The Lotus Cars Community banner

1 - 20 of 43 Posts

·
Registered
Joined
·
3,185 Posts
Discussion Starter #1
A bank that received $1.6 billion in bailout money just spent a fortune last week in L.A. hosting a series of lavish parties and concerts with famous singers ... and TMZ cameras caught it all.


Bailout Bank Blows Millions Partying in L.A. - TMZ.com


Anybody here crash the party? :panic:
 

·
Registered
Joined
·
1,320 Posts
The more public this gets, the more likely the government will be asking them for their money back. The craziest part is this bank didn't even ask for the bailout money!
 

·
Registered
Joined
·
3,185 Posts
Discussion Starter #3
The more public this gets, the more likely the government will be asking them for their money back. The craziest part is this bank didn't even ask for the bailout money!
Congressman Barney Frank just told TMZ he is sending a letter to Northern Trust, demanding that the bank pay the government the equivalent of what it spent last week on lavish parties and concerts in L.A.

Frank, Chairman of the House Committee on Financial Services, is sending the letter on behalf of the Committee.

Frank is also asking Northern Trust to return the $1.6 billion in bailout money to the government. Northern Trust didn't ask for the money when Former Treasury Secretary Henry Paulson doled it out. The new law actually allows banks that didn't need the money to return it.

Frank also scoffed at the boondoggle, saying Northern Trust should have spent that money making loans and stimulating the economy. He called the Northern Trust Open an "ego thing" that has nothing to do with good business.

Senator John Kerry also weighed in on TMZ's story, calling Northern Trust's L.A. extravaganza "disgusting and stupid
and pathetic."

And how's this for taking a stand. Congressman J. Gresham Barrett said no comment. And Congressman William "Lacy" Clay said he was preparing for the President's address tonight -- we thought the Prez was giving the address.

Frank to Bank: Give Back the Jack - TMZ.com
 

·
Super Moderator
Joined
·
6,819 Posts
TMZ Article said:
The new law actually allows banks that didn't need the money to return it.
No ****? Really?

Some very silly stuff going on there. Why would the government have given out the money to banks who didn't want it? And, if they want the $1.6 Billion back, how would they also expect to have them pay the government the amount of money that they spent on the party in addition? What a mess.
 

·
Registered
Joined
·
9,786 Posts
As Chairman of the Finance Committee, with responsibility for overseeing Fannie Mae and Freddie Mac, whose failure he utterly failed to either anticipate or prevent, shouldn't Barney Frank have to give up his government limo?

rotfl

The only people more bankrupt than the bankers are the politicians overseeing them...
 

·
Registered
Joined
·
943 Posts
Congressman Barney Frank just told TMZ he is sending a letter to Northern Trust, demanding that the bank pay the government the equivalent of what it spent last week on lavish parties and concerts in L.A.

Frank, Chairman of the House Committee on Financial Services, is sending the letter on behalf of the Committee.

Frank is also asking Northern Trust to return the $1.6 billion in bailout money to the government. Northern Trust didn't ask for the money when Former Treasury Secretary Henry Paulson doled it out. The new law actually allows banks that didn't need the money to return it.

Frank also scoffed at the boondoggle, saying Northern Trust should have spent that money making loans and stimulating the economy. He called the Northern Trust Open an "ego thing" that has nothing to do with good business.

Senator John Kerry also weighed in on TMZ's story, calling Northern Trust's L.A. extravaganza "disgusting and stupid
and pathetic."

And how's this for taking a stand. Congressman J. Gresham Barrett said no comment. And Congressman William "Lacy" Clay said he was preparing for the President's address tonight -- we thought the Prez was giving the address.

Frank to Bank: Give Back the Jack - TMZ.com
Yeah, that should set the record straight... give the $$$ back to the government - it is THEIR money afterall.:rolleyes:
 

·
Registered
Joined
·
347 Posts
k. So banks do what we say not what we do!!

Obama fires up House Democrats to help push through stimulus bill - CNN.com

I love this quote the best:

...
""Don't come to the table with the same tired arguments and worn ideas that helped to create this crisis," the president said at the House Democrats' annual retreat in Williamsburg.
...

Oh, wait...but Frank and Kerry weren't there...were they???;) You gotta love politics. Sound bites over substance!!

By the way, Wells Fargo didn't want to take the money either, but was told that if they didn't take it now don't expect to get any if you get into trouble in the future...what would you say to that? (My crystal ball is not that good either...so you take it, right?)

Also, is anyone getting a good laugh out of the concern for fiscal responsibility now that they have spent almost $1 Trillion on the stimulus? Where was this concern a couple of weeks ago?!!!
 

·
Super Moderator
Joined
·
6,819 Posts
at the House Democrats' annual retreat in Williamsburg.
Renting a conference room at a hotel somewhere for a big meeting is quite a bit different than spending millions on lavish entertainment (though of course if the bank wasn't using public funds for it then it isn't anyone's business what they spent their own money on).

Also, is anyone getting a good laugh out of the concern for fiscal responsibility now that they have spent almost $1 Trillion on the stimulus? Where was this concern a couple of weeks ago?!!!
There seemed to be plenty of concern that the stimulus funds were going to worthwhile places while they were working on it. That's why it was trimmed down by nearly $200 Billion. This appears to be consistent to me :shrug:.
 

·
Registered
Joined
·
73 Posts
I applaud Northern Trust for their business success last year despite the economic down turn. They had net earnings of over $640 Million last year, certainly successful enough to throw any damn party they want (which provided jobs for hundreds of people in the LA area). They did not ask for 1.6B, they were forced to sell part of their company to the government in exchange for that money. Which, you (me), are profiting at the rate of ~6M a month in dividends paid on that investment.

