Wednesday

My Daily Rant.


The headline reads; Northern Trust under pressure over parties. The story posted on MSN was a 2 page indictment of Northern Trust and others who have taken federal money and acted “arrogantly” by sponsoring events and throwing parties. Members of Congress are lecturing banks on “misusing taxpayer dollars”. OMG. This is a bad joke right? I fully expect to hear Rod Sterling narrating this latest episode of the Twilight Zone. These guys are insane; no worse, they are flaming, unabashed, arrogant hypocrites. The story outlines the fact that Northern Trust was pressured into taking money they did not need and that Northern Trust has actually been running in the black. The story quotes Douglas Holt, a spokesman for Northern Trust, as saying “Northern Trust did not seek the government’s investment, but agreed to the government’s goal of gaining participation of all major banks in the United States”. So let me get this right. The idiots responsible for this whole mess, Barney Franks, Chris Dodd et al., are forcing banks to take this money and then criticizing their profitable operations. Northern Trust goes on to add that the money spent on these events was from their normal cash flow and not from federal funds. (they subsequently returned over $1 billion back to the feds, but that didn’t make as big a headline) I personally don’t care either way. The government has no right to intervene in the normal operations of private sector businesses. These events are not wasteful expenditures. They are designed to recruit and maintain profitable business partnerships and accounts, something our friends in congress obviously don’t understand. I think Dodd, Franks and the other idiots responsible for this mess need to remove the plank from their own eyes and leave profitable businesses to their own devices. There is no greater waste of taxpayer money then the federal government and their litany of welfare giveaways. I say they need to shut up and tend to the business of the people. The full story is available here: http://msnbc.msn.com/id/29372930.

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