Bank to pay back bailout funds

February 27, 2009 6:32:00 PM PST
In the wake of criticism this week, Chicago based Northern Trust bank says it is now working to pay back the $1.6 billion it received in federal bailout funds.Northern Trust sent a letter to Congress saying the bank no longer needs the money it sold in preferred shares to the government last fall.

Earlier this week, lawmakers criticized Northern Trust for throwing lavish parties and other events at a professional golf tournament it sponsored.