You know it’s bad when entertainment blog TMZ breaks a story on a bank blowing millions on a party after it received $1.6 billion in bailout funds, which is exactly what happened to Chicago bank Northern Trust.
The bank not only spent millions sponsoring a golf open at the Riviera Country Club in Los Angeles, it flew hundreds of clients and employees to LA, put them up in some of the fanciest hotels in town (including the Ritz), treated them to swanky dinners, hosted a private concert by Chicago (because they are a Chicago-based bank, of course) rented a hanger for a private concert with Earth, Wind, and Fire, rented out the House of Blues for another fancy dinner and a private concert with Cheryl Crow, and gave female guests trinkets from Tiffany and Co.
For it’s part, the bank claims that it is all part of the normal course of business, and that it is doing fine financially. It did, however, lay off 450 workers (4% of its workforce) in December. No word of whether laid-off employees were invited.