Bank Tied to Candidate Is Shuttered

Illinois regulators Friday shuttered a Chicago bank closely tied to the Democratic candidate running for President Barack Obama's former U.S. Senate seat.

Broadway Bank is owned by the family of Illinois state Treasurer Alexi Giannoulias, who is locked in a competitive race in this year's elections. His role at the institution has become a central issue in the race.

Of course, when they fail, they get bailed.... out.

Illinois in particular, and the bank associated with the candidate for Obumma's senate seat in particular.

Transparency.

I am pretty sure that this type of closure means that the bank will be open Monday under a new name, and under new operating persons at the top.
Washington Mututal- the largest bank in the nation which failed in 2008, is now part of Chase.

I don’t know how much longer the stronger banks can be expected to take over and try to repair the weaker ones. The ones in trouble were the biggest lenders to the NINJA & SISA buyers of homes. No Income No Jobs or Assets & Stated Income Stated Assets. No verification of anything. All Fairy Tale Book system demanded by CRA, .which was started in 1977 by Jimmah Carter.

Elsewhere in this Senate seat scandal, the investigation has turned up evidence that in fact, Blagojevich did not try to sell the Senate seat, but Obama DID try to buy it from Blago for Obama’s handpicked guy.

Four years ago, Mr. Giannoulias used his position as a top official at the institution as a primary credential in his campaign to become treasurer in 2006. Since the bank has run into problems, his opponent, Republican U.S. Rep. Mark Kirk, has used it as a bludgeon against him in their Senate race.

Mr. Kirk overtook Mr. Giannoulias in several recent polls and now enjoys a single-digit lead. He also has the edge in fund-raising.

Mr. Giannoulias has tried to soften the blow by predicting the bank's demise. He has also repeatedly said that when he left the bank four years ago, it was on solid financial ground.

Still, Mr. Kirk has been relentless on the issue, prompting Mr. Giannoulias, playing off Joe Biden's criticism of Rudy Guliani's repeated mention of 9/11, to quip that every sentence Mr. Kirk utters has three things: a noun, a verb and Broadway Bank.

A Kirk victory would represent a Republican pick-up in the Senate and a potentially embarrassing coda for Mr. Obama's Illinois political career.

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