament) and operating costs. The rep says the fee was negotiated and is confidential.
Lots of people from Northern Trust went to the golf tourney ... in special Mercedes that shuttled them to and from the hotels. But for those who weren't into golfing, they could spend a few hours at the Northern Trust seminar on the credit crunch.
Now how's this for outrage? Northern Trust laid off 450 workers in December, 4% of its workforce.
And here's what's absolutely amazing: The United States Government flat out gave Northern Trust the $1.6 billion in bailout money, and the bank didn't even request it!
Northern Trust gave us a statement yesterday before going total radio silence. A rep for the bank acknowledges they paid for the events, but that the bailout money did not pay for the events. He claims it was paid out of the bank's operating expenses. Here's Northern Trust's full statement to us.
Perhaps we're missing something, but money is money. How can they spend like this when they're using taxpayer's money, whether they asked for it or not? And where the hell is Congress in all of this? Is there any oversight or accountability?
Your tax dollars, hard at work. Thomas Jefferson was right -- "A little rebellion, now and then, is a good thing."
Filed under: Celebrity Justice, Politix
Tags: bailout, chicago, congress, earth wind and fire, EarthWindAndFire, northern trust, northern trust bank, northern trust open, NorthernTrust, NorthernTrustBank, NorthernTrustOpen, Riviera Country Club, RivieraCountryClub, sheryl crow, SherylCrow, tarp, Troubled Asset Relief Program, TroubledAssetReliefProgram
