Northern Trust got a cool $1.6 billion in bailout money. But that didn’t stop the bank from paying millions to sponsor a PGA golf tournament. Not only that, but TMZ reports the bank also few hundreds of clients and employees to L.A., put them up in ritzy hotels, then threw bitchin’ parties with performances by Sheryl Crow, Chicago, and Earth, Wind & Fire. Women got trinkets from Tiffany’s. They rented out the House of Blues. Your tax dollars at work!
Meanwhile, at least one bailed-out bank is loosening up the credit a bit. Bank of America, which got $45 billion from the feds, just announced a $200 million loan to . . . the National Basketball Association.
Apparently, those poor billionaire franchise owners and their millionaire athletes haven’t yet figured out how to turn sweetheart deals at taxpayer-bought stadiums into a profit.