Note that this is a PROFITABLE bank which did not solicit the governments investment. Now "Barney" wants them to answer to him.
Another bank with bailout money is partying all the way to the banquet.
Chicago-based Northern Trust was blasted Tuesday for accepting $1.6 billion in taxpayer dollars last November and spending big bucks hosting lavish events with A-list entertainers in Los Angeles last week.
Sheryl Crow, Chicago and Earth, Wind & Fire played at three private, bank-sponsored bashes as clients and employees dined on seared salmon, Angus fillet and black truffle cheese, reported TMZ.com.
Guests flown in for the Northern Trust Open golf tournament enjoyed deluxe accommodations at posh hotels, including the Ritz-Carlton and Beverly Wilshire. Gift bags included blue Tiffany & Co. boxes with white bows.
"Northern Trust is a business that earned operating net income of $641 million last year," the bank said in a statement, defending itself as a "healthy" business.
"Northern Trust did not seek the government's investment, but agreed to the government's goal of gaining the participation of all major banks in the United States," the bank said.
Still, Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, called on the bank to immediately repay what it "frittered away."
"We are dismayed and angered," Frank wrote the bank's CEO. "This behavior demonstrates extraordinary levels of irresponsibility and arrogance."
[email protected][/i]
Another bank with bailout money is partying all the way to the banquet.
Chicago-based Northern Trust was blasted Tuesday for accepting $1.6 billion in taxpayer dollars last November and spending big bucks hosting lavish events with A-list entertainers in Los Angeles last week.
Sheryl Crow, Chicago and Earth, Wind & Fire played at three private, bank-sponsored bashes as clients and employees dined on seared salmon, Angus fillet and black truffle cheese, reported TMZ.com.
Guests flown in for the Northern Trust Open golf tournament enjoyed deluxe accommodations at posh hotels, including the Ritz-Carlton and Beverly Wilshire. Gift bags included blue Tiffany & Co. boxes with white bows.
"Northern Trust is a business that earned operating net income of $641 million last year," the bank said in a statement, defending itself as a "healthy" business.
"Northern Trust did not seek the government's investment, but agreed to the government's goal of gaining the participation of all major banks in the United States," the bank said.
Still, Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, called on the bank to immediately repay what it "frittered away."
"We are dismayed and angered," Frank wrote the bank's CEO. "This behavior demonstrates extraordinary levels of irresponsibility and arrogance."
[email protected][/i]