Another TARP bank boondoggle – this time it’s the Ritz & LA parties

TMZ has photos from LA including the Northern Trust limos for the posh golf outing. They also link to the exclusive menu for the private party they hosted. Somehow they don’t get it no matter what is happening around them. The banksters from Northern Trust were rumored to have been handing out gift bags and calling them “stimulus packages.” These people have no sense of public responsibility and deserve to be treated accordingly. Enough. Start firing in the executive boardroom. Today. Maybe then they will get a better sense of urgency.

Jumping on taxpayer anger over junkets and other lavish spending by firms receiving federal aid, Senator John F. Kerry announced today that he plans to r member of the Finance Committee, today announced plans to introduce legislation to end such extravagance.

The Massachusetts Democrat, a senior member of the Senate Finance Committee, said his “TARP Taxpayer Protection and Corporate Responsibility Act” would prevent any recipient of financial bailout funds from hosting, sponsoring, or paying for conferences, holiday parties, and entertainment events. Any TARP recipient that misused the funds would be fined and required to reimburse the government.

Kerry’s office said he was responding to reports that Northern Trust Bank, which received $1.6 billion in bailout assistance, hosted hundreds of employees and clients at expensive hotels in Beverly Hills and threw Hollywood parties that featured performances by Chicago and Sheryl Crow. The bank recently laid off almost 450 workers.

Northern Trust issued a statement saying that the event is an important part of its marketing and was not paid for using government money.

Of course it wasn’t. It reminds me of a little kid who doesn’t have room in his stomach to each his vegetables but suddenly finds room for ice cream. The “it wasn’t from the TARP funds” story isn’t going to fly any longer. Game over.


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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