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Giannoulias' Broadway Bank Problem: Regulators Step In

First Posted: 03/29/10 06:12 AM ET Updated: 05/25/11 04:20 PM ET

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Crain's Chicago Business:

Broadway Bank, the troubled Chicago lender owned by the family of Illinois Treasurer and U.S. Senate candidate Alexi Giannoulias, has entered into a consent order with banking regulators requiring it to raise tens of millions in capital, stop paying dividends to the family without regulatory approval, and hire an outside party to evaluate the bank's senior management.

The Jan. 26 consent order with the Federal Deposit Insurance Corp. and the Illinois Division of Banking comes less than a week before Mr. Giannoulias -- Broadway's chief lender and then vice-president from 2002 to 2006 -- must face voters in the Democratic primary for the Senate seat previously held by President Barack Obama.

Read the whole story: Crain's Chicago Business

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David Sirota

David Sirota: If This Becomes the Face of the Democratic Party, Say Goodbye to the Democratic Party

If Alexi Giannoulias is the winner of the Democratic primary, we can expect to hear for the next year about how the Democratic Party is so corrupt it is now promoting a scandal-plagued banker to fill Obama's old Senate seat.

Filed by Jen Sabella  | 

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PerryWhite
65 Fans
09:46 AM on 01/28/2010
Giannoulias has stated on several occasions (to the press) that the family (including himself to the tune of about one million dollars) paid themselves dividends from the troubled bank to pay taxes after the death of his father. What taxes? The estate of his father may owe taxes, but even assuming that the deceased left assets to family members, they WOULD NOT OWE ANY TAXES ON THOSE ASSETS RECEIVED. Why hasn't the press asked him about this?
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poomplet
118 Fans
05:45 PM on 01/27/2010
Mamala???

VOTER???

Speak up...I can't hear you!!

I don't care who you actually support in the primary, either because of your support....your ineffective support of the other candidate(s) and/or the power of the Chicago Machine (mostly that), Don Giablagstrogurris WILL be your Democratic nominee for Senate.

He will lose handily to Kirk...and I will chortle even more than I am now.
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