Wonder what you would find if you frisked Democratic U.S. Senate candidate Alexi Giannoulias?
Answer: Government regulators seized Giannoulias’ family-owned Broadway Bank.
The Chicago Tribune reports:
Broadway Bank, the 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.
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.
The Giannoulias family took out nearly $70 million in dividends from the bank in 2007 and 2008. Demetris Giannoulias, Alexi’s brother and Broadway’s chief executive, has said most of the money was used to pay corporate taxes and for estate planning after the 2006 death of family’s patriarch, Alexis Giannoulias.
Hmm… Is it simply just a coincidence that Giannoulias’ family pulled $70 million out of Broadway just before the financial collapse? Either way, Alexi Giannoulias will have his hands full attempting to play the ‘victim’ here while he and his family receives millions in government bailouts. Oh yeah, and don’t forget about the little ‘lending $20 million to organized crime figures’ mishap either.
Is it safe to say “Goodbye Barack Obama’s old U.S. Senate seat” yet? 😆
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