The Bourbon Room, courtesy of Fox Chicago producer Ruth Ravve, has received this formal comment on the Obama loan from Northern Trust.
The statement is from John O'Connell, director of Northern Trust's institutional public relations, North America.
Northern Trust does not comment to the media on client matters, as a matter of policy.
However, at the request of the Obama campaign we responded to an inquiry from the Washington Post on the Obama family's home mortgage.
Beyond confirming basic facts about the mortgage, which the campaign has posted on its Web site, Northern Trust told the Washington Post:
- Northern Trust does not have a "VIP" program offering special rates on mortgages for celebrities or public officials.
- The process for determining the Obamas' mortgage loan was consistent with how we structure Northern Trust rates, and the rates themselves were consistent with Northern Trust rates at that time.
- The bottom line is that this was a business proposition for us. Our business model is to service and to pursue successful individuals, families and institutions.