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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: Ron who wrote (161743)	2/25/2009 10:00:09 PM
From: stockman_scott	Read Replies (1) \| Respond to of 362864

<<...Spending big bucks on sports sponsorship parties, just after laying off hundreds of employees smacks of stupidity, misplaced values and some Northern Trust honchos who need their JOBS foreclosed...>> The average American gets their news on Northern Trust from FoxNews or CNN or MSNBC or a headline in a newspaper...Yet, the typical news story has not put things in proper context. Northern Trust is a very healthy bank and was FORCED by former Treasury Secretary Paulson to take TARP money to make it appear that all the top 20 banks were not tainted...Northern Trust never engaged in the reckless subprime lending, the packaging of CDOs, etc...Northern is consistently profitable even in tough times...Yet, unlike Citi and BAC Northern Trust does not cater to the typical consumer...Northern Trust focusses on managing money for the high net worth individuals -- most of their clients have tens of millions or more under management...over 20% of the Forbes 400 does business with Northern Trust...Northern Trust has an excellent reputation in Chicago and I have some friends that work there...the Chief Economist Paul Kasriel is very highly regarded. Yet, Northern Trust spends more on entertaining since they build long term relationships with very high net worth clients -- they run seminars for these clients, entertain them, and most importantly they manage money and reduce risk for them. One of Northern Trust's execs was on a Chicago TV station this morning and discussed the small number of layoffs -- these were mostly overseas positions where they are streamlining more...U.S. employment numbers for Northern Trust are up in some regions of the country...most of the cost cuts by Northern Trust were taken care of by attrition (buyouts, early retirements, and not filling those positions). I see no problem with Northern Trust sponsoring a Golf Tournament...It's up to their management and marketing teams to decide if they want to spend extra on premium entertainment like Sherryl Crow. Northern Trust has increased their lending since receiving the funds from the government and none of the TARP money is used for their normal business or marketing operations. IMO, it's very important not to demonize all the banks...they are all different -- AIG, Citi and probably BAC would not be solvent without huge infusions of capital. Well run banks like Northern Trust are very profitable, lending money, and do not need government support to survive and thrive. Our Congressional leaders should NOT be telling ethical and successful private companies how to conduct business. -s2@JustMyView.com