Northern Trust taken to task on lavish parties

Chicago-based Northern Trust , which has received $1.6 billion in federal bailout money, spent millions on lavish parties in Los Angeles last week connected to the PGA's Northern Trust Open, TMZ.com reported ... Full Story
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Crimson Dynamo

Taylorsville, NC

#410 Feb 26, 2009
Bob Dylan wrote:
<quoted text>
Crimson - To honest, I have a hard time following your diatribe. Below is the link to NT's Q4 earnings release issued on January 21st of this year. It shows they made $1.47/share in Q4 vs $.55/share in 2007. There earnings per share were also up 7% year over year and that includes a considerable charge in the 3rd quarter for one time charges. They made money in both years!
I know the head of the SEC resigned, I also know that it is still not impossible for a company to hide losses. It is just a lot harder, and more expensive, to do it since Sarbanes-Oxley was implemented few years ago. Since you didn't address this part of my first post, I will assume you have no idea what I am talking about. I suggest you go look it up.
Lastly, I didn't say you couldn't make an accusation. You just make yourself look stupid when you have absolutely no idea what you are talking about.
http://www.northerntrust.com/pws/jsp/display2...
What part of what I said is difficult for you to understand?
So what if NT's earnings show that they made a profit??? SO WHAT? Did not ENRON show THEY were making a profit...until all their employees except the CEO and CFO and a few other thieves take it all???
So in your mind the public is supposed to believe that since Sarbanes-Oxley was implemented we are good to go?
A December 21, 2008 Wall Street Journal editorial stated, "The new laws and regulations of the Sarbanes-Oxley Act of 2002 have neither prevented frauds nor instituted fairness".
Northern Trust, which received and accepted $1.6 BILLION represents and promotes an unsavory management style in today's economy.
Again, I encourage everyone to MOVE their earnings and holdings to another institution that promotes better citizenship than that of Northern Trust.
I hope you understand this post...if not please read slower.
KGH

Ashburn, VA

#411 Feb 26, 2009
Smiley wrote:
Well, whether they had to take the bailout money or not or whether they needed it or not, is not really the issue here in my opinion. It's bad PR to be seen throwing lavish parties when a lot of Americans are struggling, losing their homes, losing their jobs. It's especially bad PR when those people are aware of the bailout money you received. Any intelligent person should know this would look bad and give the bank some unecessary negative attention. Canceling the party would have made for great PR and would have earned you some respect from the community and much needed confidence in a banking industry that is clearly lacking it at this present time. And to say they are managing well because their stock was only down 14% is somewhat ludicrous. Seriously? Down is down not matter the amount. Justifying it by saying others went down more is simply ridiculous. I am sure the money spent partying could have been used for better purpose in this economy and this mess we are in. It is clearly once again further mismanagement and lack of responsibility and accountability that has been going on for so long and got us into this mess in the first place and there is no end in sight apparently.
Cancelling the party would have cost them more for not sticking to thier contract. When will people understand? They spend money to make money. Lavish, maybe? But you don't invite a billionaire to stay at Motel 8 and give them a brown bag lunch. Did you see any of the executives in golf clothes? oh yeah, they weren't. They were entertaining clients... Nothing more.
Get over it.
MinisterR

Oak Forest, IL

#412 Feb 26, 2009
This will be the last time I reply to you.

What does it have to do with NT? NT did not want/need or ask for the money that you and other idiots say obligates them to act the way you want them too. They were forced to take the money.

The article I posted (one of at least 10 out there) helps explain that to you but you didn't read it or you couldn't understand it. If you really want to know how NT got the money and how they resisted taking it like many many other financial institutions then you need to be open to doing some thinking outside of your own cave.

Finally as has been repeated over and over and over and over and over again, NT did not use tax money for the contract they signed back in 2007 ref the golf tour.

People like you with the inability to see more than "your" side of a situation have and continue to keep this country down GET OUT!!!

