Wednesday, February 25, 2009

Frank to Bank: Give Us The Money Back

Apparently, there are bankers that still have the nerve to throw lavish parties, despite receiving bailout money. Our new loser bank: Northern Trust, which received $1.6 BILLION. 
The bank claimed that the money was for marketing and wasn't taxpayer money:
Holt also said that the sponsorship is an "integral part of Northern Trust's global marketing activities," and as with all marketing, advertising, corporate sponsorship or charitable activities, no taxpayer money was used to fund the weekend events.
The fact that banks differentiate between bailout money and other money is idiotic. If you're taking money to stay afloat, it's all the same money. That would be like me accepting welfare checks (is there such a think anymore?), putting it in my bank and then going on a vacation. Then when someone asks me: How can you spend your welfare money to travel, I'd say, I didn't. I spent my other money. Not a single dime of welfare money went to that vacation, I'd say. Do they think we're all a bunch of dumb dumbs?
Barney Frank is asking for the money that was spent:
Rep. Barney Frank, D-Massachusetts, the House Financial Services Committee chairman, is writing a letter to Northern Trust asking the bank to pay back the money it spent, according to Frank's spokesman.

"We are asking Northern Trust to repay the government the equivalent of the funds they spent on the tournament and related events," Steve Adamske of Frank's staff told CNN. Read all about it at CNN