Apr
24
2010
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Alexi Giannoulias pouting about the Broadway Bank thing.

A couple observations about embattled Senatorial candidate Alexi Giannoulias’ (D CAND, IL-SEN) recent bitter comment:

“Just about every sentence that Congressman Kirk utters these days is a noun, a verb and Broadway Bank,” Giannoulias complained to the City Club of Chicago,

Three, in fact:

  1. Dude.  Ripping off Joe Biden*?  What are you going to do next, ask a paralyzed man to stand up and take a bow?
  2. If you don’t want to be associated with a now-closed bank that gave $20 million loans to convicted pimps and bookies, don’t work for one.
  3. You couldn’t shut up about your blessed family bank connection & experience in your last election, remember?

Isn’t YouTube fun? If there’s an unfortunate / ironic / awkward campaign commercial that’s not on there, somewhere, it’s not for lack of people trying. (more…)

Mar
07
2010
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Alexi Giannoulias (D CAND, IL-SEN) to get paid three times for Broadway Bank failure?

Nice work, if you can get it:

The family of Democratic U.S. Senate nominee Alexi Giannoulias stands to collect more than $10 million in federal tax refunds even if its Broadway Bank fails, which Mr. Giannoulias said this week is likely.

A $75-million loss at the struggling lender last year generated tax benefits potentially worth between $12 million and $15 million to Mr. Giannoulias, his two brothers and his mother. As the sole owners of a subchapter S corporation that controls $1.2-billion-asset Broadway, they pay the taxes on the bank’s income and reap tax deductions on its losses.

The possibility of family members pocketing millions in tax refunds as Broadway slides toward insolvency and federal receivership is likely to fuel more controversy for Mr. Giannoulias, who is already under fire for his role in the bank’s downfall.

(Via Hot Air) Of course, not being in a rich banking family linked to Chicago’s culture of political corruption… oddly enough, that’s precisely the kind of work that I can’t get. And then there’s this little gem:

Asked whether he would advise his family to put the tax refunds back into the bank to help recapitalize it, Mr. Giannoulias said, “We’ll do everything we can to keep the bank going. . . .You’ll have to ask management of the bank what the best course of action is.”

Translation: “No.” Mind you, if they took this money and added it to the 70+ million in dividends that the Giannoulias family pulled in from the failing bank from 2006 to 2008, the bank would probably be able to avoid closing. But that would hurt them; so better to let the bank fail, let the FDIC take it over, and let the taxpayers take the blow. Much better, all around.

After all, the Giannoulias family got their refund.

Moe Lane

PS: Mark Kirk for Senate.
He doesn’t get paid three times for failure.

Crossposted to RedState.

Feb
03
2010
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What’s the matter with Illinois? #rsrh

Nothing, from my point of view: but PPP might disagree: Tom Jensen’s noted with some alarm that the Dem/GOP numbers for this primary (885K to 736K) are a great deal closer than the Dem/GOP numbers for 2004 (1,242K to 662K), which was the last contested Senate primary*.  As Tom said, “Those numbers are awfully close to each other for a state that’s overwhelmingly Democratic.”

They’re also too close together for comfort for any Democratic candidate (like, say, Alexi Giannoulias) hoping that the populace won’t notice that he’s more-of-the-same.

Moe Lane

PS: Mark Kirk for Senate.

*No Senate elections in 2006, and Durbin ran unopposed in 2008.

Feb
03
2010
2

The NRSC wastes *no* time on properly greeting Giannoulias.

(H/T: @sorendayton) You know, I noticed during the run-up to the Illinois Senatorial primary that more than one Democratic activist expressed worries about a Giannoulias primary win.  And why were they worried?

Pretty much because of what you’re about to see.

Welcome to Chicago.

Moe Lane

PS: Mark Kirk for Senate.

Crossposted to RedState.

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