- Signed 15 year Navy vet, father of 2, husband, small business owner, property owner, minority, never voted straight ticket or party, born and raised in South Shore/Hyde Park.
george watson wrote:
<quoted text>
What does this have to do with Northern Trust?(BTW, Citigroup is one of those "dead banks walking.")
MinisterR

Oak Forest, IL

#413 Feb 26, 2009
Person of good will, you? Not with the vitriol you spew. If you were actually not aligned with any party you wouldn't continue to keep referencing the one you hate.

See the difference between you and I is you will never read me specifically say one party or view is better than another because that is true independence and proof of varied thought. I actually see the many views as a chance to really bring out the best idea as is done in brainstorming sessions.

Every post you have written attempts to insult someone or some group.

- Signed 15 year Navy vet, father of 2, husband, small business owner, property owner, minority, never voted straight ticket or party, born and raised in South Shore/Hyde Park.
george watson wrote:
<quoted text>
You again. I am aligned with ideas and people of good will toward others, not to "parties" which are really two sides of the same coin. As it is, I don't see any Republicans doing anything - Jindal the other night was an embarrassment to the nation, but an absolute mortification to the Republican party - about anything. Just like Bush (who's probably drunk now 24-7). What this country thrives on is ideas, dynamism, and a "roll up our sleeves, let's get on with it" attitude. That's what we need now, not dead Republican ideology.
John D

Damariscotta, ME

#415 Feb 26, 2009
Are there any law firms organizing class action suits against the likes of Northern Trust? Its spending -- particularly in times like these -- appears to be a misuse of TAXPAYER as well as SHAREHOLDER dollars. I believe that the facts about NT's spending should be looked at by an objective, independent group -- and maybe a court of law. The Boards of these banks should be held legally responsible.
John D

Damariscotta, ME

#416 Feb 26, 2009
REeading your comments, it appears that it's okay for a bank to "spend big money to make big money" and even more so if they spend taxpayer dollars "thrown at them" without really asking for it. I believe these groups do their shareholders AND taxpayers harm. And, no, I don;t invest in NT stock so it can spend millions on golf games (or is Tiger Woods a client??). Common, folks -- this is precisely the crazy thinking and "irrational exhuberance" that got us into this Depression to begin with!
MinisterR

Oak Forest, IL

#417 Feb 26, 2009
Has anyone here ever taken unemployment benefits? Social Security? Any government subsidized assistance? How about tax credits for your kids, home or business? Any assistance from not for profits or religious institutions?

Then you better not be eating out, have a cell phone, going to the movies, or anything else until you repay that money.

You took money you have by default agreed to be scrutinized and chastised for your financial behavior until such time you pay that money back.

- Signed 15 year Navy vet, father of 2, husband, small business owner, property owner, minority, never voted straight ticket or party, born and raised in South Shore/Hyde Park.
an andersen alum

Orland Park, IL

#418 Feb 26, 2009
John D wrote:
Are there any law firms organizing class action suits against the likes of Northern Trust? Its spending -- particularly in times like these -- appears to be a misuse of TAXPAYER as well as SHAREHOLDER dollars. I believe that the facts about NT's spending should be looked at by an objective, independent group -- and maybe a court of law. The Boards of these banks should be held legally responsible.
I'm not sure I understand your point...class action suit for what? legally responsible for what? first - as has been mentioned too many times to count on this forum - this event was from the profits of the bank not the governments money.... if you are a stockholder in the northern trust and have a problem with the way they spend their money then by all means take it up with the bank - but if you aren't a stockholder than what business is it of yours or any other non stock holder how they spend their profits... this bank wasn't bailed out... I think many people are missing that point... it scares me to see how quickly people react when the news media doesn't do a good job of presenting all the facts... perhaps the Trib can do some real reporting and present a more balanced account of this event and how it was paid for and how the northern trust is handling the money the government gave them (and believe me I bet they wish they never took it - and even if they wanted to give it back our lovely, ever prepared government has no process in place for repayment of this money)- i don't work at the northern trust - i don't even know people who work there - i just remember my days at arthur andersen (a great company) and how the news media demonized all of us after the enron scandal... i believe the news media is doing that again to a very solid, conservative bank.... Barney Frank is really not the person to be leading this attack given his background... everytime I read his note it makes me sick that he could write such statements without first checking the facts... he just wanted the publicity... I know everyone is mad about our economic situation - its sucks - but attacking without all the facts isn't helpful... there... that is my two cents...
Bob Dylan

