- Wednesday, Northern Trust hosted a fancy dinner at the Ritz followed by a performance by the group Chicago [above].
- Thursday, Northern Trust rented a private hangar at the Santa Monica Airport for dinner, followed by a performance by Earth, Wind & Fire.
- Saturday, Northern Trust had the entire House of Blues in West Hollywood shut down for its private party. We got the menu -- guests dined on seared salmon and petite Angus filet. Dinner was followed by a performance by none other than Sheryl Crow.
There was also a fabulous cocktail party at the Loews. And how's this for a nice touch: Female guests at the Chicago concert all got trinkets from ... TIFFANY AND CO.
In Washington, Democratic lawmakers on the House Financial Services Committee pressed Northern Trust President and CEO Frederick Waddell to immediately return the money spent on the outing to the government.
Eighteen Democrats on the financial services panel, led by Chairman Barney Frank, D-Mass., told Waddell in a letter, "We insist that you immediately return to the federal government the equivalent of what Northern Trust frittered away on these lavish events."
The State compensates Northern Trust Corp. for providing custodial bank services, which means that the money the bank recieves from the State is earned revenue, not donated like the federal funds. As such, the State does not require Northern Trust to report on the uses of its earned revenue.
After soliciting competitive bids from multiple banks, Northern Trust has been the lowest cost provider for the past several years. The bank receives separate payments from four state agencies. The Board of Finance pays the State Treasurer's portion of the payment, which is approximately $69,000 per year.