Friday Bad News
- Broadway Bank, the family-owned lender that helped launch U.S. Senate candidate Alexi Giannoulias' political career, was seized by government regulators Friday night, one of seven Illinois institutions taken over and sold to healthier companies.
The failure of Chicago-based Broadway, which was unable to raise the $85 million it needed to remain independent, was anticipated, and its worsening health has weighed on Giannoulias' Democratic bid for President Barack Obama's old Senate seat. The bank had been struggling in recent years with real estate loans gone bad, losing $75 million last year.
Giannoulias worked for his father at Broadway before entering politics, and during his successful run for state treasurer in 2006 he used his banking experience as one of his chief qualifications. But in the Senate race, he has tried to distance himself from the bank's troubles. - The bank's failure will cost the FDIC $394.3 million.
But we're betting that the Giannoulias family isn't returning the $70 million in "dividends" they took out over the past few years.
Thanks Alexi. Now where is the Outfit going to get it's loans?
Thanks Alexi. Now where is the Outfit going to get it's loans?
Labels: state politics
posted by SCC at 1:03 AM
41 Comments:
I heard about the bank closing at work today. On the way home I drove past the branch at Broadway and Elmdale. The shades were pulled and an MB Financial sign was in the window. Mr. Giannoulias, the father, was well known and considered a nice man in the neighborhood. He even hired ODPOs to work security. My Uncle worked a sidejob there back in the day.
How is he still our state treasurer, let alone the Senate candidate?
NO VOTES FROM ME OR MY FAMILY!
He's still competitive because Illinois passed the tipping point about 20 years ago. You have enough parasites, criminals, and dopey suburban females weened on Oprah to ensure that the most vile and reprehensible democrat can still win here.....and against a liberal republican too!
BTW...anybody catch POTUS Hussein and his She-Beast Napolitano commenting on Arizona's illegal alien law? His hatred of traditional America showed through the mask yesterday. You could see it in his glaring eyes, look up the video. They sent the message to AZ law enforcement that they will be scrutinized for Federal civil rights violations when enforcing this law. I personally don't agree with the law because it will lead to profiling American citizens, however......the people down there have had it. The slaughtered American rancher was the last straw. Build a fucking wall already.
But DumbocRATS will still vote for him and Daley.
If Alexi stays in the race for the Senate, I'd say Mark Kirk is a shoe-in to win.
How embarrassing would that be to Obama for his seat to turn Republican?
If Alexi drops out, ala Scott Lee Cohen, the only viable candidate to keep that seat Democratic is David Hoffman, who almost overcame Alexi's campaign $$$ in the primary election.
This won't happen though, because Hoffman is NOT part of the old boy Daley/Burke/Madigan Crime Families, so he will NEVER be drafted by the Dems to run. He can't be controlled by them. If he could, he would ALREADY BE their candidate!
Watch for one of Obama's favorites to get the nod, like Valerie Jarrett, who Obama wanted in the first place before that little idiot weasel, Roland Burris, was appointed by Blago.
$400 million coming out of OUR pockets because of these incomepetent hacks. When does it stop? They don't even care. As far as they are concerned, that is what insurance is for.
Its been repeated numerous times on this blog....Never vote for an incumbent and do not vote for a Democrat. That is CHANGE I can believe in.
Where's the Outfit gunna get their loans? How bout CAPITOL BANK at Fullerton & Cicero! I believe they have another branch Fullerton & Laramie.
Then after doing all the paperwork,
da boyz can go have dinner at ABONDANZA, 5054 W. Fullerton, Blago's
& "Grand Avenues" old hangout......
democrat playbook 101....take credit for anything good and blame others for everything bad. where s that bush guy when you need him?
Once again corruption is in the face of the moron citizens of Illinois, but they will still vote for this idiot because he has a (D) by his name.
Vote against this goof. He is one of them!
Don't forget, this was a known outfit bank for years. Only pols and high ranking officials were welcomed there and got "prefered" rates, all on the back of the taxpayers.
