The family business of US Senate candidate and friend of Barack Obama, Alexi Giannoulias, is back in the news.  The Broadway Bank is about to go belly up and it seems that the event could put up to $15 million is the family's pocket.A $75-million loss at the struggling lender last year generated tax benefits potentially worth between $12 million and $15 million to Mr. Giannoulias, his two brothers and his mother. As the sole owners of a subchapter S corporation that controls $1.2-billion-asset Broadway, they pay the taxes on the bank's income and reap tax deductions on its losses. That size of a loss is likely to mean family members will pay no 2009 taxes on income from other sources and will be able to carry the remaining losses back to recover taxes previously paid.  What really stinks about this is that in 2007 and 2008 the family took $70 million in dividends out of the Broadway bank.  They say they cannot come up with the same amount of cash today to...(Read Full Post)