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April 25, 2010
Just what the US Senate needs
Barack Obama, Dick Durbin, Roland Burris, Carol Moseley Braun, Paul Simon, Alan Dixon...Does Illinois really need to add Alexi Giannoulias to it's sad legacy of corruptocrat senators?
On Friday at 5:00 p.m. Broadway Bank in Chicago was closed by federal regulators (do the F.D.I.C. computers have a "porn filter"?). The bank which was owned by the family of Illinois State Treasurer and U.S. Senate candidate Alexi Giannoulias was unable to raise the requisite $85M needed to re-capitalize the bank.
A spokesperson for Mr. Giannoulias' Republican opponent for the U.S. Senate Mark Kirk stated.
"While years of risky lending schemes, hot money investments and loans to organized crime led to today's failure, it's a sad day for Broadway Bank employees who may lose their jobs due to Mr. Giannoulias's reckless practices," Kirsten Kukowski said.
State Treasurer Giannoulias, in seeking to distance himself from the Broadway Bank collapse denied responsibility by saying, "at the time I left the bank, by every independent analysis, it was one of the best-performing in Illinois." Not surprisingly partisan Democrat Senator Dick Durbin weighed in by saying "ninety percent of the loans at the bank today were entered into after [Giannoulias] left."
It wouldn't be fair to hold Alexi accountable for the failure of Broadway Bank, since he was no longer involved in the day to day operations after he was elected as Illinois State Treasurer in 2006. Why even bother to look into any of the loans that he was responsible for, after all only 10% were still on the books when the bank failed.
Alexi's record in government is far more important and a much more recent indication of his fitness to serve in the U.S. Senate. It was reported last May that.
Illinois Treasurer Alexi Giannoulias threatened today to drop Wells Fargo as the treasurer's office's money custodian and to take the bank off its list of preferred vendors if Wells Fargo doesn't back off its efforts to force Chicago suit maker Hartmarx into liquidation.
Chicago based Hartmarx is a clothing manufacturer which produces the Hart Schaffner Marx suits often worn by Barack Obama. The employees at Hartmarx are represented by Workers United, which just happens to by an affiliate union of the SEIU. Another fine example of "the Chicago way," Obama, Andy Stern and Alexi Giannoulias use their clout and abuse their office to serve their own best interests!
In the wake of Broadway Bank's failure there is mounting concern that the democrat party may well lose the "Obama seat" this November. Party loyalist Dick Durbin.
...confirmed that he had met with President Obama's chief of staff, Rahm Emanuel, and advisor David Axelrod to get the Obama administration's help in Giannoulias' race. Durbin said he came away with no commitment-but no refusal either.
Could the future former president be turning his back on his pal Alexi? You would think that after the Hartmarx intervention Obama would owe Treasurer Giannoulias some political capital. Of course Obama has been busy pushing "financial reform" by whipping up populist fury against his pals and campaign contributors at Goldman Sax. Maybe Alexi should have read Rules For Radicals by Saul Alinsky before climbing into bed with Barack, but then as a fellow corruptocrat it wouldn't have much difference.
Will the party keep Giannoulias on the ticket? Is the party willing to sacrifice a senate seat to the Republicans? Will Obama campaign for his pal (which should put Mark Kirk in the senate based on past history)? Hey Alexi, three words for you, Scott Lee Cohen.