Northern Trust Scrutinized for PGA Tour Sponsorship
by Ryan Ballengee on Feb 24, 2009 5:13 PM EST
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PrintThe Associated Press is reporting that Northern Trust - sponsor of last week's PGA Tour event at Riviera - is coming under heavy fire for their involvement with the event and the amount of money they spend to bring and host employees and other VIPs. They are receiving this scrutiny because they have received a portion of the $700 billion in TARP money.
More from the AP:
The bank also hosted dinners and concerts for clients and employees who attended the weeklong event. A report by entertainment Web site TMZ said Northern Trust flew in hundreds of employees and clients for the event, putting them up at fancy hotels throughout the area and hosting dinners and concerts throughout the week of the tournament.
The events are part of the bank's global marketing activities and are focused on showing appreciation for clients and attracting new business, said Douglas Holt, a spokesman for Northern Trust.
Northern Trust became the title sponsor for the event in 2007, about a year before it received federal funds as part of the bank investment program, Holt said. It has a five-year contract to sponsor the event.
The scrutiny comes despite Northern Trust's claim that it did not need or want the federal bailout money because it has been profitable throughout the financial mess.
"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," Northern Trust spokesman Doug Holt said.
In Washington, there are calls for Northern Trust to repay the expenditure for the event back to the federal government. Barney Frank and John Kerry lead that charge.
Interesting that these calls are being made on Northern Trust and not on Chrysler or FBR. Chrysler has received a multi billion dollar bailout loan and is asking for more. (MORE?!) FBR's stock is basically on lifeline in the midst of the crisis.
Why the selective criticism?
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How come nobody is asking the right questions ?
Oh yeah – because they would have to be pointed at The Messiah, Chairman Mao-bama. Northern Trust didn’t want the TAXPAYER MONEY (remember – the government doesn’t actually HAVE any money unless they get it from the citizens) at first – but they were convinced to take it. Another move by the federal government to take over financial institutions.
BIG mistake. The last place a private company should be is under the thumb of the government. This is bad – very bad.
Now they are free to undermine the leadership at Northern Trust. They are not long for the free market.
"this ball will fit in that fairway"
Let me fix that for you...
“(remember – the government doesn’t actually HAVE any money unless they get take it from the citizens)”
by Double Eagle on Feb 24, 2009 10:40 PM EST up reply actions
Some Facts
- Northern Trust received bailout money from the BUSH ADMINISTRATION.
- Northern Trust applied to be the financial institution managing the bailout money in October of last year, BEFORE THE ELECTION.
- Northern Trust laid off 450 people AFTER GETTING THE BAILOUT.
I haven’t seen credible complaints about sponsoring the tournament — that was a contractual obligation. The issue people seem to be having is the over-the-top “entertainment” provided by the company during the event.
Some of you have been conned. The so-called “free market” is not your friend and government intervention and taxes are not your enemies. Unregulated capitalism leads to fascism.
Truth has a well-known liberal bias.
Apparently...
…unbridled socialism does too. Because it’s what led to the bailouts in the first place. This nation has not seen unregulated capitalism since the Constitution was ratified. We’ve never in our lifetimes seen an example of capitalism run amok. We’ve seen bad business and stupid regulation, but capitalism has never been allowed to run freely.
by Double Eagle on Feb 25, 2009 11:59 AM EST up reply actions
I get it...
No-bid contracts, gutting bank regulations and refusing to enforce those that remained, and ensuring the economic playing field tilted toward the wealthiest is unbridled socialism. The republicans who ran congress for 12 years and George W. Bush deserve to be seated at the table with Marx, Stalin, Castro and Chavez, don’t they?
Socialism and fascism are polar opposites. They can’t coexist within the same system.
Truth has a well-known liberal bias.
???
that was a neat trick – where did the fascists get in there ?
“no bid contracts” ? you can’t focus on one set of these contracts – they are all over the place – even worse, democrats take bids, then remove bids from white contractors even if they are the lowest bid. here in Atlanta, that system has cost tens of millions when the “minority” contractor screws up the job or doesn’t finish the work and someone else has to come in and fix the problem.
