Yes, Northern Trust, you are correct. There was nothing to be gained by canceling your sponsorship of an already planned golf tournament after accepting TARP dollars. Complete the tournament for this year, back away, and let someone else pick it up for next year, or let it die on the vine. Thats fine.
There is a metric fuck-ton wrong with sponsoring employee and client parties and concerts, especially with the likes of Sheryl Crowe and Chicago as headliners. ALL of that should have been canceled. You don’t get to borrow $1.6 billion dollars and then throw a big party. So what that none of the TARP money was spent on the party. A little restraint and you wouldn’t need to have borrowed $1.6 billion of taxpayer dollars. Maybe you would only have had to borrow $1 billion, or maybe none at all.
Let me explain this in simple terms… you are now on austerity. You need pens, computers, etc. to run the business, fine. You need toilet paper… ok, you get one square but you better use it sparingly, cause you may not get another.
Starting to make sense?