You know this whole partying on the government dime thing has become a cultural phenomenon when dishy gossip site TMZ is taking pictures of bankers rather than celebrities. This time it was Northern Trust, which put on a big party in LA after sponsoring a golf tournament there. Guests were put up in fancy hotels and treated to concerns from Sheryl Crow and the band Chicago.
So, how did the bank, which took in $1.6 billion from the government explain their actions? The event wasn’t paid for by TARP money, it was other money.