Irish Bank Crisis Endangers Chicago Spire

01/26/2009 05:12 am ET | Updated May 25, 2011
  • David Roeder Chicago Sun-Times

A financial scandal in Ireland is posing new trouble for the developer of the Chicago Spire, the proposed 150-story tower on the lakefront.

Anglo Irish Bank Corp., the developer's main lender, faces nationalization by the Irish government to avoid collapse. The bank's stock has lost 98 percent of its value since reaching a high in 2007, and its chairman quit after investigators discovered he would hidden about $121 million of personal loans he got from the bank.

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