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Articles tagged with: Alexi Giannoulias

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[28 Feb 2010 | One Comment | ]

The clock is ticking, and the real estate deals gone south are piling up, at Broadway Bank, the lending institution owned by the family of U.S. Senate candidate Alexi Giannoulias.
Many U.S. banks are struggling amid the worst financial crisis since the Depression. Almost monthly, at least one Illinois lender has collapsed, seized by the government because of poor performance, often due to real estate loans turned sour.

At once-successful Broadway, headquartered in a former car dealership in the Edgewater neighborhood of Chicago, the situation has turned awful at an inopportune time …

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[18 Feb 2010 | 2 Comments | ]

Not long ago, The New York Times’ editorial page columnist Gail Collins surveyed corruption in all 50 states and finds, unsurprisingly, that Illinois now holds the lead. And to confirm her estimate that nothing daunts the comatose Illinois pro-Dem, pro-Squid voter, a recent poll shows Illinoisans prefer Pat Quinn to Bill Brady 42 to 31. Isn’t that remarkable? Every all that’s happened.

It comes from an outfit called Victory Research which nobody ever heard of before—which means that it’s probably a prop for Quinn—but I don’t doubt …

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[3 Feb 2010 | 6 Comments | ]

Nothing says it better than the primary race for the Democratic nominee for Cook County Assessor. Joseph Berrios, who should have lost the race if Democratic voters cared a fig about clean government, came in first.

This is the same Joseph Berrios of which the Tribune editorial board said:
Then there’s Joseph Berrios, whose mailer’s claims are so detached from reality that you have to weigh a serious question:  Why would any voter want such a certifiable rewriter of the truth in charge of Cook County property assessments — the make-or-break valuations …

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[3 Feb 2010 | No Comment | ]

So the nominee is Giannoulias, who comes equipped with a spotty record — under his watch, parents who put money into a college savings account lost as much as half of it — and ties to a family bank currently in meltdown and in the headlines. Last week government regulators ordered Broadway Bank, founded by Giannoulias’s father, now run by his brother, to accept federal oversight, to raise millions in capital and to stop making payments to family members without federal approval. When Giannoulias was the bank’s chief loan officer, …

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[3 Feb 2010 | One Comment | ]

It’s official: Hoffman is now beating Giannoulias in Cook County. Is an upset in the works?
The latest tally is 57% to 36%, with a 9% margin of error. We’ve been watching Hoffman’s numbers mount all day, and now the dark horse’s lead is bigger than the margin of error.

Good government groups across the state are likely thrilled.
Other updates:
Quinn: 61% / Hynes: 39%
Preckwinkle: 65% / O’Brien: 20%
More at the Chicago Current

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[2 Feb 2010 | No Comment | ]

The Senate Democratic primary in Illinois today carries more weight than a single election. The winner will be running to salvage a piece of the Obama presidential legacy — if a Republican wins the seat in November, Barack Obama would become the first senator-turned-president to lose his former seat to the opposite party.

Of course, there isn’t much precedent for this. In 2008, Obama became just the third sitting senator elected president, following John F. Kennedy in 1960 and Warren G. Harding in 1920. Kennedy was replaced by the appointed Benjamin …

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[2 Feb 2010 | One Comment | ]

The Chicago bank owned by the family of U.S. Senate candidate Alexi Giannoulias reported a fourth-quarter loss that increases the amount of new capital it needs to raise to about $76 million.

Broadway Bank, which last week entered into a consent order with federal and state banking regulators requiring it to raise capital, reported a net loss for 2009 of $75 million. Its capital levels as of Dec. 31 were below the minimums demanded by banking regulators.
As of the end of the third quarter, Broadway’s financials suggested the family needed to …

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[1 Feb 2010 | 7 Comments | ]

At the risk of sounding positively Obamaesque, “change we need” will materialize in Illinois on Feb. 2. Democrats will refrain from nominating tainted insiders who would lose in November, and Republicans will refrain from nominating tainted ideologues that would lose in November.
Relative to voter turnout, anger is the great motivator, and disgust is the great depressor. If anger prevails, and turnout surges, a lot of favored candidates will bite the proverbial dust.

In this column, longtime political analyst and columnist Russ Stewart and conservative icon and radio commentator Tom Roeser offer …

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[28 Jan 2010 | No Comment | ]

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 …