United States

#419 Feb 27, 2009
John D wrote:
REeading your comments, it appears that it's okay for a bank to "spend big money to make big money" and even more so if they spend taxpayer dollars "thrown at them" without really asking for it. I believe these groups do their shareholders AND taxpayers harm. And, no, I don;t invest in NT stock so it can spend millions on golf games (or is Tiger Woods a client??). Common, folks -- this is precisely the crazy thinking and "irrational exhuberance" that got us into this Depression to begin with!
John - I don't want to scare you, but almost any company does some form of entertaining to attract clients. If you really believe that this should be investigated legally, when no laws have been broken, then this will be my last response to you. The discussion will not be worth it.
george watson

Chicago, IL

#420 Mar 1, 2009
Bob Dylan wrote:
<quoted text>
John - I don't want to scare you, but almost any company does some form of entertaining to attract clients. If you really believe that this should be investigated legally, when no laws have been broken, then this will be my last response to you. The discussion will not be worth it.
Well, guess what, Bob. This is a strange new world of greater limitations. Business people not only do not use public moneys for private benefits, but also have to reload mentally and wake up to the fact that excess in any form is no longer part of the deal. Like all sybarites everywhere, it seems as if the greedy want to continue to spend until they die.(They remind me of the Louis XIV and Marie Antoinette, who couldn't for the life of them understand why the French would want to rebel.) Let me put this as simply as I can: NO MORE ENTERTAINMENT, ESPECIALLY USING PUBLIC MONEYS. Is that clear enough?
george watson

Chicago, IL

#421 Mar 1, 2009
MinisterR wrote:
This will be the last time I reply to you.
What does it have to do with NT? NT did not want/need or ask for the money that you and other idiots say obligates them to act the way you want them too. They were forced to take the money.
The article I posted (one of at least 10 out there) helps explain that to you but you didn't read it or you couldn't understand it. If you really want to know how NT got the money and how they resisted taking it like many many other financial institutions then you need to be open to doing some thinking outside of your own cave.
Finally as has been repeated over and over and over and over and over again, NT did not use tax money for the contract they signed back in 2007 ref the golf tour.
People like you with the inability to see more than "your" side of a situation have and continue to keep this country down GET OUT!!!
- Signed 15 year Navy vet, father of 2, husband, small business owner, property owner, minority, never voted straight ticket or party, born and raised in South Shore/Hyde Park.
<quoted text>
NOBODY FORCED THEM TO TAKE THE MONEY, YOU G oDamn ed IDIOT.

Signed 35 year veteran of possessing a brain, can actually use it, born to and raised by parents who cultivated intelligence in their children, and someone who doesn't believe that all that c rap you put when you sign off matters one whit. It's ridiculous. Why don't you stop?
Tom Wells

Munster, IN

#422 Mar 1, 2009
Too much of our "economy" and "growth" has been fostered by waste, based on the artificial value of "depreciation" creating a "need" for more new
production, and throwing away tremendous value in the belief we can squander our way to prosperity.

Many times, while walking through auto junkyards, finding parts for my old cars, which I am still squeezing the value out of to make ends meet, I'll see a car 2 or 3 years old, not smashed, burned, or visibly damaged in any way.
I walk around it, and wonder, "WHAT ...possibly could be the reason here that someone has thrown away so much value?" If it needs a new drive train, installing one even at say $5000, the overall value to everyone in doing so would be a more stable and better balanced economy than
the easier choice most Americans take.

Until we begin to appreciate and make best use of the value inherent in our labor, and that of others, we will be stuck in this mess.

An economy founded in waste, reinforced by sanctioned tax writeoffs and irresponsible depreciation is unsustainable.

