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 …
|T10||Brendon de Jonge||-11||F||-4||69||70||67||67||273||$157,500|