Bailout Bank Blows Millions Partying in L.A.

TMZ
Wednesday, Feb 25, 2009

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.

- 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.

Full article here

Research related articles:

1. Rescued bank to pay millions in bonuses
2. Veterans of ’90s Bank Bailout See Opportunity in Current One
3. “Pork” Bailout Bill Could Ban Guns for Millions of Americans
4. Stocks Soar Worldwide on Bank Bailout, Curb on Short Sales
5. Columbian Bank and Trust of Kansas Closed by U.S. Regulators
6. Bernanke, Paulson Pressed to Seek Big-Government Bank Bailout
7. US Bailout in Chaos, WaMu Is Biggest Bank Failure
8. The Paulson-Bernanke Bank Bailout Plan
9. Hoax Bank Closure Story Peddles Bailout Propaganda
10. The Dallas Federal Reserve Bank President, Former Treasury Secretary, Head of the Congressional Budget Office and Leading Economists All Slam Bailout
11. ‘Bad Bank’ Regains Favor As Solution for Toxic Debt
12. We saw the ‘crazy’ mortgages but failed to spot dangers of debt: Bank chief’s startling admission on financial crisis