EXCLUSIVE-Senator Kerry targets bailout bank over golf soiree
February 24, 2009: 01:49 PM ET
WASHINGTON (Reuters) - A senior Democratic senator said Tuesday he will introduce a bill to end "the extravagant spending practices of U.S. banks" after reports that Northern Trust Corp, which got taxpayer bailout money, last week threw lavish parties around a California golf tournament.
"I'm sick and tired of picking up the newspaper and reading about another idiotic abuse of taxpayer money, while our country is on the brink," Sen. John Kerry, a Massachusetts Democrat, said in a statement released to Reuters.
Kerry plans to introduce legislation targeting banks that received taxpayer assistance under the government's $700 billion Troubled Asset Relief Program (TARP).
Northern Trust received $1.6 billion under TARP, according to the Kerry statement. A spokesman for the bank did not immediately return telephone calls seeking comment. (Reporting by Kevin Drawbaugh; editing by Jeffrey Benkoe)
So, John Kerry of all the Senators is going to go after the banks for extravagant spending. First, who is defining "extravagant?" What is "extravagant?" Next, who is HE to tell a bank what is extravagant. Look at how he lives!
If anyone should be targeted for extravagance is Congress with their private jets and junkets to resorts. If anyone should be cutting back right now, it is our government—not the banks that the government policies ruined.