Northern Trust Hostage Crisis Day Four: Resolution Could Be Near!

Tom Petruno reports that Northern Trust is laying the ground work to possibly pay back their TARP money and to quiet their critics.

The bank hasn't said so directly, but it most likely didn't need the capital infusion, and went along with it because the government wanted participation by healthy and unhealthy banks alike.

In his letter to Frank, Waddell said: "We understand this is a time of great anxiety and financial distress, and your question regarding our support of an event such as the Northern Trust Open is legitimate.

"We deeply regret that some of the events associated with the Northern Trust Open have distracted from the positive nature of an event that has raised more than $50 million for charity since its inception."

As for repaying the $1.6 billion, which now is earning a 5% annual dividend yield for the Treasury, it isn't clear how easy that will be.

One key question is whether the government will require the bank to raise the same amount in private capital to replace the federal money, a task that could take some time.

Meanwhile SportsMediaWatch reports that the Northern Trust Open was the highest rated golf broadcast since the 2008 U.S. Open.

Highest rated golf events since Tiger Woods' injury.
3.3: Northern Trust Open, Final Round (Sun., 2/22/09, 3 PM CBS)
3.3: British Open, Final Round (Sun., 7/20/08, 8 AM ABC)
2.9: Ryder Cup, Singles Matches (Sun., 9/21/08, 12:30 PM NBC)
2.8: PGA Championship, Final Round (Sun., 8/10/08, 2:30 PM CBS)
2.4: British Open, Third Round (Sat., 7/19/08, 9 AM ABC)
2.4: Ryder Cup, Foursomes/Fourball Matches (Sat., 9/20/08, 9:30 AM NBC)