Northern Trust: Ideal Chicago Sailing Event Sponsor?

Has anyone approached Northern Trust to sponsor any Chicago sailing events?

TMZ reports on lavish parties, gifts and entertainment by Northern Trust, after receiving $1.6 billion US government bailout funds and laying off 450 employees.

http://www.tmz.com/2009/02/24/northern-trust-bank-bailout/

Sounds like an ideal sponsor!

In all seriousness, we disagree with the tone of the TMZ article.

Note that in a capitalist society with economic freedom, private enterprise shall be rewarded for its success. Rather than condemn Northern Trust for its business decisions, responsible news media should be well-advised to identify Northern Trust as a leader in its industry, avoiding the many banking pitfalls that beleaguer our economy today.

http://news.yahoo.com/s/nm/20090222/bs_nm/us_northerntrust_1

It is a failure of the government to disburse $1.6 billion in US taxpayer funds to a banking institution which does not require it.

We support all efforts by individuals and private enterprise to generate their own financial success and wealth, and remain highly skeptical of government interference with market economics.

Kudos to TMZ for questioning the role of Congress and our federal government in failing their responsibilities to taxpayers.

Update- some additional thoughts:

1. Sailboat racing requires a certain level of economic prosperity. Thus, it benefits racing to support policies which promote prosperity, rather than denigrate capitalism and successful private enterprise.

2. Interestingly, the Northern Trust statement responding to the TMZ article highlights the charitable contributions made to the community.

Apart from exercising social responsibility, it brings to mind the notion that event promotion supporting charitable efforts often yields greater rewards, both tangible and intangible, than sponsorship based on purely commercial interests.

Locally in Chicago, it would serve well to find an affluent sponsor to promote sailing to replace the loss of ABN AMRO’s highly visible participation in major local events.

The growing continued success of Windy City Match Race and the Leukemia Cup regatta demonstrate the value of charitable efforts combined with sailboat racing events.

24 February 2009 | Hospitality, Law, Politics and Government, Sailing Promotion, Sponsorship | Comments

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