U.S. lawmakers demand Northern Trust repay partying money

WASHINGTON, (Reuters) – The chairman of the powerful  House Financial Services Committee and 17 other Democrats yesterday demanded that Northern Trust Corp, a bank that accepted  U.S. taxpayer assistance, repay money it spent on parties, hotel  rooms and a professional golf tournament sponsorship.

“At a time when millions of homeowners are facing foreclosure,  businesses and consumers are in dire need of credit, and the  government is trying to keep financial institutions — including  yours — alive with billions in taxpayer funds, this behavior  demonstrates extraordinary levels of irresponsibility and  arrogance,” the lawmakers said in a letter to Northern Trust Chief  Executive Frederick Waddell.

The letter was signed by Rep. Barney Frank, a Massachusetts  Democrat and head of the House’s banking oversight committee, and  by 17 other Democratic lawmakers.

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