Is John Kerry. So says Caroline Baum of Bloomberg, who sticks the boot in this morning:

Kerry called Northern Trust's spending “another idiotic abuse of taxpayer money while our country is on the brink.” One person's idiocy may be another person's good investment.

In 2007, Northern Trust signed a five-year agreement to sponsor the annual golf event at the Riviera Country Club in Pacific Palisades, California, one of the oldest stops on the PGA tour. Last year the bank had $640 million in net income while most of its peers were deep in the red.

It's in our national interest for Northern Trust to invest in its business, turn a profit and add to its capital base so it can keep lending.

What about the symbolism? How does it look for Northern Trust clients to sip champagne at the Ritz Carlton in Marina del Ray or listen to a performance by Earth, Wind & Fire at a private hangar at the Santa Monica Airport when formerly middle-class folks are lining up at food pantries?

I don't recall much outrage when the R&B band entertained the nation's governors at the White House a few days later. And President Barack Obama's guests didn't exactly dine on mac ‘n cheese.