Notice how the Giannoulias family took $70M in dividends in the very two years, 2007-2008, that the real estate market was beginning to tank.
They could easily see what was coming- an avalanche of monster commercial defaults- and made sure they got theirs before the wave washed over them. Everyone who knew anything knew that the whole mountain of bad debt was pretty well rigged to blow by 2005.
Criminal? Surely, and Giannoulias should be facing fraud charges for his role in underwriting these loans, most of which were to flagrantly unqualified borrowers, as should most of the officers of financial institutions across the country. Broadway Bank would make large commercial loans to anyone who walked in the door.
But goofy? No, or at least not within the context of the times, where our authorities pretty much granted a license to steal to our financial institutions, it being always understood that a financial firm could take any risk and cream as much as they wanted in the way of bonuses, salaries, dividends, and fees with no fear from our government authorities, which pretty much assured them of a bailout should their bets go bad. Giannoulias will not have to give back those dividends any more than the Wall St. bonus babies will have to give back the $100M yearly bonuses some of them received, to cover losses.
That's what we taxpayers are for.
The guy is a conceited ass. Heard him speak to a graduating class at Bradley U. Rather than give a motivational speech to a bunch of
young graduates, as he was supposed to do, he went on & on, ad infinitum, about his Holy Trinity: "Me, Myself,& I"
If his name was Joe Smith he would be kucky to get a job selling Clear at a kiosk in a Lincolnwood shopping center
I sure if Alexi decides to drop-out
of the senate race, Rollin Burris
could be pursuaded to return.
In fact, he would consider it his
civic duty.
NorthCoast, I used to think you were a leftist. I guess I was wrong. You have been spewing some common sense comments lately. What gives?
Wow! Alexi states that now that his family has lost the bank, he is fired up and even more committed to work every day for the citizens of Illinois to keep their jobs and businesses! It seems when he ran for treasurer of the state he was the principal loan officer os the bank. However, when the bad loans came out, he had nothing to do with the loans to organized crime. He must have been out sick that day! Now the failed bank will cost the taxpayers 350 milllion. I wonder of Alexi will give back his part of the 70 million in dividends the family took last year? That would be the just thing. And, now the family is entitled to millions more in charge backs since the bank failed. Just another banker racket where the tax payer gets screwed. Alexi, just withdraw from the race and go away. I am tired of the corrupt politicians taking the taxpayer for a ride.
Let us also not forget how many families that horse's patoot hurt when he put a HUGE dent in the Bright Start program with his brilliant investment strategies. Of course he's counting on Obama to get him a seat on the Finance Committee if he ends up winning. Run for your lives!
Vote for me because I've been involved in finance for most of my life; I grew up at daddy's knee learning all about financial issues! You know my family owns a bank, don't you?
Oh, I never really had much to do with my family's bank; I wasn't a decision-maker and only had a hand in nine percent of the loan decisions.
I've got whiplash, the turnaround was so fast.
Giannoulias is 33 years old. He played basketball in Greece for a few years after college before joining the family bank as an instant VP in charge of loans. At the age of 29 he was elected state treasurer. He, like BO, has never held a real job or had to make a payroll. Another political class empty suit who wants to "rule" the masses. We, the electorate, must learn never to vote for these maggots whose entire career paths are designed to move from one political office to the next. The founding fathers expected public service to be a sacrifice so that different citizens would take their turns in public service. The idea was to do good for the benefit of all. The idea was not to do well for yourself. We have to return to the notion that political office is not a career path that will make you a millionaire.
The Giannoulias family took their $ 70 million from bank before it folded. If they left it in place they might still be in business !
Vote all the assholes out of office.
the Giannoulias family are scum
Something veeeeerrrry fishy between Giannoulius, obama, durbin, madigan, Daley, Rezko, Blago, and some others, namely the Chicago M-O-B. Is there a Federal and local Law Enforcement Cover- Up going on? I'd bet there without a doubt is. I also think Federal law Enforcement is in the corruption mix as much as Crook County undoubtedly is.. Best bet is to Vote ou ALL these Thiefs and Liars next Election, and demand Answers from Local & Federal Law Enforcement Officials.. We The People are Watching and Waiting, and Election Days is getting closer. No answers AND actions by our Elected Officials by then about all this Corruption???? Out on your Asses You will ALL Go. No mire promises about future actions, do your jobs NOW, and uphold the Constitution, or you are GONE...
