A sponsor comes out of hiding
Morgan Stanley has reemerged on the logo of the Memorial Tournament, apparently ending its self-imposed exile in the aftermath of the Northern Trust controversy.
Once again, Jack Nicklaus' event is called the Memorial Tournament Presented by Morgan Stanley (see its website here).
When Northern Trust, sponsor of the Northern Trust Open, came under fire for having accepted TARP (Troubled Assets Relief Program) funds and still was lavishly entertaining clients at the PGA Tour event in Los Angeles, several banking institutions involved in PGA Tour events, including Morgan Stanley, chose to diminish its visibility.
In June, Morgan Stanley paid back the $10 billion it received through TARP.
-- John Strege