Featuring fresh takes and real-time analysis from HuffPost's signature lineup of contributors
Ellen Gill

Ellen Gill

Posted: April 23, 2010 11:05 AM

Chicago's Legendary News Anchor Walter Jacobson Calls Out Paper's on Broadway Bank Reporting

What's Your Reaction:

Recently, longtime Chicago television anchor Walter Jacobson called out the Chicago Tribune and Chicago Sun-Times for attempting to create controversy and mixing editorial positions as news in the Illinois Senate Race.


Jacobson's observation stems from the papers' repeat reporting on loans made by Broadway Bank, the Giannoulias family bank, to Michael Giorango and Demitri Stavropoulos, both of whom had been convicted for involvement in bookmaking and prostitution.

The story first ran in 2006 when Alexi Giannoulias ran for state treasurer. It had quieted after Giannoulias' statewide victory, but was revived by the papers for the Senate campaign with no new developments reported, but only speculation about whether or not Giannoulias had adequately answered questions about the matter. This past February, the Sun-Times acknowledged that Giannoulias had answered the questions, but continued to publish stories with the spin that Giannoulias was trying to change the focus of the race.

Buzz on the story had again quieted by mid-March, but the Chicago Tribune renewed discussion with this April 1, 2010 story run as a March Rasmussen poll showed Mark Kirk was losing support after having first pledged to lead the effort to repeal health care reform and then backtracked.

The Tribune story featured a quote from former Texas Banking Commissioner Catherine Ghiglieri who incorrectly insinuated that banks are required to do criminal background checks on potential borrowers. Almost instantly, a later Rasmussen poll showed that the race had reversed course, showing Kirk back on top.

Huffington Post blogger Matt Farmer, a supporter of Giannoulias' primary opponent, David Hoffman, called on Giannoulias to step down from the race. The call was taken up in the comments by another Hoffman supporter. As a local blogger, I have also received several notes from Hoffman supporters making the same demand and promoting Hoffman as the replacement.

In a similar convenient piece of reporting for the Kirk campaign, late last month, AP, Reuters and the Tribune ran a story claiming that small businesses were going to be less profitable with the passage of the Health Care Reform Bill. This story coincided with Kirk's initial pledge to lead the fight for repeal. Local blogger, Carl Nyberg noted that the only small business source for the story was Illinois Tool Works Inc., a company owned and run by contributors to various Kirk and other Republican candidate campaigns over the years.

 

Follow Ellen Gill on Twitter: www.twitter.com/EllenBethGill

 
 
  • Comments
  • 6
  • Pending Comments
  • 0
  • View FAQ
Comments are closed for this entry
View All
Bloggers
Recency  | 
Popularity
photo
HUFFPOST BLOGGER
Ellen Gill
03:25 PM on 04/26/2010
I think the post is more relevant today because of the bank failure. It showed that Broadway was not involved in the sale of bad loans to investors. It took its own lumps on its own loans and then didn't get a bailout. It's just a family business that lost its way. The vindictivness of the Hoffman and Kirk supporters is what looks ridiculous to anyone who knows anything about banking.
08:31 PM on 04/24/2010
Giannoulias can only wish that the newspapers were his big problem. His bank failed after the close-of-business Friday and the feds closed it down. So this misguided article looks particularly ridiculous.

Mike Royko and Studs Terkel were "legendary." Walter Jacobson is so only in his own mind.

And you forgot to mention the loan to Tony Rezko.

Giannoulias' record makes him the perfect treasurer for corruption- and debt-ridded Illinois, and the perfect replacement for Roland Burris. But he'll soon just be another unemployed Chicagoan.
photo
HUFFPOST BLOGGER
Ellen Gill
12:16 PM on 04/23/2010
Actually, I think it's a small handful of Democrats egged on by Hoffman supporters and the media creating a story to help their favored candidate. I'm surprised Hoffman himself doesn't put a stop to it on his part. If he wants to remain a Democrat one would think he wouldn't want to be seen as a spoiler, sore loser.
09:49 PM on 04/23/2010
Who Hoffman Knew
"When David Hoffman's politically connected grandfather arranged a job for him in the offices of a U.S. senator in 1990, Hoffman was a reluctant job candidate," per the Tribune
"At his grandfather's insistence, Hoffman eventually met with the senator, influential Oklahoma Democrat David Boren."
Hoffman just couldn't turn his grandfather down, you see. He insisted.
"Hoffman told Boren he did not want a job based on the connections of his grandfather, a wealthy businessman who had worked in Franklin Roosevelt's administration. 'It was the first time in my experience that I had someone saying, No, I don't want help. I want to do this on my own,' recalled Boren, now president of the University of Oklahoma."
Please ignore how I got my foot in your door!
"Boren persuaded Hoffman to take the job as an intern for a one-month trial, and the 23-year-old stayed three years."
Hoffman was reluctant, but Boren persuaded him.
"Hoffman, who made a name for himself going after those with City Hall clout, said he got the job on his own terms.
"'No question, I got the interview because of my grandfather,' Hoffman said. 'But I told Boren don't hire me because of my grandfather. Do it on merits'."
And ignore all those other folks whose merits were equally as impressive but who just couldn't seem to get the interview.
12:08 PM on 04/23/2010
COUNTLESS Democrats, including journalists, are disgusted with their Senate candidate. They probably feel that he's unelectable, so they're pounding on him to help get him replaced & keep the seat.

I think they are far more politically astute & working in the interest of their party than those who are pretending to like the don & are happy to see him on the ticket in November.
11:47 AM on 04/23/2010
So much for the LEFT LEANING MEDIA WHAT A BUNCH OF B-S!!! good job Walter we don't want Chicago papers pulling a Fixed News on us.