Some members of Congress are blasting one of the banks that took $1.6 Billion in TARP funds and subsequently sponsored a golf tournament. John Kerry wants Northern Trust Corp. to repay taxpayer money spent on the sponsorship of a tournament in California.
Like President Obama last night in his almost-State-of-the-State address, I don't want to defend banks, but are we sure we want to handcuff the banks we're trying to keep solvent by banning their promotional investment in golf?
Look at this ad on al.com for The University of Alabama's Culverhouse School of Business.
Those aren't fountain pens in the students' hands. Business and golf have been married for a very long time, and I speak as someone who has never played anything above the windmill in Panama City. Ask David Bronner about the business-golf link. Think all those RTJ courses the RSA built in the state are just for fun? TMZ reports that Northern Trust flew in business interests in for the tournament and put them up in luxury hotels. Well, duh! Why not? Banks want to attract something those folks have. Money. And if we're going to lend them taxpayer cash to stay afloat on one hand, but tell them not to promote their services to one of the few groups with any money left, aren't we working against our own self interests? We want those banks to succeed so they can repay us, no? Reminds me of Jay Leno the other night: customer goes into a bank and offers the teller a toaster. 18 Holes anyone?
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