I see where there's a big hullabaloo about Northern Trust Corp. (a bank) sponsoring the golf tournament this past weekend that was won by Phil Mickelson in fine fashion. Barney Frank and John Kerry (both Massachusetts Democrats) and 17 other Democratic congresspeople are up in arms and want Northern Trust to pay back to the government in a fine, the amount of money it cost them to sponsor this tournament. This is due to them taking TARP money last fall. Interesting.
When I was watching Rep. Frank a few weeks back grilling the bank CEOs in his congressional hearings, I wished (prayed) that when the CEOs were reading their opening statements one of them would read something like, "and Representative Frank I was happy to come to this hearing to find out the answer to this question in front of the fine American people: 'What did you mean when you said in the mid 90s, and I quote, 'i think we need to roll the dice a little more on this subprime housing.' You filthy assclown." Now that would've made some headlines, no?!?! But alas no one did. But you can bet your sweet bippy, Frank said that.
However, CEO Fred Waddell of Northern Trust did a little more polite version of that today in response to all these filthy assclowns complaining and using the word "idiotic" to describe Fred's firm. I commend "Fast Fred" on that. He basically said we didn't want the TARP money in the first place but YOU made us take it. He also went on to say in these bad economic times HEALTHY BANKS should invest in our clients and our communities. He then said that the tournament has raised $3mm for some L.A. charity. Pow Kerry and Frank.
If you take a look at the stock chart of ticker NTRS (Northern Trust Corp) the last 12 months its down 18%. Not too good. The overall market is down 45%. Citi is down 90%. Looking a little better right? I would argue if the banks on this globe were run the same way Northern Trust is, we wouldn't be nearly in the trouble we are. If these Congressional assclowns didn't have their heads up their rumps, they should be jumping up and down with glee and telling the Northern Trust guys to throw a party or tournament, EVERY FRICKIN DAY, if they want. Instead they do what they only know how to do, go for a political soundbite.
Come on people this is getting very ridiculous jumping on this petty crap. I'm afraid the problem with this administration is there aren't enough experienced former banking/Wall Street people helping out. That is certainly the case with Rep. Frank and Senator "Fredo" Kerry who haven't had a real job in their lives.That can be a problem in times like these.
One final note on this matter that I would like to ask to Mssrs. Frank and Kerry. Do you guys own wallets? What does that mean you ask? Because I dont think you fellas pay for too many lunches or dinners, do you? Guys like lobbyists take you to lunch or dinner or "invite" you to speak at black tie events? Oh, they do? That's good. Is it because they like you? Why dont you disclose how much of that you do assclowns and leave this garbage alone. Now I'm going to sponsor a golf tournament for charity and people will have fun. Keep your TARP money and your mouths shut and try and figure out the housing problems, that you, Mr. Frank, were at the epicenter of causing. Enjoy.
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