Golf Anyone?
March 2, 2009
In a week that saw the US citizenry declare that it's got more love for Barack Obama than Jesus Christ himself (or herself), an even more remarkable event took place: John Kerry and his buddies dragged DC, and our recovery efforts, even lower.
In case you missed it, the Senator ripped Northern Trust for sponsoring a golf event, which happens to raise millions of dollars for charity, and demanded the bank repay taxpayer bailout money spent on swanky parties. Rarely one to let facts stand in his way, Kerry said he is “sick and tired of picking up the newspaper and reading about another idiotic abuse of taxpayer money, while our country is on the brink.”
If it's any consolation, Senator, we're sick and tired of reading about idiotic politicians who don't really know of what they speak, and whose ideas to solve our problems not only often seem ill-advised but also played a large part in getting us to this point in the first place.
In fairness, some of the criticisms of our financial institutions really do fit into the category of low-hanging fruit; $1,200 trash cans and bonuses snuck through at the last minute, the way Kerry and his friends might sneak through so much pork at midnight, really is no good. But if I'm a Northern Trust exec, I want an apology.
The bank did not ask for any TARP money, but took it because the geniuses who are running the show basically told them to. No TARP money went to the cost of the tournament sponsorship. They signed the deal two years ago. Besides, NT could afford the tab on its own; the bank made better than $600 million last year and its stock has dramatically outperformed those of its peers. (Before you ask, I have absolutely no personal interest in NT, though I will plead guilty to being a golf fanatic.)
Whichever side you fall on in this debate -- I know there are people reading this now who think I'm the devil himself for backing Northern Trust -- the bigger issue is this: We're already seeing Washington's unwashed hands all over the banking system, and the ink is barely dry on the “plan.” It's going to get uglier from here.
Thomas GranahanThomas.granahan@sourcemedia.com
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