When the CEO of the Northern Trust hands a little girl in a wheelchair a TV sized check for $1.8 million....that money goes into the bank account of the charity. The charity pays $0. They get a big check. That's how the PGA Tour works.
The money raised for the charity comes from the ticket sales from people who pay $100 per day to watch Phil Mickleson play.
Sponsoring a PGA Tour event fits perfectly with the Northern Trust.
BAC should be sponsoring hot dog eating contests and beer chugging events.
My family has been with the Northern Trust for over 20 years.
They had us go from 70% in stocks to 20% in stocks 18 moths ago. We sold our Citi for $36.00. We sold our BAC at $45.00. Here is a list of stocks the Northern DID NOT buy for our accounts:
WAMU, F, Fannie, Freddie, Countrywide, Lehman, Indymac, AIG, AMBAC, MBIA, GM, and any homebuilder, any automotive, and any other finacial except JPM.
It is amazing.....they stayed clear of almost every single "blow-up" stock. I assume they did this for all of their private wealth clients.
Over the last 18 months, we are down less than 10%. The average trust account is down close to 50% over that time frame.
Trust who you wish.
I'll be playing golf. :-)
Well, you and all of the other NTRS-bashers on this thread obviously don't know anything about the client base that Northern markets to. First, the golf tournament is a known 5 year contract that was begun a full year before TARP came about. Second, regardless of the economy and how it looks, a company would not back out of this at any late date because of the negative publicity. In addition, much of the revenue from the tournament funds local charities in CA. Think of the headlines of that one: Northern Trust abandons charities.
Third, you don't know how the ultra-rich that are the core of Northern's personal and client base expect to be treated. If you don't wine and dine them, they think they're not wanted. That's when they go looking for other providers. Look at past client conferences and events that Northern has sponsored over the years. There was nothing unusual here. Well, I change my mind -- Northern's execs and employees didn't participate in the golf. According to news reports, the company staff and management were all business showing up in suits and not golf apparel.
Fourth, leave to members of congress (the opposite of progress) to criticize something that they do themselves. Many of them just got back from junkets to Europe and other vacation spots with the public picking up the tabs for them and their spouses and maybe families. Go do some searches of John Kerry and Barnie Frank and see when they have enjoyed themselves at taxpayer expense.
Please look at the facts before you judge.
Yes i can , its called spending money on golf like you do in a normal economy , what i cant see is obama flying around on a 747 shutting down businesses and streets and buring 200k worth of fuel, that does not help the economy. Give me a break,,
Can someone explain to me how you can ask a simplistic question like that without knowing what the h*ll you are talking about? Do you understand anything besides the obvious surface impulses that overcome you? Moron.
The sponsorship is minor compared to the entertainment and gifts provided for the rich and famous this weekend. Sh*t will hit the fan when the mainstream media picks this up tomorrow.
First to report on this was TMZ.com...