It's crazy. Everyone is up in arms that Northern Trust spent a couple of million on a golf tournament. But where is the outrage that the federal government is willing to throw another $30 billion into the sinking ship that is AIG?
If the government is going to put money into a bank (which I don't think they should), I would rather it be Northern Trust, which made a $640 million profit last year, than AIG, which lost $61 BILLION IN THE LAST 3 MONTHS!
Morgan Stanley just backed out of their golf tournament sponsorship last week under pressure from the public and the idiots in Congress. I was hoping they would do the right thing and give back the TARP money (which they don't need) and tell Congress to shove it. IberiaBank and Northern Trust already sent their TARP funds back.
I canceled my CitiBank credit card over the weekend. I want nothing to do with a bank where 36% is owned by the government, and the common-stock shareholders get screwed in the process.
