Posted on 02/28/2009 4:49:29 PM PST by Libloather
Apologizing, Northern Trust to Pay Back Bailout Funds
By Tim State in News on February 28, 2009 12:27 PM
Northern Trust, after receiving $1.5 million in Troubled Asset Relief Program funds, has apologized for sponsoring the PGA Northern Trust Open golf tournament in Los Angeles last weekend, and has pledged to repay the bailout funds it has received. Northern Trust CEO Frederick Waddell wrote in a letter to U.S. Rep Barney Frank, D-Mass.:
We understand this is a time of great anxiety and financial distress, and your question regarding our support of an event such as the Northern Trust Open is legitimate. We deeply regret that some of the events associated with the Northern Trust Open have distracted from the positive nature of an event that has raised more than $50 million for charity since its inception. The event has been described as “lavish,” although Earth, Wind, and Fire were there to perform, so we’re thinking “lavish” is relative.
Northern Trust will be the first bank to pay back any TARP funds. Northern Trust’s loans and leases are up 21 percent from a year ago, and for 2008, posted net income of $795 million, up 9 percent from 2007. [Crain’s, Trib, WBBM, UPI]
Babe in the woods who knows nothing of the world.
They’re a lot more polite than I would have been. I’d have written, “We never wanted your damned money in the first place, but you insisted. If you don’t like how we run our business, we’d be absolutely delighted to give it back if it means you’ll butt out of our affairs. Just tell us where to send the check.”
Is there anything else Barney Frank needs?
Yeah, AIDS!
>>>I laughed so hard I nearly had a wreck.
I was so amused when I heard it on the radio I wasn’t paying attention to my speed and got a traffic ticket
The media totally ignored the fact that this is a charity event. The grandstanders just want to demoralize a thoroughly legitimate business. Charity events go on all the time. I'm sure Bawney and friends attend thousands of them. I would love to hear from the charities that are helped by this tournament.
Surely this whole thing isn't over a measly one and a half million!
Did the bankers also ask for a refund of all the campaign contributions they gave these self righteous political hacks?
What’s with the backhanded slap at Earth Wind and Fire?
How can Merrill Lynch say that borrowing the money was a “mistake” when they won’t be paying it back for 2-3 years? I think what they are saying means they really needed the money when they borrowed it. What they mean is it wasn’t really a mistake because ML really can’t make a go of its business without the money.
It looks like these TARPers are grabbing cheap headlines by claiming they either didn’t need the money, don’t want it, or are planning to give it back when they really plan to hold onto the money for years. What am I missing?
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