Northern Trust seeks to repay TARP money

Crain's Chicago Business reports:

Northern Trust Corp., stung by a flap over its sponsorship last weekend of a PGA golf tournament in California, is moving to become the first U.S. bank to repay the bailout funds it received.

In a letter Friday to House Financial Services Committee Chairman Barney Frank, Northern CEO Frederick H. (Rick) Waddell said, in effect, that the bank doesn’t need the $1.6 billion it sold in preferred shares to the federal government last fall.

This is the very same Northern Trust where Barack Obama got his mortgage.