Did Giannoulius and / or Rezko give omaba the imposter president of the United States (IPOTUS) any below board financing deals??? How about Daley, the Mob, and others??? Do we wait till our Entire Country becomes like Mexico or South America before we do anythin about this massive Corruption her in Crook County? Perhaps Blago really IS right about all this after all.
Guess who the FDIC gets the 394 million from ME, YOU AND EVERY OTHER TAXPAYER
Thanks Alexi, you shit bum, just another democratic scam artist.
This just in.......................
Giannoulias just signed a contract with Parker Brothers to make the prototype "Giannoulias Funny Money" for the new board game "Chitown Politics". The object of the game is to roll the loaded dice so that you can travel through the different neighborhoods
promising jobs, reform, safety and prosperity while bilking the working class residents out of their hard earned money.....while trying to stay out of thr frderal joint for extorting your Constituents.
Wow the first reality board game.
DYLA HATA
Did you see Daley doing his laughing routine, "I don't care, hahahaha." Hey MAYOR !!! MB Financial is going to move a bunch of Bank Operation Jobs out to Rosemont now, when MB bought the failed Corus Bank ODPO lost their jobs, and 100 jobs went out to Rosemont and 100 Chicagoans lost their jobs, Yeh Daley that's real funny huh ?
Rosemont, Hummmm, who runs things out there ?
Now this just in...................
Jfed just signed a deal with Reebok to make JFLEDS. The new gym shoes that will cross train you to run faster backwards than you ever could forwards...................
Instead of pressing on a little bobble to make your shoes tighter, you just drop a couple of snaps or poppers to the ground. right after they pop the shoes take off!
Their JFLEDS!
Nike wouldn't make them because thay only come in YELLOW!
We think the French army had them first but JWUSS has perfected them…..Now if he could just keep his foot in his mouth maybe he won’t say anything else stupid.
DYLA HATA
Hey, how come everyone from P.O.'s, Sgt's and Lt's are leaving 3rd Watch 023rd District? Could it be the Capt?
Why doesn't the Capt on third watch 023 do a mission to keep employees and banks?
4/24/2010 08:04:00 AM says: Where's the Outfit gunna get their loans? How bout CAPITOL BANK at Fullerton & Cicero! I believe they have another branch Fullerton & Laramie.
Then after doing all the paperwork,
da boyz can go have dinner at ABONDANZA, 5054 W. Fullerton, Blago's
& "Grand Avenues" old hangout......
Capitol Bank was aquired by Banco Popular in 1997, Abondanza's is closed for a few years now, They had great meatballs didn't they ? Whatever happened to them ?
--not a cop--but not that not a cop or the other not a cop--
I wonder if Mark Kirk is picking out his Senate office furniture yet? He's going to bury Giannoulias on election day.
President Obama's senate seat going Republican..........that's a change I can believe in.
Guess who the FDIC gets the 394 million from ME, YOU AND EVERY OTHER TAXPAYER
Thanks Alexi, you shit bum, just another democratic scam artist.
4/24/2010 11:35:00 PM
..
Um, no. The banks pay into it, as insurance against this kind of thing. As a matter of fact, the rates just went up, and they have to pay into it a little more.
Now, are we paying for it indirectly, with bank fees and such? Probably.
From FDIC website: "An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure.
The FDIC receives no Congressional appropriations – it is funded by premiums that banks and thrift institutions pay for deposit insurance coverage and from earnings on investments in U.S. Treasury securities."
Sorry SCC, for trying to post to your site, "--not a cop but not that..."
MB is an outfit Bank, Coppers were hurt in all of thier takeovers, I was wondering about what happened to Abondanza...
your site your rules and still one ofth ebest sites out there...
