Alexi Giannoulias family owned Broadway Bank seized by the feds

What an absolute PERFECT candidate to fill Illinois Obama/Burris Senate seat for 2011. Alexi Giannoulias is one of the slimiest candidates one could come up with, every from Chicago. Broadway Bank which is/was the Giannoulias family-owned lender that helped launch U.S. Senate candidate Alexi Giannoulias’ political career, was seized by government regulators Friday night, one of seven Illinois institutions taken over and sold to healthier companies, according to the Chicago Tribune. It’s just a shame a cap and trade RINO like Mark Kirk is running against Giannoulias, and not a real conservative.

The failure of Chicago-based Broadway, which was unable to raise the $85 million it needed to remain independent, was anticipated, and its worsening health has weighed on Giannoulias’ Democratic bid for President Barack Obama’s old Senate seat. The bank had been struggling in recent years with real estate loans gone bad, losing $75 million last year.

Giannoulias worked for his father at Broadway before entering politics, and during his successful run for state treasurer in 2006 he used his banking experience as one of his chief qualifications. But in the Senate race, he has tried to distance himself from the bank’s troubles.

The Tribune reported this month that the $1.15 billion-asset bank, founded in 1979, lent a pair of Chicago crime figures about $20 million during a 14-month period when Giannoulias was a senior loan officer.

Giannoulias’ Republican opponent, Mark Kirk, has hammered away on the bank issue, prompting Giannoulias to accuse Kirk of negative campaigning.

“He has essentially campaigned on one thing and one thing only –Broadway Bank,” Giannoulias said.

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April 24, 2010 · Filed Under Corruption, Democrats


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