Report: Northern Trust to cut entertainment budget in 2010

December 31, 2009 (CHICAGO) The Chicago-based company was criticized early this year for throwing a lavish party after receiving federal bailout funds.

Northern Trust's chairman and chief executive Rick Waddell told the newspaper that the bank, "clearly misjudged the political environment." He says the bank will continue to fulfill its sponsorship obligations next year, but without live entertainment.

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