ALexi HE GONE!
Another guy running who will end up in jail.
BTW...anybody catch POTUS Hussein and his She-Beast Napolitano commenting on Arizona's illegal alien law? His hatred of traditional America showed through the mask yesterday. You could see it in his glaring eyes, look up the video. They sent the message to AZ law enforcement that they will be scrutinized for Federal civil rights violations when enforcing this law. I personally don't agree with the law because it will lead to profiling American citizens, however......the people down there have had it. The slaughtered American rancher was the last straw. Build a fucking wall already.
4/24/2010 07:09:00 AM
........
Arizona has already showed they have big stones. The message they should send to POTUS and the She-Beast is if they try to interfere or intimidate they will bring them up on State charges and have them arrested. Why not, the states have rights. Maybe POTUS and the She-beast can spend time in Sheriff Joes Jail.
If I'm not mistaken Barry got his first mortage from Alexi. Whenever the ones corrupt friends start getting negative press, the media never can seem to make the connection.
Didn't our President play basketball with his good buddy Alexi on election night? This guys family takes 75 mil and sticks the FDIC with millions in losses but it's the evil Wall Street guys we need to focus on.
I have never been a leftist. A feminist, yeah, but not the Marxist-leftist hiring quota, welfare-state-feminist type of feminist.
A supporter of 2nd amendment rights, yes, but with an emphasis on responsible gun ownership and the recognition that it is not for everyone.
I am a Libertarian, not to be confused with a "conservative".
I am vehemently anti-government-subsidized anything, including welfare for pigs who have a dozen kids, illegal immigrants, financiers who can't be bothered to verify loan documentation, and poor "homeowners" who borrowed 5X their income for some overpriced house then sucked the fake equity out of it to buy boob jobs and SUVs, or college loan borrowers who have discovered they can't get a job that justifies the $200K worth of Sally Mae and Stafford loans they took out to attend 5th tier liberal arts colleges. I didn't have other people's babies and I didn't put a gun to their heads to make them buy overpriced crapboxes or $40K cars- nor did I force any lender to make the loans- why should I have to pay for this crap?
I am also opposed to funding the highway system I would have to spend $10K minum on a car to take advantage of and that sucks money from my city and its basic services, water diversion projects in desert states with 200,000 people in them at the expense of cities sensibly located in proximity to fresh water supplies,, college loan programs to enrich the proprietors of diploma mill schools that charge $40K a year for tuition to produce "college graduates" who read at the 6th grade level, and ever more "affordable" housing that costs $447K a unit to build.
Needless to say, I am also opposed to any state meddling in religion or personal matters, whether it's Obama's unconstitutional "National Day of Prayer", or hiring quotas, or any government meddling in matters of birth control and reproduction. I also oppose any laws that tell me what I can injest, inject, imbibe, or inhale, or that hold me responsible for the consequences of other people's imbibing, inhaling, and injecting.
Please tell me what I said to make you figure I'm a "leftist".
Were it not for the ability of our governments to tax without limitation and implement by force sweeping policies that cascade down through decades, we would not have a failing financial system with cascading defaults and bankruptcies- banks will not take risk they think they will have to eat, but they knew that our crony government would always bail them out.
We would not have 90% of our population living in places and in a manner that requires them to own two or more cars per household, thanks to the interstate highway system that decimated our cities, destroyed their cores with soviet-style housing projects that destroyed up-and-coming poor neighborhoods, and provided a conduit to empty them into FHA-subsidized suburbs that would never have been built were it not for the alphabet soup of housing agencies created by HUD. And we would not have seen the cities of the Midwest and Mid-Atlantic lose their populations to cities in the high desert that will be utterly unsustainable in the future and wouldn't be possible to begin with without the massive water-diversion system OUR tax money built.
Thanks to handing our leaders the authority to tax us into penury and direct the economy by means of Soviet-style multi-decade plans that have wrecked our cities and built our country out in a way that will make it utterly unsustainable when oil production, which has already peaked, drops off a cliff in 2012-2015.
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