.
February 24th, 2009
11:28 AM ET

Bailout bank blows millions partying in L.A.

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/08/22/art.capitol.dome.cnn.jpg]

TMZ Staff
TMZ.com

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.

Read More...


Filed under: Bailout Turmoil • Economy
soundoff (5 Responses)
  1. Luis

    Im glad theiy are spending money to hire the D.J., the catering crew, the the light crew, the chefs, the security

    thank you banks for hiring people. Don't listen to CNN. Their never going to be satisfied.

    February 24, 2009 at 7:54 pm |
  2. GF, Los Angeles

    I want to know why the bailout money was forced upon Northern Trust when they didn't need it in the first place. Our gov't sure doesn't know what to do with this bailout money.

    February 24, 2009 at 6:16 pm |
  3. nick

    you guys need to do your homework...they did show a profit..in fact, didn't ask for the bailout money. The gov't forced them to take the money and pay it back, with interest. Northern Trust doesn't lend to people that can't afford it...and to my knowledge don't own any debt, so get your facts straight before you judge...especially based by a story on TMZ which preceeded the next hot topic..Megan Fox is single....really, people....

    February 24, 2009 at 5:08 pm |
  4. Joanne Pacicca, Solvay, NY

    oh, yes, and how many of their top executives took their bonus and retired or resigned?

    February 24, 2009 at 4:47 pm |
  5. xtina, chicago IL

    Northern Trust? No way! They're a model of decorum and fiscal restraint. :/ Shouldn't Obama corral these high-living bank executives in from having any sponsorship deals such as this until they show a profit again?

    February 24, 2009 at 4:36 pm |