Northern Trust Puts on the Ritz

Peter Cohan today tells the stomach-turning story of the TARP-fed bank Northern Trust, which evidently believes we're still in the Roaring Twenties and not 1930, throwing a huge soiree at taxpayer expense.

The source of this scoop is the celebrity website TMZ.com, which says:

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.

The shocking part is that Northern Trust has lapped up $1.6 billion in taxpayer bailout money.

Cohan adds:

I just feel sorry for Northern Trust's 450 workers who lost their jobs in December, 4% of its workforce. And did I mention the biggest suckers of all? You and me are on the hook for this LA blowout. And unless the government steps in, there seems to be nothing to stop them from partying again -- they sure must think we're fools.

© 2009 Gary Weiss. All rights reserved.