Columnist Maureen Dowd's column in today's New York Times pillories Northern Trust of Chicago, as the latest big bank to have taken TARP money -- only to be subsequently found "partying like it's 1999". (Link to her article is below.)
There is a LOT of anger about out-of-touch actions such as this apparent one. At the end of the article, New York's attorney general Andrew Cuomo describes insensitive ex-"masters of the universe": "They think of themselves as kings and queens."
Likely so, in some cases. No doubt.
Link to 2/24/09 NYT article: "I Ponied Up For Sheryl Crow?" , by Op-Ed Columnist Maureen Dowd
However, I also found a few of the article's readers' comments to be enlightening. The one clipped below reminded me that (as always) there are at least two sides to every story. The comment was signed: "Dan, Los Gatos, CA"
(Note: A few additional words (apparently for Ms. Dowd) from the end of the comment are omitted. (Not enough space to copy them.)) Here's a link to the full comment.
There is a LOT of anger about out-of-touch actions such as this apparent one. At the end of the article, New York's attorney general Andrew Cuomo describes insensitive ex-"masters of the universe": "They think of themselves as kings and queens."
Likely so, in some cases. No doubt.
Link to 2/24/09 NYT article: "I Ponied Up For Sheryl Crow?" , by Op-Ed Columnist Maureen Dowd
However, I also found a few of the article's readers' comments to be enlightening. The one clipped below reminded me that (as always) there are at least two sides to every story. The comment was signed: "Dan, Los Gatos, CA"
(Note: A few additional words (apparently for Ms. Dowd) from the end of the comment are omitted. (Not enough space to copy them.)) Here's a link to the full comment.
clipped from community.nytimes.com people don't seem to understand is that the Fed DEMANDED that all major banks, Northern Trust included, accept TARP funds. It wasn't really optional. The rationale was that if only the weak banks took the TARP money, it would be a signal to the markets of who the failing banks were, decimating their stock value and potentially causing a run on deposits. Northern Trust hasn't posted a quarterly loss yet, and has one of the lowest levels of non-performing assets in the industry. This event wasn't a party for executives, but rather as a marketing event for customers (yes, it is a perk for employees who attend). Northern Trust customers aren't like most of us, but rather like our Senators and Congressmen; multi-millionaires. Their avg. customer has over $2m (excluding their home). To those people, they do expect fancy parties and concerts. Offering them is just good business. So, if banks like Northern must cease these events, then where is the outcry at other banks taking out TV ads? |
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