Bailout Bank Blows Millions Partying in L.A.... this is a long one?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... |
Well, in one respect Northern Trust is correct: when the last administration handed out the TARP money, they INSISTED that every major bank in the US accept some, because the government didn't want the population to decide that some banks were bad, and others okay, based on who needed bailout money. Northern did NOT need the money, although they did need to do some budget cutting, hence the layoffs.
Another thing the last administration did, however, that made it difficult for these banks to simply "give it back" was to restrict the kind of sources the banks could use to raise the money they gave back... again, to stop them from simply accepting the cash to play along with the charade, then turn around and give it back on the quiet to avoid looking like one of the "poor" banks any longer. The "give back" rules were very strict, and even those who were in good shape couldn't meet them, at least not right away.
Now, it seems the "new" laws passed WILL allow the banks much more leeway, and the banks who don't NEED the money will be able to give it back. Let's hope Northern Trust does it, quickly, to prove their claim they never needed it in the first place.
One other thing to keep in mind: Yeah, they spent a lot of money, but money doesn't fizzle into thin air. All the people they PAID receive that money, they get to keep working, and they turn around and spend it doing something else that keeps someone ELSE working, and so on... It really is the same principle as if the government suddenly starts spending money like crazy to jump start the economy, only Northern Trust was spending the money privately.
This is very simple, Northern Trust needs to give ALL of the Bail Out money BACK, NOW. President Obama has said that he will call out any one who is misusing funds so it looks like he should get to calling. OR, they have not used Bail-out money for this affair then it appears that they are not in need of the bail out funds and should return the funds post haste.
Things have gotten to the point that we can no longer look to Gov't for help they are the problem and are vested in the problems to the point that we are their enemies. When enough people in power outside of the Gov't decide to do something about it then there will be real change. Obama, Republicans, all of them are owned by the same people they are bailing out. We are only here to feed them as they betray us.
The government will continue to let them do this sort of thing. Twenty bucks says this isn't the last story of lavish spending we will hear about. About makes you want to puke, eh?
Speaking of a long one...I have a mouthful of awesomeness, for you.
sux
