Feds Enter Giannoulias’ Family Bank (Obama buddy - it’s closed)
My Fox chicago ^ | 4-23-10
Posted on Friday, April 23, 2010 6:09:03 PM by STARWISE
Regulators prepare to seize Broadway Bank
Updated: Friday, 23 Apr 2010, 5:53 PM CDT
Federal regulators prepared to seize control of the bank run by the family of U.S. Senate Candidate Alexi Giannoulias late Friday after the bank could not raise enough money to remain afloat.
(Excerpt) Read more at myfoxchicago.com ...
FROM:
http://www.freerepublic.com/focus/f-news/2499580/posts
http://www.chicagotribune.com/business/ct-biz-0424-broadway-bank—20100423,0,1669391.story
Broadway Banks Failure A Twin Blow For Giannoulias
Chicago Tribune ^ | April 24, 2010 | Becky Yerak
Posted on Saturday, April 24, 2010 7:57:44 AM by raptor22
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.
(Excerpt) Read more at chicagotribune.com ...