“gutting bank regulations” ?? get your facts straight – the banking regulations that have caused these problems were taken apart under Carter and Clinton.
The Republicans turned into Democrats and forgot the pledges they took to shrink government – but your argument boils down to two wrongs making a right.
"this ball will fit in that fairway"
The only thing I know about Atlanta is that if I never have to change planes at that airport again it will be too soon.
You guys always say “Carter and Clinton,” but the fact is that during the Bush administration banks and other financial services corporations engaged in unscrupulous behavior that administration agencies (SEC, FDIC, Federal Reserve, among others) were charged with regulating. They did not do so.
If Republicans had turned into Democrats, John Kerry would be in the second month of his second term.
Truth has a well-known liberal bias.
never mind...
…if historical facts have no affect on you – then the argument is a waste of time. you are pointing at results – not where the problem began.
by the way – Barney Frank and Christopher Dodd are democrats. start there.
and John Kerry is a kept man and a henpecked fool – he made that abundantly clear.
"this ball will fit in that fairway"
You obviously have resources for historical facts that I don’t have.
Truth has a well-known liberal bias.
yes..
…the congressional record…or any reputable newspaper that covered Clinton in 1999-2000 when they started forcing banks to give loans to people who wouldn’t pay them back because der Shlickmeister decided that owning a house was a constitutional right. all of a sudden, “health care” became a right, as well.
you really do need to pick up a copy of The Communist Manifesto. it’s pretty enlightening on this strategy.
"this ball will fit in that fairway"
In fact they can
One of the primary characteristics of socialism is central government planning of the economy, banking, and the means of production. Virtually any fascist system you can point to from the last 100 years features that.
And don’t look to me to defend GWB. He contributed to this mess by acting like a Democrat.
by Double Eagle on Feb 25, 2009 12:34 PM EST up reply actions
Benito Mussolini: "Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power."
Truth has a well-known liberal bias.
Clever Quote
Whether that quote is actually attributable to him is debatable, but let’s say he said that. I’m sure that’s how he tried to sell it to the people (the ones that hung him in 1945, I might add). However, a “merger of state and corporate power” can hardly be called a “merger” as much as a “takeover”. Refer to the now-defunct USSR for an example of state-run business. The “corporate” aspect is completely lost in that scenario because the corporation then simply becomes a government agency.
Capitalism, by definition, has no capacity for evil because it is an economic system, not a value system.
by Double Eagle on Feb 25, 2009 2:39 PM EST up reply actions
well that says it all...
…quoting a fascist – and a coward – good choice. Psst – it’s never a good idea to let the bad guy decide what to call himself – he will ALWAYS twist words to make himself sound like the good guy.
"this ball will fit in that fairway"
To their credit...
…Chrysler deemphazied their involvement in the Bob Hope, even asking that their name be removed from the title just weeks before the event. That said, give ’em hell, Mr Frank! (and no, Mr Frank is not MY representitive, but at times like this I am glad he is representing a part of my home Commonwealth of Massachusetts in DC)
Kevin
Note to Northern Trust Company Good Government Committee
Give a little money to banking committee members in both houses next election cycle.
Meetings Mean Business
OK, I agree elected officials should not be sunning themselves in the Caribbean at the taxpayer’s expense, but not every business meeting is boondoggle! Events, meetings and travel can be strategic cost effective ways to retain and develop employee talent, build engagement, generate ideas, and share knowledge that drives business growth. As a professional meeting planner, I see it every day.
Unfortunately, because a few executives displayed poor judgment by hosting flashy gatherings while receiving TARP funds, the meeting industry’s reputation has taken a significant hit.
According to the U.S. Travel Association, meetings and events are responsible for 15 percent of all travel spending and generate more than 1 million jobs and nearly $40 billion in tax revenue. Our industry does not deserve to become the sacrificial lamb of this recession.
Face-to-face meetings and idea sharing can help move this country forward. Given a chance, professional meeting planners can help their clients make responsible decisions and host events that generate significant ROI. I hope our government leaders will take this into consideration before passing any legislation that stifles this growth and further damages a viable industry.
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