Knee Jerk reactions are just that, the problem is that no one is really interested in looking at the facts, just the superficial details.
 

·
Registered
Joined
·
1,504 Posts
The more public this gets, the more likely the government will be asking them for their money back.
Not possible, since banksters and corp interests own and run our government.

I see the humor in it. Steal your tax dollars, facilitate the collapse of the dollar and all your savings, then throw huge parties. Might as well put up a big sign that says FU.

At no time in history has a populace been so well managed and controlled. Sure, people are a little pissed off, but as George Carlin said 'as long as people have their SUVs and cell phones that can make pancakes they'll put up with just about anything.' So what if all of this means your children will be third world economic slaves.

Like I said two years ago, Bernie (the US Economy) is dead. Just moving arms back and forth now to imitate life now.
 

·
Premium Member
Joined
·
705 Posts
All of this is ignoring the fact that many banks are not using TARP money to lend to individuals or small businesses. Many have stated that they are using this money to shore up their balance sheet which is creating zero jobs and driving zero incremental loans/revenues for the economy.
 

·
shay2nak
Joined
·
25,083 Posts
f*ckin idiots.

sh*t, bail me out b*tches. I've been trying to buy a raggedy ass house for the last 6 years.
 

·
Registered
Joined
·
1,152 Posts
I applaud Northern Trust for their business success last year despite the economic down turn. They had net earnings of over $640 Million last year, certainly successful enough to throw any damn party they want (which provided jobs for hundreds of people in the LA area). They did not ask for 1.6B, they were forced to sell part of their company to the government in exchange for that money. Which, you (me), are profiting at the rate of ~6M a month in dividends paid on that investment.

Knee Jerk reactions are just that, the problem is that no one is really interested in looking at the facts, just the superficial details.
+1
 

·
shay2nak
Joined
·
25,083 Posts
yes, I read that in the article they did not ask for the money. However, says they laid off 450 workers. Maybe that was enough for Sammy to give them money. So not entirely their fault to throw the party, but still. Bad taste. Put that money in people's pockets. A party is OK, sponsorship is OK, but not when it's overdone.
 

·
Registered
Joined
·
347 Posts
Renting a conference room at a hotel somewhere for a big meeting is quite a bit different than spending millions on lavish entertainment (though of course if the bank wasn't using public funds for it then it isn't anyone's business what they spent their own money on).



There seemed to be plenty of concern that the stimulus funds were going to worthwhile places while they were working on it. That's why it was trimmed down by nearly $200 Billion. This appears to be consistent to me :shrug:.
Take a look at this and let me know what you think now. No, it is not tens of millions, but it IS taxpayer $$s (at least the Dems. per their admission in the article), which Northern Trust's $s are not.

Faulting perks, Congress keeps some of its own - The Boston Globe
 

·
Registered
Joined
·
1,504 Posts
Party on then Garth! While middle class America is raped and unemployed it is ok that a bank made a great profit off the backs of the people. :(

Rant -

Problem: Fraudulent fractional reserve banking and money printed out of thin air by private banking cartels and loaned at interest to government(s) and taxpayers. There is no free market economy in place. Government does everything wrong (deliberately) via a crazy and inept monetary policy. Dollars printed out of thin air in the hundreds of billions or trillions until basic economics says dollar hyperinflates and is destroyed. First, of course, there will be price depressions, then the whiplash. We are in the money printing business. America finally pays for being a fake spend/consume economy, while actual producing economies like China elevate far above the West. Americas save and invest 2%; Chinese save and invest 35%. We are the parasitic tic surviving off the labors of others.

Reactions: US citizens will object when the economy really implodes, it has only started. They may or may not figure out the culprit in the collapse of the economy and the destruction of their children's future was the Fed. Most will blame the 'free market' because they are ignorant as to what is happening or 'bad times.'

Next up, nationalization of banks and major industry. Don't believe the B.O. puppet that claims that is not the case. It will happen. That is the plan. 90% tax rates. USA converts to socialist model by design. Government power grab over everything. The closest comparison is Russia 1989-90. Middle class wealth wiped out. Mild rebellion only, thanks to propaganda, docile populace, and the cooperation of churches telling their 'flock' to go along to get along.

Solution: New FIAT currency, government offering crumbs to the starving. People willing to accept crumbs, after all, they are dead broke and desperate. New currency and broader global banking and government was the goal. Broader range NAU currency or global currency gives the bankers what they always wanted. IMF/CFR runs the new union. USA ceases to exist - it may still be called that though. US/Mex/Canada as one. Not so bad, personally I have always like Mexicans and Canadians aren't that bad either. No more borders to worry about. Will miss having the fake freedoms though.

The world is sliced up into unions, most if not all with failing FIAT currencies and economic planned simultaneous collapses.

All of this is in fact an illusion since scarcity is a myth. There is plenty of food, fuel, shelter for every person on the planet 100x.

Nothing can be done at this point to stop this, there is no reason to get all worked up. We decided as a society to fall asleep, accept every ridiculous lie and deception, and let our masters take over long ago.

The great experiment is near its end. The best you can do is protect yourself on an individual basis the best you can. Accept and adapt. Party on.
 

·
Registered
Joined
·
3,185 Posts
Discussion Starter #20
I think having a party is 1 thing. Paying for Sheryl Crow and Earth, Wind & Fire to perform at your party is a whole new ballgame...
 
1 - 20 of 43 Posts
Top