March 18, 2009
By Dave Shedloski
Wolf World Magazine
Massachusetts Democrat Barney Frank, chairman of the House Financial Services Committee, blasted Northern Trust Corp. after it sponsored the PGA Tour event at Riviera CC near Los Angeles. Especially egregious to Frank was Northern Trust's expenditures on client entertainment, including dinners, swank hotels and concerts by Chicago, Sheryl Crow and Earth, Wind & Fire.
Northern Trust also drew the ire of Massachusetts Senator John Kerry, who two days after the tournament introduced S.463, a bill that prevents recipients of TARP funds from "hosting, sponsoring, or paying for conferences, holiday parties and entertainment events." A subsequent pullback by PGA Tour sponsors Morgan Stanley and Wells Fargo was predictable.
Then there's the Associated Press story from March 2 detailing the nearly weekly Wednesday social gatherings in the Obama White House. Cocktails flowed. Wagyu beef, which runs about $150 per pound, was on the menu at least once. Entertainment included—what's this?—Earth, Wind & Fire.
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