Northern Trust under scrutiny for event spending

Well, I thought we might actually make it through February without some financial company blowing its money on lavish parties and events.

But it was not to be.

Now what was I thinking? I mean, you can't expect these companies to show restraint in this booming economy can you? Of course not ... because things are just great. All of us have lots of disposable income, and companies like this need these high-rolling events.

It's all part of today's corporate mentality.

This time it was Northern Trust Corp. The Chicago-based custody bank received $1.6 billion in government funds last fall. But management apparently felt it should put some of the bank's money to good use. It was spent on dinners and concerts for clients and employees who attended a weeklong golf tournament, of which Northern was the title sponsor.

Entertainment Web site TMZ reported that Northern hosted dinners on Wednesday, Thursday and Saturday for special guests. And each dinner was followed by a concert featuring the likes of Chicago, Earth, Wind and Fire, and Sheryl Crow.

Well, I'm just happy to see that companies are continuing to exercise such high morals. Hey, maybe the next time they can book U2!