Truth & Rumors > Golf

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
February 26, 2009  12:59 PM ET

Sponsoring a golf tournament is not going to affect the taxpayer

February 26, 2009  01:48 PM ET

This is unreal.

Waddell should be fired.

Throwing away taxpayer money, bailout money no less, at a time like this on parties.

Waddell should have his throat...

February 26, 2009  02:48 PM ET

If your company makes a deal with the devil (Obama and his comrades) you are going to be held accountable. The Anointed One is going to screw and control all the companies that took the money just like a true socialist would. Give back the money and you can have sponsor all the golf tournaments and lavish customer parties you want.

February 26, 2009  04:13 PM ET

Everyone involved with mis-used funds is going to get beat up. Trust me. It's only a matter of time.

Waddell will be one of the first to go.

February 26, 2009  06:27 PM ET
QUOTE(#1):

Sponsoring a golf tournament is not going to affect the taxpayer

Sure it is. Where do you get your crack from?

It's garbage like this that's going to get people shot if it keeps up. Viva la revoluci??n!

February 26, 2009  06:27 PM ET
QUOTE(#6):

Sure it is. Where do you get your crack from?It's garbage like this that's going to get people shot if it keeps up. Viva la revoluci??n!

revolucion...jeez.

February 26, 2009  09:43 PM ET
QUOTE:

Yeah. This move demonstrates poor corporate financial stewardship.
.....
Call me a crazy old blind dame.

Good one pager at the the Times on this particular event. Casts in a different light:
I Ponied Up for Sheryl Crow?
http://www.nytimes.com/2009/02/25/opinion/25dowd.html

And to all you blind ladies out there: do not despair! The are plenty of guys who aren't so handsome, who don't have a refined sense of fashion, who decorate with movie posters and empty pizza boxes and love a good listener who won't rummage through the bathroom cabinets. You've got it goin' on!

February 27, 2009  05:31 AM ET

Barney Frank ought to shut his polesmoking mouth. Him and his cronnies got this country in the trouble were in and now he wants a little corprate money back. He should be removed from office ASAP

February 27, 2009  08:19 AM ET

Ohh Barney.....

Told the bankers hey you guys!!
Make the loans or it???s your behind,
My friends at Fannie sure need it,
Do it my way or beat it,
Why are the stocks crashing?

That doesn???t mean a thing.
I???m still the banking queen.
Never spanked for a single thing.
Banking queen.

Don???t complain or you???ll hear me scream oh yeah.


You can build,
You can buy,
Any house your heart desires!

Oo, zero down
Financing
I am the banking queen!!!

February 27, 2009  08:47 AM ET
QUOTE(#10):

Barney Frank ought to shut his polesmoking mouth. Him and his cronnies got this country in the trouble were in and now he wants a little corprate money back. He should be removed from office ASAP

Just how do you figure that?

Barney Frank got this country into trouble?

Where have you been the past eight years? On the Antarctic?

Put down the bong and give it back to Phelps. You're not kidding anyone but yourself.

February 27, 2009  09:04 AM ET

Actually Jon, the Democrats were the ones that passed laws forcing banks to offer mortgages to low-income high-risk families...being the party of pandering and all. The Democrats created Fannie and Freddie to push this agenda....and now ten years later their chickens have come home to roost. Who was that the front of that push back in 1998? BARNEY FRANK...do your research before you offer your kneejerk reaction to Bush, please.

February 27, 2009  09:41 AM ET

[IMG]http://www.threadbombing.com/data/media/15/bill%20murray%20you%20suck .jpg[IMG]

February 27, 2009  10:36 AM ET
QUOTE(#13):

Actually Jon, the Democrats were the ones that passed laws forcing banks to offer mortgages to low-income high-risk families...being the party of pandering and all. The Democrats created Fannie and Freddie to push this agenda....and now ten years later their chickens have come home to roost. Who was that the front of that push back in 1998? BARNEY FRANK...do your research before you offer your kneejerk reaction to Bush, please.

Are you serious?

With the gloves off approach the last eight years and companies from Dell to GM outsourcing every job they have with the good graces of the Bush administration, and Bush and Dad selling America down the river? Go to your local gas station if you need an example.

Your going to stand there and tell me the Dems did it?

My friend, you need to stop watching the mind-**** news at Fox.

They have one agenda on that news program. Convince stupid people that Republicans are saints and the dems are satan.

Once you've learned that you'll be able to see a little more clearly.

February 27, 2009  11:45 AM ET
QUOTE(#6):

Sure it is. Where do you get your crack from?It's garbage like this that's going to get people shot if it keeps up. Viva la revoluci??n!

I take it you are not familiar with Sarcasm

February 27, 2009  03:37 PM ET
QUOTE(#5):

Everyone involved with mis-used funds is going to get beat up. Trust me. It's only a matter of time.Waddell will be one of the first to go.

Really? Well then we might start beating up all of congress...because they've been MISUSING our funds since 1777.

What a joke.

 
February 28, 2009  12:30 AM ET
QUOTE(#8):

I Ponied Up for Sheryl Crow?
http://www.nytimes.com/2009/02/25/opinion/25dowd.html

Certainly a responsible firm has a duty to increase its visibility to potential customers through prudent advertising. Is sponsoring a PGA event prudent advertising? That question is really morphed into how should the event be sponsored responsibly?

When you read the article, you see that the upper tier managers at Northern Trust spared no expense at lavishing themselves. That is the issue. Not so much the display of corporate logos or funding of prizes. Ms. Dowd wonders in just one instance, why a dinner at the Ritz Carlton with a performance by Chicago for $100K was needed. After all, it looks like Bank of America is going to have to forgo the sponsorship of Yankee stadium. What is necessary for corporate survival?

I've worked in corporate cultures and the people at the top often seem to have a shocking sense of entitlement. That isn't mixing well government backing. When us working Joes go on unemployment, we have to make drastic cutbacks to survive until our next job. Corporations should consider austerity too.

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