Bailout Bank Blows Millions Partying in L.A.
Posted Feb 24th 2009 12:30AM by TMZ Staff
A bank that received $1.6 billion in bailout money just spent a fortune last week in L.A. hosting a series of lavish parties and concerts with famous singers ... and TMZ cameras caught it all.
Northern Trust, a Chicago-based bank, sponsored the Northern Trust Open at the Riviera Country Club in L.A. We're told Northern Trust paid millions to sponsor the PGA event which ended Sunday, but what happened off the golf course is even more shocking.
Northern Trust flew hundreds of clients and employees to L.A. and put many of them up at some of the fanciest and priciest hotels in the city. We're told more than a hundred people were put up at the Beverly Wilshire in Bev Hills, and another hundred stayed at the Loews Santa Monica Beach Hotel. Still more stayed at the Ritz Carlton in Marina Del Rey and others at Casa Del Mar in Santa Monica.
Here are the highlights:
- Wednesday, Northern Trust hosted a fancy dinner at the Ritz followed by a performance by the group Chicago.
- Thursday, Northern Trust rented a private hangar at the Santa Monica Airport for dinner, followed by a performance by Earth, Wind & Fire.
- Saturday, Northern Trust had the entire House of Blues in West Hollywood shut down for its private party. We got the menu -- guests dined on seared salmon and petite Angus filet. Dinner was followed by a performance by none other than Sheryl Crow.
There was also a fabulous cocktail party at the Loews. And how's this for a nice touch -- female guests at the Chicago concert all got trinkets from....TIFFANY AND CO.
As for what all that costs, well the company isn't talking. We spoke with a rep from the band Chicago who said Northern Trust paid them around $100,000. A House of Blues source told us it cost more than $50,000 to close the joint down last Saturday night. As for Sheryl Crow's fee, her rep didn't get back to us. Earth, Wind & Fire acknowledges payment but won't say how much.
Lots of people from Northern Trust went to the golf tourney ... in special Mercedes that shuttled them to and from the hotels. But for those who weren't into golfing, they could spend a few hours at the Northern Trust seminar on the credit crunch.
our tax dollars, hard at work.
Here's what's absolutely amazing -- the United States Government flat out gave Northern Trust the $1.6 billion in bailout money, and the bank didn't even request it!
Thomas Jefferson was right -- "A little rebellion now and then is a good thing."
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I know this is a generalization, but nonetheless.
ReplyDeleteWE ARE A FREAKIN' SICK PEOPLE.
Those who take advantage like this and the rest of us who continue to put up with it.
When are we gonna break out the torches and pitchforks?
We are a pathetic people!!!!!!!!!!!!!!!!
When are we gonna break out the torches and pitchforks?
ReplyDeleteAs Bush would say, "Bring it on"!
This comment has been removed by a blog administrator.
ReplyDeleteChicago and Earth Wind and Fire? If it wasn't sure Sheryl Crowe, they were partying like it was 1979!
ReplyDeletefor* Sheryl Crowe. Apologies for the typo.
ReplyDeleteThe government and tax payers should back off banks and the private sector. Take it up with DC they are the one's that have the power to tax the people and then hand it out. We need people to focus on the real problem, the inefficiency of government and stupidity of letting is try to fix a problem it caused or allowed to happen.
ReplyDeleteas a follow up I have no problem with putting conditions on taxpayer money but the idiots in DC didn't. Now they act like private banks should never fly, have a party or anything else Barney Frank, doesn't like. Barney Frank loved Franklin Raines and the 0 down mortgage a few years ago now he is the top cop in banking. COME ON PEOPLE WAKE UP!!!!!
ReplyDeleteThe rest of world is rebelling and hetting the streets, confronting bankers,others who created this problem, but Americans sit on their arses!
ReplyDeleteThe Founding Fathers would say that "This is not my people!" And, Ben Franklin would be saying: "I told you so: 'We've given you a Republic-- if you can can keep it'. How many Americans even know what a Republic is? Ask your neighbors. Their ignorance is astonishing.
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