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Northern Trust CEO defends golf sponsorship

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12:55 PM ET 02.26 |

Northern Trust Corp., a recipient of $1.6 billion in federal bailout funds, defended its sponsorship of a professional golf tournament after it was criticized by members of Congress.

"We came to the conclusion that no public purpose would be served by canceling the Northern Trust Open and related events," Chief Executive Officer Frederick H. Waddell said in a letter posted on the Chicago-based company's Web site.

U.S. Representative Barney Frank and 17 other Democratic lawmakers yesterday demanded that Northern Trust pay the government the equivalent of what it spent entertaining employees and clients during the tournament, held outside Los Angeles Feb. 19 through Feb. 22. Northern Trust hosted parties and concerts that included performances by Sheryl Crow and the band Chicago, according to the Web site TMZ.com.

bloomberg.com

Frederick H. Waddell, left, with Phil Mickelson, John Lazar/AP Frederick H. Waddell, left, with Phil Mickelson, John Lazar/AP

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