Northern Trust Paying Back Feds

Congressman Barney Frank tells Newsradio 780 he is pleased with the decision by Northern Trust to repay the 1.6 billion dollars in federal bailout money.. after it was revealed that the company threw a lavish party in Los Angeles last weekend.

This latest development by Northern Trust is the result of Democratic Congressman Barney Frank and more than a dozen other lawmakers sending a letter to the Chicago based bank asking for an explanation. Frank says he was pleased to find out the bank is willing to pay the money back.

"Frankly I think people should feel good about this the bank is taking this seriously. I know I thought it's a way to tell is to put this out there," said the Massachusetts Congressman.

In the letter to lawmakers, Northern Trust President and Chief Executive Officer Frederick Waddell writes "we deeply regret that some of the events associated with the Northern Trust Open have distracted from the positive nature of an event and that under the guidelines of the Capital Purchase program we will redouble our efforts to ensure activities are appropriate given the current environment."