Slain slumlord’s unpaid debt helped sink Obama’s bank

A slain Brooklyn slumlord’s shady business practices helped sink a bank that counted President Obama as a customer and ex-Chicago Bears quarterback Jim McMahon as a member of its board, The Post has learned.

Two unpaid loans to murder victim Menachem “Max” Stark and his business partner Israel “Sam” Perlmutter were among 17 bad bets that spelled $104 million in losses for Chicago’s Broadway Bank before it was shut down by the feds in 2010, court papers show.

Broadway Bank was run by Demetris and George Giannoulias, brothers of former Illinois state Treasurer Alexi Giannoulias.

Alexi is a political pal and basketball buddy of Obama, who backed him in his successful race for treasurer as well as a failed bid for Obama’s old seat in the US Senate.

Alexi, who isn’t named in the suit, served as chief loan officer for Broadway before being elected state treasurer, and questions about his role at the bank — especially loans made to reputed mobsters, including convicted bookmaker Michael “Jaws” Giorango — helped sink his Senate run.

According to the FDIC, Broadway’s outside board members — including McMahon, who last year revealed he’s struggling with the early stages of dementia — “were grossly inattentive to the affairs off the bank, deferring excessively to the whims of the Giannoulias family.”.............

Aug 5, 2010: Obama travels to Illinois to help Alexi Giannoulias in Senate race "CHICAGO -- One evening last week, presidential adviser David Axelrod spoke at a small fundraiser for 34-year-old Illinois State Treasurer Alexi Giannoulias, a basketball buddy of Barack Obama's and the Democratic candidate for the president's old Senate seat.

Axelrod told the story of a long-ago phone call from the evening's hostess, Democratic donor Bettylu Saltzman, who said she'd just met young Obama and thought that he could be president someday. Axelrod turned and smiled at Giannoulias. Her blessing, the adviser said, was a "good omen."

Giannoulias will take any good omens he can get. He is an amiable but not quite formidable candidate who has struggled to inspire even some loyal Democrats. His principal professional experience before winning election as treasurer in 2006 with Obama's support was four years as a senior loan officer at his family's Broadway Bank -- seized in April by federal regulators when piles of loans went bad. ".........

May 2010: Alexi G’s Basketball Diaries "..........Nobody would mistake Obama for an idealist when it comes to winning races, but on the subject of Giannoulias, it seems the President shares a genuine friendship with the man 15 years his junior. The two played their first pickup basketball game in 1994, when Obama was a lecturer at the University of Chicago’s law school and Giannoulias was a freshman in its college."..............

Chicago organized crime: Racketeers, grifters, con men, swindlers, perverts, predators, pols, and a president.

Chicago criminal pols consider winning public office (using shady campaign tactics) as an "investment." Once in office, the "return on investment" begins.They'd sell their grandmothers if it meant making a nickel profit.

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Fledgling pol Obama lost to this guy back in 1992.

Chicago Sun-Times ^ | 26 dec 2013 / FR Posted by rellimpank

U.S. Cong Bobby Rush has served in Congress for 20 years, fighting for his South Side constituents and against injustice wherever he sees it. And for that, Rush deserves our gratitude. But he's not above reproach---he's accused of (1) using campaign funds to subsidize his church, (2) of squandering grant dollars, and, (3) of being too cosy with companies that rely on his support in Congress. The Chicago Sun-Times this month published a Better Government Association investigation of Rush, covering his campaign spending, his personal finances and the failure of a "nonprofit" Bobby Rush founded.(Excerpt) Read more at suntimes.com ...

Cong Bobby Rush.

Bobby's just another Chi/pol who considers public office an "investment." The return on investment comes when the pols get access to all that govt money. BTW, a non-profit is the plus-perfect way Pols extort money for political favors, and siphon off tax-free money for themselves.

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AND GET THIS Chicago "Investor Pol"---Mayor Rahm Emanuel---wants to kill stealth council accounts
Chicago Tribune | 10/25/13 | Hal Dardick / FR Posted by Libloather

Mayor Rahm Emanuel wants to deep-six a stealth City Council account that some pols used to put family members, campaign operatives and those with political baggage on the public payroll without detection until the Tribune exposed the practice. The $1.3 million secret fund, which dates back decades at City Hall, is zeroed out in the 2014 budget proposal the mayor unveiled Wednesday.

Mayor Rahm's change, however, will save only about $6,000. That's because the money is being spent to create a "council office of financial analysis" and to beef up regular aldermanic expense accounts — which some aldermen also have used to hire relatives, lease office space from their own relatives and even lease luxury cars.(Excerpt) Read more at chicagotribune.com ...

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THIS MADE ME LAUGH OUT LOUD shortly after quitting his powerful WH job as Obama's COS, Rahm held a presser declaring he "just remembered" he really, Really wanted to be Mayor of Chicago. Then Rahm announced he had magically "raised" $10 million for his campaign in "just a matter of weeks." (waiting for hysterical laughter to die down). Ya gotta wonder how much Wall Street Rahm wired offshore when Obama put him in charge of the entire US Treasury. Read on.

CONNECTING THE DOTS: Obama's stranglehold on Treasury via COS Rahm Emanuel's dual role

THE TARGETING PAPER TRAIL BEGINS: Soon as they occupied the WH, Obama and the Chicago con artists (a) took control of the US Census; (b) Obama placed his COS Rahm Emanuel in control of the US Dept of the Treasury (the IRS).

THE SMOKING GUN---WSJ REPORT--On Jan 20, 2009 Timothy Geithner was appointed Obama's Secy of the Treasury. But within three weeks, the Obama White House tightened its grip on Treasury. Obama put his COS, Rahm Emanuel, in charge of Treasury---Rahm Emanuel's dual role was an unusual move.

When he got to Treasury, WH COS Rahm Emanuel was so involved in the inner workings of the Treasury that the phrase "Rahm wants it" had become an unofficial mantra among subservient govt staffers, prostrate in obeisance, scurrying to accede to Rahm's wishes, according to Treasury government officials. Reported by WSJ / 05/31/09

More here: http://online.wsj.com/article/SB124113406528875137.html

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