Northern Trust Pulls AIG by Blowing Bailout Cash

Another bailout blunder has just gone down. (Fickr Images)"]
Where is your tax payer money going? Right back into the pockets of the people who screwed you over - and to add insult to injury - they're partying with it. TMZ is breaking the story that Chicago-based Northern Trust Bank, who recently received $1.6 billion in bailout money, has pulled an AIG.

Northern Trust, who laid off 450 workers in December, just hosted a plethora of huge L.A. parties and concerts with famous singers (including Sheryl Crow and Chicago) all in the name of the Northern Trust Open, which was held at the Riviera Country Club. They also sponsored the PGA event that employees were shuttled them to and from in Mercedes. The company flew out hundreds of clients and employees to L.A. and put many of them up at the swankiest digs in L.A., including the Ritz Carlton and the Beverly Wilshire.

Northern Trust also rented out the House of Blues and the Loews for private parties and gave female attendees Tiffany gift bags. They also rented a private hangar at the Santa Monica Airport for dinner, followed by a performance by Earth, Wind & Fire.

Northern Trust argues that they did not use the $1.6 billion bailout cash on the parties, but their own private funds.