Northern Trust Golf Tournament One Small Example of Excesses That Led To Financial Crisis and Bailouts

One example of the seeds of the current financial crisis being sewn was reflected at last week’s PGA Tour event the”Northern Trust Open” … it was formerly  known as the “Nissan Open” … in 2000 and the winner’s check was a very substantial $558,000 … but 2 years ago Northern Trust (based in Chicago) became the title sponsor of what was originally called the L.A. Open … why? … because management at Northern Trust agreed to increase the total purse to astronomical $6.3 million … in a story in Bloomber.com

John O’Connell, a spokesman for Northern Trust, said in an e-mailed statement that sponsoring the golf tournament and related events “is part of a business decision regarding an annual event to show appreciation for clients.” He declined to provide details of what the company spent on the events. 

… with that kind of response it’s no wonder Northern needed bailout funds of some $1.6 BILLION from the Troubled Asset Relief Program (TARP) …. and I guess to continue to “show appreciation for clients” and … professional golfers … now I love the great game of golf … and can appreciate the talent shown by folks like Phil Mickelson … but … his payout alone makes it obvious that the officers and the Board of Directors of the Northern Trust all need to be replaced … check it out …  

1  Phil Mickelson -15 F +1 63 72 62 72 269 $1,134,000
2  Steve Stricker -14 F -4 68 66 69 67 270 $680,400
T3  Andres Romero -13 F -1 66 70 65 70 271 $327,600
T3  Fred Couples -13 F -2 67 70 65 69 271 $327,600
T3  K.J. Choi -13 F -2 66 69 67 69 271 $327,600
T6  Mark Calcavecchia -12 F -2 70 69 64 69 272 $203,962
T6  Rory Sabbatini -12 F -1 68 67 67 70 272 $203,962
T6  J.B. Holmes -12 F -3 73 67 64 68 272 $203,962
T6  Luke Donald -12 F -3 66 69 69 68 272 $203,962
T10  Scott McCarron -11 F E 64 68 70 71 273 $157,500
T10  Brendon de Jonge -11 F -4 69 70 67 67 273 $157,500
T10  Dustin Johnson -11 F -1 66 70 67 70 273 $157,500

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