Northern Trust Bank Receives Bailout Money; Throws Huge Los Angeles Party

Northern Trust received $1.6 billion as a result of U.S. government bailouts, and now it seems they have been spending that money on parties. TMZ is reporting that Northern Trust Bank has just finished spending a fortune on lavish parties and concerts in Los Angeles over the past week. Allegedly Northern Trust bank flew hundreds of clients and employees to Los Angeles and paid for them to stay in some of the best hotels that the city has to offer. This includes having hundreds of people stay in the Beverly Wilshire Hotel, one which people will recognize from the film Pretty Woman.

This is a very shocking development, as it is turning out that another bank that was bailed out with billions of dollars of American taxpayer money has turned around to party it up at the expense of everyone. It seems like every other day news is coming out that another bank has abused the system and used bailout money in order to have a good time rather than actually pay the bills they claim to be having. In an economy that is seeing thousands of people losing their jobs because their company cannot afford to keep them on payroll, it is becoming obscene to see mis-managed money like what is going on with Northern Trust Bank.

TMZ broke down the party schedule that Northern Trust apparently undertook while in Los Angeles, and it puts the typical vacation that an average American could have to shame. On Wednesday Northern Trust hosted a fancy dinner at the Ritz where the musical group Chicago performed. On Thursday, Northern Trust rented a private hanger at the Santa Monica Airport for a dinner, which was followed by a performance of Earth, Wind, & Fire. Then on Saturday, Northern Trust rented out the entire House of Blues in Wes Hollywood for a private party. The men included seared salmon and petite Angus filet. That dinner was followed by a performance by singer Sheryl Crow.

This is just the tip of the iceberg for where money was spent by Northern Trust over the past week, and doesn't even mention a gold tournament they hosted at a cost of $6.3 million. This all comes after Northern Trust laid off 450 workers in December (4% of their employees), and it is all coming on the backs of the American taxpayers. Something needs to be done quickly about the incorrect spending of bailout money like this, and Northern Trust Bank has a lot of explaining to do after spending taxpayer money on parties.

Source: TMZ