Illinois’ Senior Senator, Dick Durbin, said he believes Alexi Giannoulias, 33, who is running as the Democratic candidate for US Senate will have to come clean about the latest controversy surrounding Broadway Bank, his family’s community bank in Chicago. On Sunday, Sen. Durbin announced he will chair Giannoulias’ Senate campaign in Illinois. Giannoulias is running against Republican US Congressman, Mark Kirk.
This morning, Sen. Durbin spoke at a bakery in Chicago’s Old Town neighborhood detailing President Barack Obama’s plan to help small businesses secure loans enabling them to grow their workforce by putting more people to work. Now that Durbin is chairing Giannoulias’ campaign, I asked Durbin if would he would encourage Giannoulias to come forward about questions surrounding Broadway Bank’s troubled finances and investment deals. The most recently filing with the FDIC showed Broadway Bank hemorrhaged 75 million in 2009. Up until now, Giannoulias, who worked as a Vice President and senior loan officer at the bank, has refused to give specific answers to questions surrounding the bank’s financial problems, at one point saying “if I’m fortunate enough to make it out of the primary (2/2/10) we can have that conversation.” Giannoulias sealed his victory in last week’s Illinois primary, with about just under 40% of the vote.
Today Sen. Durbin had this to say: “I believe he(Alexi) will be more forthcoming. There are some things we do know and should acknowledge. He (Alexi) has not been involved with his family bank for four years.The current portfolio of that bank, only 9 % of those loans reflect loans that were on the books when he(Alexi) left the bank 4 years ago, so the loan package out there now at that bank is substantially different. I think he should come forward. He’s talked to me about it what happened there, he’s very proud his father started this bank and built it up from nothing. The controversy there whether it reflects on Alexi himself personally or the banking practices remains to be seen, but I’ve encouraged him to answer all the questions.”
For more info about Giannoulias’ connections to Broadway Bank click the link below.
http://liveshots.blogs.foxnews.com/2010/02/01/giannoulias-family-bank-problems-continue/