If Bush was not aware that Paulson and minions were forcing banks to take TARP money, that would have been spectacularly incompetent.
If Bush was aware, is he a conservative, socialist or very confused?
Posted on 02/24/2009 12:17:08 PM PST by kellynla
Northern Trust Corp., which in November received about $1.5 billion as part of the U.S. Treasury Department's Troubled Asset Relief Program, defended Tuesday its wining and dining of clients during the recent Northern Trust Open in California.
Entertainment Web site TMZ.com on Tuesday reported that Northern flew hundreds of clients and workers to California and put some of them up at ritzy hotels, including the Ritz Carlton in the Los Angeles area, and entertained them with such groups as Chicago, Earth Wind & Fire and Sheryl Crow.
A spokesman for House Financial Services Committee Chairman Barney Frank said Frank would be sending a letter soon to Northern Trust asking that the bank repay what it spent on the entertainment during the golf tournament.
The Chicago-based institution said the entertainment is part of a long-standing commitment to sponsor the golf tournament.
"Northern Trust signed a five-year commitment to sponsor the Northern Trust Open in the fall of 2007, which is a year before" the government invested in the nation's biggest banks, including Northern, a Northern spokesman said. "The reason Northern Trust sponsors the Open is it's an integral part of its marketing program. It's about client relationships and showing appreciation for clients."
(Excerpt) Read more at chicagotribune.com ...
Barney Frank is upset.
He wanted to be the 19th hole.
Ironic, I played this tournament just last night via Tiger Woods Golf on a PS3, and it didn’t cost me near this amount.
Then again, the ‘after party’ wasn’t much...me and the dogs.
LOL
Since Phil won, I think it was a total waste of money.
Would someone please teach him how to do a real fist pump.
“The word many use is bailout, but the analogy might be, if you get capital for a home and pay that principal back with interest in the form of a mortgage, is that a bailout? I’m not sure,” the Northern spokesman said.
It is a bailout, you socialist mor0n. In a free market, you would have failed (as you must).
don’t believe Bawney Frankfoter knows the game of golf, HEY BAWNEY, EVER MADE A COMMITMENT, except to screw people? thought not
Are you sure. Every account that I've heard indicated Northern did not want to participate in the government program but was coerced into it. A case of the government saying you have to take our money so we can complain about how you spend your money.
Northern Trust is quite profitable. They made $3.40 a share in 2008, and are expected to make $3.89 a share this year and $4.34 a share next year. They have a very strong balance sheet and are well-managed.
So how would they fail?
Northern Trust would not have failed. You’re ignorant, but you’re probably proud of that.
If Bush was not aware that Paulson and minions were forcing banks to take TARP money, that would have been spectacularly incompetent.
If Bush was aware, is he a conservative, socialist or very confused?
I was not addressing Bush’s state of mind, rather your assertion that had Northern not taken the money they would and should have failed. Was Northern bailed out or ensnared?
I was.
rather your assertion that had Northern not taken the money they would and should have failed.
I don't think I made any such assertion. I don't know if they would have failed, probably not. I am much more concernened about AIG, for example.
Was Northern bailed out or ensnared?
We may never know. I have seen claims from some banks that they were forced to take TARP money, then later they backpedal and say the real reason was they were afraid they might need the money later. If the govt. really did force banks to take the money, that is despicable, and should be a front page scandal.
Your words, not mine. Who is the "you" referenced in your comment?
You are quoting someone else's post, not mine. Please pay attention.
My apology. Working on the fly and apparently careless.
Happens to the best of us :)
NO ONE remembers to mention one little fact - these are CHARITY events. People pay huge dollars to play. The charities get a lot of money. You have to repay your participants with entertainment.
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