Northern Trust get's $1.6 billion in bailout money, lays off 450 folks, then throws lavish LA getaway. . .

In an explosive posting, TMZ, which may have just broke a major story with this, reports that Chicago's own Northern Trust (NT) hosted "series of lavish parties and concerts with famous singers" in Los Angeles last week. NT recently received $1.6 billion in the government bailout of banks and laid off 450 of its employees this past Decemmber.

From TMZ: Bailout Bank Blows Millions Partying in L.A.

Posted Feb 24th 2009 8:30AM by TMZ Staff

A bank that received $1.6 billion in bailout money just spent a fortune last week in L.A. hosting a series of lavish parties and concerts with famous singers ... and TMZ cameras caught it all.

Northern Trust, a Chicago-based bank, sponsored the Northern Trust Open at the Riviera Country Club in L.A. We're told Northern Trust paid millions to sponsor the PGA event which ended Sunday, but what happened off the golf course is even more shocking.

Northern Trust flew hundreds of clients and employees to L.A. and put many of them up at some of the fanciest and priciest hotels in the city. We're told more than a hundred people were put up at the Beverly Wilshire in Bev Hills, and another hundred stayed at the Loews Santa Monica Beach Hotel. Still more stayed at the Ritz Carlton in Marina Del Rey and others at Casa Del Mar in Santa Monica.
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Click here for entire TMZ post.