Citizen Fall

Northern Trust: An Insult To the Working American Public

Posted in Financial News by ryedog on February 24, 2009

At least one financial institution in this country is recession-proof.

Fresh off receiving an unrequested $1.6 billion bailout sum from the U.S. Government, Chicago-based Northern Trust bank, the sponsor of the PGA’s recent Northern Trust Open, threw a five-day rager that featured first-rate entertainment, swanky gift packages, and luxurious hotel accommodations.

The price tag? Around $6.3 million—and that’s covering just the bare bones of the company’s agreement with the PGA and CBS, which provided television coverage of the event’s final two rounds.

A spokesman for the bank told TMZ that all funds used toward the blowout came directly from operating expenses.

Isn’t there something wrong with this picture, even if Northern Trust did use cash flow to pay for its employees’ debauchery?

If the bank is doing so well and can afford to stash away the government’s billion-dollar donation, why not invest some resources back into the middle-class portion of the workforce?

How do think the 450 Northern Trust employees that were laid off in December feel right about now?

Contained within the company website is a statement proclaiming Northern Trust’s esteemed organizational culture:

It’s not enough simply to be true to our business model — at Northern Trust we believe we have greater responsibility. Recognized as one of the “World’s Most Socially Responsible Companies” by Global Finance, Northern Trust works hard to improve the quality of life not only of our clients, but also our employees and the communities we serve. We encourage community reinvestment through charitable giving, volunteering and partnerships. In 2006 alone, Northern Trust employees gave over 250,000 hours of their own time to not-for-profit organizations.

Note: “…their own time to not-for-profit organizations” means nibbling on braised salmon and guzzling Cristal from the private hangar of a Santa Monica airport.

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