Kerry: Block bailout abuses

WASHINGTON (Reuters) -- A senior Democratic senator said Tuesday he will introduce a bill to end "the extravagant spending practices of U.S. banks" after reports that Northern Trust Corp., which got taxpayer bailout money, last week threw lavish parties around a California golf tournament.

"I'm sick and tired of picking up the newspaper and reading about another idiotic abuse of taxpayer money, while our country is on the brink," Sen. John Kerry, D- Mass., said in a statement released to Reuters.

Kerry plans to introduce legislation targeting banks that received taxpayer assistance under the government's $700 billion Troubled Asset Relief Program (TARP).

Northern Trust (NTRS, Fortune 500) received $1.6 billion under TARP, according to the Kerry statement. A spokesman for the bank did not immediately return telephone calls seeking comment. 


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