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.
