I Know What Congress Is Reading

It's one of those sea changes, or perfect storms, or convergences, or changing of the guard, and/or all of the above.

I read in amazement last week as the Los Angeles Times wrote about Northern Trust and its sponsorship of the PGA golf tournament held in L.A., aptly named the Northern Trust Open. The story was about how the bank - which recently received taxpayer bailout funds - was not hiding its sponsorship or afraid of being accused of misusing money and how its millions of dollars of sponsor fees were being used in connection with the golf tournament.

The headline was:

Los Angeles tournament's deal with sponsor will stand
Northern Trust will fulfill its five-year commitment, despite getting $1.6 billion in aid.

The fallout? Worldwide reports that Phil won the tournament by one stroke over someone else.

Then, TMZ.com reported that Northern Trust sponsored the golf tournament - and added details about hotels, parties, Academy Award events and other expensive details - and the result is Barney Frank thanking TMZ.com for bringing this to the attention of the Congress.

According to TMZ.com:

Congressman Barney Frank just told TMZ he is sending a letter to Northern Trust, demanding that the bank pay the government the equivalent of what it spent last week on lavish parties and concerts in L.A.

Frank also scoffed at the boondoggle, saying Northern Trust should have spent that money making loans and stimulating the economy. He called the Northern Trust Open an "ego thing" that has nothing to do with good business.

There's more from TMZ.com:

Senator John Kerry also weighed in on TMZ's story, calling Northern Trust's L.A. extravaganza "disgusting and stupid and pathetic."

TMZ UPDATE: Congressman Steve Driehaus just contacted TMZ and said he will be signing Barney Frank's letter to Northern Trust.

I actually thought someone would notice the LA Times story. It invited comments and action.

Thanks, TMZ.com. It's nice to know Congress is paying attention to the media.

Comments

[LetMeUnderstandThis]

How the heck did the MSM miss this?
You mean to tell me that a gossip site (call it what it is) has a better investigative staff than the Multi Billion dollar Moguls?
Who would have thunk it, Kudos to TMZ!

[JinChicago]

of course they do!

JOURNALISTS havent 'muck racked' since the 20s...papp­arazzi still do that DAILY

[mcfried]

Sad isn't it.

[InofTouch]

Not really if TMZ always covers parties and Academy Award. I be more angry if that what the LA Times did majorty of there time but hey....it always a hate/hate relationship with mainstreem.

TMZ owned by Time Warner

[Newyorkgal]

Northern Trust still has a lot left. They only have $6.3 million to the golfers this weekend. "Phil" got $1,134,000­."

TMZ earned more credibility than a golf tournament can buy.

[ThreeCentsWorth]

Congress thinks it's only news if it's online? Or that mainstream newspapers don't count? Or are they just trying to be part of the thirty-mile-zone of TMZ?

[jeff01]

So interesting. What catches the attention of our elected officials. Fore!