[Congressional Record (Bound Edition), Volume 155 (2009), Part 5]
[House]
[Page 5987]
[From the U.S. Government Publishing Office, www.gpo.gov]




                  BANK BAILOUT BLUNDER--NORTHERN TRUST

  (Mr. POE of Texas asked and was given permission to address the House 
for 1 minute.)
  Mr. POE of Texas. Mr. Speaker, the Chicago-based bank Northern Trust 
took $1.6 billion in bailout money. But last week the bank threw a 
high-dollar party in Los Angeles. The celebration included flying in 
guests and employees to stay at the Ritz and the Beverly Hills 
Wilshire.
  The bank hosted a $6.3 million fancy golf tournament. Northern Trust 
partied all week by entertaining the rich and famous.
  Nightly concerts were held that included the groups Earth, Wind and 
Fire, Chicago, and even singer Sheryl Crow.
  One night, the bank rented the entire establishment of the House of 
Blues for $50,000 to enjoy the necessities of life.
  When it was all over, the party animals received Tiffany gift bags. A 
good time was had by all.
  Mr. Speaker, corporations can do what they want with their own money, 
but when banks take taxpayer money, they are responsible to the 
taxpayers. The bank says they didn't ask for the money. Well, if that's 
so, the bank should do the right thing. Northern Trust, give us back 
our $1.6 billion because you can't be trusted with our money.
  The bank blunder bailout loan has come due.
  And that's just the way it is.

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