Excuse me, I must get back to repairing a
video casette recorder! We can't afford to buy a newer, more cheaply built one until we are absolutely sure the old one can't be repaired.
Thankfully I did not invest my time in
a marketing degree but instead an electronics degree, which permits me to cause actual APPreciation in real values.
Bob Dylan

Chicago, IL

#423 Mar 1, 2009
george watson wrote:
<quoted text>
Well, guess what, Bob. This is a strange new world of greater limitations. Business people not only do not use public moneys for private benefits, but also have to reload mentally and wake up to the fact that excess in any form is no longer part of the deal. Like all sybarites everywhere, it seems as if the greedy want to continue to spend until they die.(They remind me of the Louis XIV and Marie Antoinette, who couldn't for the life of them understand why the French would want to rebel.) Let me put this as simply as I can: NO MORE ENTERTAINMENT, ESPECIALLY USING PUBLIC MONEYS. Is that clear enough?
Gee George - I bet the businesses based in every other industrial country in the world would love that. Then they would get the rest of the jobs that have left this country. Do you know the number of jobs that would be lost in this economy if that were the case?

Please take a lesson in economics.
MinisterR

Oak Forest, IL

#424 Mar 2, 2009
I really do feel sorry for you. I really do. You really need to be careful life has a strange way of teaching people like you extremely hard lessons.

The government has admitted they forced major banks in the country to take the money. They may not have actually said "we forced/coerced them" but what they did say was "You are not leaving this room until you sign" and that is a quote. I have already posted the links supporting this will you go out and really look at them? Or do your own research?

I am so irrelevant to you you posted in response and with anger and insult. Why don't you exercise that brain of yours and ignore me next time. Show your superiority and restraint.

- Signed 15 year Navy vet, father of 2, husband, small business owner, property owner, minority, never voted straight ticket or party, born and raised in South Shore/Hyde Park.
george watson wrote:
<quoted text>
NOBODY FORCED THEM TO TAKE THE MONEY, YOU G oDamn ed IDIOT.
Signed 35 year veteran of possessing a brain, can actually use it, born to and raised by parents who cultivated intelligence in their children, and someone who doesn't believe that all that c rap you put when you sign off matters one whit. It's ridiculous. Why don't you stop?

Since: Sep 08

Elkhart, IN

#425 Mar 2, 2009
I guess I would have a little more respect for all these histrionics if the Obama Campaign and the DNC would just pay the bill they owe the city of Chicago for the election night party in Grant Park. Talk about excess!
george watson wrote:
<quoted text>
Well, guess what, Bob. This is a strange new world of greater limitations. Business people not only do not use public moneys for private benefits, but also have to reload mentally and wake up to the fact that excess in any form is no longer part of the deal. Like all sybarites everywhere, it seems as if the greedy want to continue to spend until they die.(They remind me of the Louis XIV and Marie Antoinette, who couldn't for the life of them understand why the French would want to rebel.) Let me put this as simply as I can: NO MORE ENTERTAINMENT, ESPECIALLY USING PUBLIC MONEYS. Is that clear enough?
Beach Baby

Melrose Park, IL

#426 Jun 28, 2012
Anthony wrote:
Nick Keseric of Northern has swindled tens of millions of dollars from Northern in his career there along with tens of millions of other dollars spent on things like this. I don't know how he keeps getting away with it.
Anthony must have lost his job with Northern Trust or doesn't know what slander is. Keseric left NT in 2007 so he still isn't "getting away with it."
ludivina

Los Angeles, CA

#427 Jun 28, 2012
Anthony must have lost his job with Northern Trust or doesn't know what slander is. Keseric left NT in 2007 so he still isn't "getting away with it."
MFN

Chicago, IL

#428 Jan 10, 2013
Anthony wrote:
Nick Keseric of Northern has swindled tens of millions of dollars from Northern in his career there along with tens of millions of other dollars spent on things like this. I don't know how he keeps getting away with it.
Anthony, Curious to know how you know this. I actually looking into that individual on an unrelated issue. private message to nolanm at consultant dot com . Would appreciate it.
Sonia Lynch

Miami, FL

#431 Apr 3, 2013
Northern Trust is a sneaky Bank. Treating their employees poorly with low wages and overloading them with work. They discriminate against their employees and promote based on favortism. While the head honchos get million dollar salaries. The president of the bank Ed Joyce is an idiot. So the next time you walk into Northern Trust remember it's all a show. They are a joke ! Don't put your millions in this bank. They are disgusting!

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