TMZ reports that a bailout bank spends millions after receiving its bailout funds from the government.  Full post here.

TMZ states, “Northern Trust flew hundreds of clients and employees to L.A. and put many of them up at some of the fanciest and priciest hotels in the city. We’re told more than a hundred people were put up at the Beverly Wilshirein Bev Hills, and another hundred stayed at the Loews Santa Monica Beach Hotel. Still more stayed at the Ritz Carlton in Marina Del Rey and others at Casa Del Mar in Santa Monica.”

TMZ goes on to report, “Now how’s this for outrage? Northern Trust laid off 450 workers in December, 4% of its workforce.”

“And here’s what’s absolutely amazing: The United States Government flat out gave Northern Trust the $1.6 billion in bailout money, and the bank didn’t even request it! ”

Personally I find this news shocking.  Although I understand the importance of advertising and how much the PGA tour gives back to charities, I do find it appalling that a bank who received funds from the US government can rationalize this lavish gluttonous behavior.  I do still believe that we can climb out from this recession but with big money being wasted like this, my faith in the overseeing of Bailout expenditures wanes.