Northern Trust criticized and demanded to repay golf event money

Northern Trust, a Chicago based custody bank, received $1.6 billion in US bailout funds and is now being demanded by the chairman of the House Financial Services Committee and 17 other Democrats on Tuesday to repay the money it spent on parties, hotel rooms and a professional golf tournament sponsorship.

"At a time when millions of homeowners are facing foreclosure, businesses and consumers are in dire need of credit, and the government is trying to keep financial institutions- including yours- alive with billions in taxpayers funds, this behavior demonstrates extraordinary levels of irresponsibility and arrogance," the lawmakers said in letter to Northern Trust CEO Frederick Waddell.