broadway bank – Moe Lane

#rsrh Giannoulias bank lent to Rezko.

Before we go any further, let us never forget: Alexi Giannoulias (D CAND, IL-SEN) made his political career all about his experience in working in his family’s bank.

So it’s kind of fascinating to hear the state treasurer of Illinois claim he knows nothing, nothing! about the almost twenty-three million dollars that his family bank lent a notorious Blagojevich crony who was under federal investigation at the time.

Through a spokeswoman, Giannoulias says he knew nothing about the $22.75 million loan to Riverside District Development until reporters contacted him.

“Alexi left daily operations of the bank in September of 2005, months before this loan was made,” says Kathleen Strand of his campaign staff. “He had no knowledge of it, and his name is not on any documents related to the loan…

Continue reading #rsrh Giannoulias bank lent to Rezko.

Alexi Giannoulias watching his dirty lobbyist money diet.

He wants only free-range dirty lobbyist money, apparently. None of this factory-grown, federal dirty lobbyist money for him:

Democratic U.S. Senate candidate Alexi Giannoulias says he’s swearing off campaign contributions from lobbyists, but not all lobbyists.

Giannoulias, the state treasurer, promised at the start of his Senate campaign a year ago that he wouldn’t take contributions from corporate lobbyists or political action committees. But that proscription applies only to federal lobbyists and PACs. He has taken money from state-registered lobbyists. He says there’s a difference: Since he’s running for a federal office, a state lobbyist can’t try to influence him if he wins.

Riiiiiiiiight. So, the following scenario? Continue reading Alexi Giannoulias watching his dirty lobbyist money diet.

Obama gives Giannoulias the Rochester treatment.

Which is to say, Obama’s locking Alexi Giannoulias* (D CAND, IL-SEN) in the attic and pretending that he doesn’t exist:

Giannoulias will not make trip to Quincy to see Obama

From chicagotribune.com: Democratic U.S. Sen. Dick Durbin, Giannoulias’ campaign chairman, expressed concerns over a lack of White House commitment to the candidate to Washington-based Politico after a recent meeting with President Barack Obama’s chief of staff, Rahm Emanuel. Durbin quickly tempered his comments, and the White House offered a tepid statement that “the president intends to help Democratic candidates in Illinois up and down the ballot.”

Full story here – as for the Rochester treatment: well. Those familiar with Jane Eyre will no doubt remember how wonderfully that particular strategy worked.

Moe Lane

PS: Mark Kirk for Senate. He can go outside.

*Noun. Verb. Broadway Bank.

Crossposted to RedState.

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:

Dude. Ripping off Joe Biden*? What are you going to do next, ask a paralyzed man to stand up and take a bow?
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.
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. Continue reading Alexi Giannoulias pouting about the Broadway Bank thing.

Alexi Giannoulias’ (D CAND, IL-SEN) Broadway Bank closing?

So it would seem:

The bank is open now — but the worker says they’ve been told at close of business “that’s it.”

Black curtains have been put up today. You can’t see in.

The Giannoulias campaign says the curtains are to “block the sun”, although the sky is overcast and rain is predicted all weekend.

(Via Capitol Fax Blog) Although you have to wonder whether they meant ‘block the sunlight,’ what with it being the best sort of disinfectant, and everything. But the big question is: what will Chicago’s pimps and bookies do with one less financial institution that’s sympathetic to their unique business needs?

Moe Lane

PS: Mark Kirk for Senate. Getting business done for Illinois; not giving Illinois the business.

Crossposted to RedState.

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.