We told you
about Northern Trust, the Chicago-based bank that handles billions is assets for the state of New Mexico, back in January.
how the bank has given tens of thousands of dollars to Gov. Bill Richardson's campaigns, and got its state contract after Richardson took office.
We told you how State Investment Officer Gary Bland thinks “Northern Trust is not doing an adequate job.”
All that was fishy enough. Now get this: Yesterday, the gossip site TMZ reported that Northern Trust, also a major beneficiary of the federal bank bailout, spent millions of dollars sponsoring a golf tournament at a Los Angeles country club. And that ain't the half of it.
:
The Washington Post and others followed up the story today.
:
Frittered away? Barney—dude—we are talking
, here.
Updated 5 p.m.-ish with state responses. After the cut:
We asked for comment from the State Investment Council and the New Mexico Board of Finance, which actually issued the contract.
Charles Wollman, spokesperson at the SIC, wrote back that "For what it's worth, I agree with you that it looks bad from an optics perspective with the current economy, but beyond that, I don't see how our opinion is really relevant."
Board of Finance Director Olivia Padilla-Jackson forwarded our question on to a subordinate, Nicole Gillespie, who serves as the board's information officer. Here is Gillespie's response:
I guess everybody's leaving the outrage to Congress.