Morgan Stanley learns from Northern Trust

February 25, 2009

Morgan Stanley, the presenting sponsor of the Memorial Tournament, was apparently paying attention on Tuesday, when Congress took to task Northern Trust for its lavish entertaining at the Northern Trust Open last week in Los Angeles.

The investment bank announced Wednesday that it would not entertain clients and executives at the event at Muirfield Village Golf Club in Dublin, Ohio, citing the economy. It will continue its sponsorship arrangement, however.

-- John Strege