Forget Blondes, Looks Like Bailed-Out Banks Have More Fun

Excuse me, Northern Trust, but hosting a golf event (undeniably a sport for the wealthy) at the Riviera Country Club in L.A., paying for lavish parties with A-List entertainment and swag from Tiffany's and footing the bill for travel expenses and hotel accommodations for hundreds of guests with tax payer funds is not cool.

After the Chicago-based bank accepted $1.6 billion from our generous Congressional bailout, the bank decided to do some wealth spreading of its own: paying millions in sponsorship fees to the PGA and millions more on parties for its wealthy clients (most of whom Northern Trust flew in for the event).

Congressional oversight anyone? No? We're taking the banks word that it was only using the institution's "operating funds" to pay for the event. Well, Northern Trust, if you take more than a BILLION and a half dollars from Congress, it doesn't really make sense that your institution actually has disposable "operating funds." But it's likely that you might if you didn't consider spending millions on lavish parties or event sponsorships part of a bank's "operating expenses."

Shame on you Northern Trust. Shame on Congress too for handing the money over, the institutional irresponsibility rests with you equally. What's more outrageous? Northern Trust laid off 4% of its workforce in December: 450 workers.

Here are the highlights provided by TMZ:

- Wednesday, Northern Trust hosted a fancy dinner at the Ritz followed by a performance by the group Chicago.

- Thursday, Northern Trust rented a private hangar at the Santa Monica Airport for dinner, followed by a performance by Earth, Wind & Fire.

- Saturday, Northern Trust had the entire House of Blues in West Hollywood shut down for its private party. We got the menu -- guests dined on seared salmon and petite Angus filet. Dinner was followed by a performance by none other than Sheryl Crow.

There was also a fabulous cocktail party at the Loews. And how's this for a nice touch: Female guests at the Chicago concert all got trinkets from ... TIFFANY AND CO.