Northern Trust to U.S.: Thanks, but no thanks
Northern Trust, in an effort to quell the criticism it took for the expensive entertaining it did at the Northern Trust Open recently, announced that it would return the $1.6 billion the U.S. government presented it as part of a financial-system rescue plan.
The Los Angeles Times story on the matter notes: "The bank hasn't said so directly, but it most likely didn't need the capital infusion, and went along with it because the government wanted participation by healthy and unhealthy banks alike."
Northern Trust deserved better than the treatment it received from the government and media outlets. If you haven't read the analysis by Golf World's Ron Sirak on the Northern Trust controversy, you can do so here.
-- John Strege