Site for Free Markets and Free People

Tuesday, February 24, 2009

Enough with Beating on Banks: They are not Enemies

It's bad enough that Democrats in Congress are beating up on banks for holding conferences or dining their top customers. Now some conservatives are getting into the act also.

Take Northern Trust, an institution that never wanted any TARP funds but it was forced upon them last quarter. Northern Trust is one of the few institutions that has been relatively unscathed in this market meltdown, part of which is due to their high net worth clients and their profitable trust business. Last week the bank sponsored a golf tournament in California and also wined and dined many of their top clients.

Not only are they getting raked over the coals by members of Congress, but even The American Thinker, a thoughtful and insightful conservative blog, thinks there is something wrong with it. Not only was the event likely a great marketing event and customer retention tool, but it also supported the local economy with its golf sponsorship, its use of hotels, restaurants, caterers, etc.

The populism in this country is getting ridiculous. Pretty soon, no bank employee in the country will be allowed to travel or dine out out of fear of Congressional scrutiny. They will all be forced to telemarket new business. How is this helpful?

John Kerry claims that he wants to end "idiotic abuse of taxpayer money" and singles out Northern Trust. Perhaps he forgot about that little thing his party called a "stimulus bill."