Don't Blame Golf for the Economy

Don't Blame Golf for the Economy

A year ago this month, you may recall, the celebrity Web site TMZ blew the lid off a major, golf-related scandal—or so it thought. Under the headline "Bailout Bank Blows Millions Partying in L.A.," it breathlessly revealed that Northern Trust Corp., despite having accepted $1.6 billion in government Troubled Asset Relief Program funds three months earlier, was entertaining clients at the PGA Tour event it sponsors, the Northern Trust Open. Within hours, pundits from Bill O'Reilly of Fox News to Maureen Dowd of the New York Times were decrying such excess, particularly a party at which Sheryl Crow sang, in a time of financial crisis. Members of Congress released letters demanding recourse. Golf in general took a hit in the process.

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