OK, enough is enough. I can agree that there have been times previously where there has been gross overzealousness of executives spending a lot of stockholders and now government money on exuberant golf outings, but I have to agree that the intent of these companies who sponsor professional golf tournaments is to building business relationships which invigorate a very fragile golf economy.
It is that simple and it is a measurable function if the government wants to put restrictions on where those funds are spent. This report from today’s Online Wall Street Journal on Congress hammering Northern Trust and now Morgan Stanley the allegations they are spending TARP funds on the PGA Golf Tournaments they are Title Sponsor of really should be revisited.
Even if there were some TARP funds spent for these events I doubt that there is much being spent lining other executives pockets, especially with all of the unemployed and now freelance investigative reporters running loose. Those funds the title sponsors spend on PGA and LPGA events go to paying Vendors, Caterers, the gaff crews that set up the sponsor booths, the valet parking people and all of the service staff at the multitude of facilities these events use for an entire week. If those funds were not spent all of those people would be out of a job.
What is the purpose of the TARP funds? Its purpose, as I understand the President telling the country it was to be used for, is to help bail out a failed economy. Even if a portion of the funds was spent for professional golf events it would accomplish its purpose by putting everyday people to work. If Congress wants to restrict the funds then it is easy to do. Let me know how I can help.