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
3 Comments
coach outlet online coach outlet louis vuitton uk louis vuitton coach outlet online coach factory outlet coach outlet coach outlet store online louis vuitton sale louis vuitton outlet coach factory outlet coach factory online coach factory outlet coach factory outlet online louis vuitton uk louis vuitton coach outlet online coach outlet coach outlet store coach outlet store online coach bags coach outlet store coach outlet coach outlet store online hermes birkin hermes bags gucci uk gucci uk sale louis vuitton outlet louis vuitton bags
Posted by: CHEN M | January 14, 2012 3:06 AM
packers jersey, Aaron Rodgers Jersey,Clay Matthews Jersey,Aaron Rodgers White Jersey I just see a team Ryan Grant White Jersey that is beat up, A.j. Hawk White Jersey banged up, and poorly coached. Clay Matthews White Jersey In every loss this Aaron Kampman White Jersey season, the Cowboys Donald Driver White Jersey have beat themselves. Clay Matthews White Jersey Tony Romo looks gun shy, Greg Jennings White Jersey and who could blame him? Jermichael Finley White Jersey He is playing B.j. Raji White Jersey with broken ribs.
Posted by: kaijili e | November 14, 2011 3:50 AM
Today,the uggs on sale was a famous Australia brand,and the world most famous brand of uggs for sale.Every fashion people want to own them.Now,our uggs outlet decided to put the UGGS ON SALE with 68% off.All kinds of 100% authorized Australia sheepskin uggs online,looking for lastest style,lower prices with top quality ugg boots,uggs sale now! dawfaf
Posted by: wz w | October 22, 2011 2:01 AM
Add Your Comments...
Already Registered?
If you have already registered to Money Management Executive, please use the form below to login. When completed you will immeditely be directed to post a comment.
Not Registered?
You must be registered to post a comment. Click here to register.