Northern Trust, an investment bank that has remained profitable even through the last year, sponsors a PGA golf event. Their event just received an enormous amount of criticism from certain members of congress becuase they help client events at "fancy hotels" and provided live bands at parties, etc.
Barney Frank wrote the CEO of Northern Trust a letter stating, "We insist that you immediately return to the federal government the equivalent of what Northern Trust frittered away on these lavish events."
"At a time when millions of homeowners are facing foreclosure, businesses and consumers are in dire need of credit, and the government is trying to keep financial institutions - including yours - alive with billions in taxpayer funds, this behavior demonstrates extraordinary levels of irresponsibility and arrogance,"
GIVE ME A BREAK!
This is just stupid. Northern Trust is a profitable bank that didn't need or pursue the bail-out money. To tell them they can't host an event that helps them market their business is just plain dumb. Do we want banks that took bail-out money to FAIL???? You can't stop doing business! That's not the answer.
Northern Trust should be praised for managing their business so well that when mega-banks are failing they are still making profits! Instead we bash them for appreciating clients, hardworking employees and giving millions to charity... is this really where we headed?
Olan Carder
www.charlottemortgageonline.com
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