What are Democrats in Illinois Thinking?
By Pat Racimora on February 18, 2010 at 3:00 PM in Current Affairs

The political goings on in Chicago baffle most of us, and the Democrats’ choice to run for Obama’s old Senate seat is no exception. Twists and dark intrigue make Scott Brown’s 1982 nude centerfold in Cosmo look like a G-rated Hallmark card.
Americans are not enthralled by bankers these days, and banking is Alexi Giannouslias’ legacy before being elected as Illinois State Treasurer. Even Obama has opined that we don’t need another banker in the Senate (referring at that point to Republican Scott Brown who prevailed in Massachusetts). There are questions about Giannouslias’ relationship to his father’s troubled Broadway Bank, and Tony Rezko, President Obama’s partner in purchasing real estate and now a convicted felon doing time, is again in the muddy middle of it.

His opponents’ campaign was fast to air the Giannouslias’ family’s dirty laundry.
On July 27, 2009, the Chicago Tribune reported: “Before his election [to State Treasurer], Giannoulias faced scrutiny over his family bank’s loans to convicted felons with alleged mob ties. Giannoulias oversaw the loans at the bank.”
The Sun-Times reported that Giannoulias loaned $12 million to a convicted bookmaker and pimp and loaned another $15 million to a convicted mob money launderer. More recently, Chicago and national media reported that the FDIC ordered the Giannoulias family to raise millions in capital for the bank. According to news reports, the Giannoulias family had taken millions out of the bank just before real-estate backed investments collapsed.
Last week, David Hoffman told the Chicago Sun-Times: “Broadway Bank acted in a very different fashion than just about every other community bank in Illinois . It is simply not true that many other community banks were handing out loans in a high-risk way to Tony Rezko and convicted mobsters.” Hoffman told the Associated Press: “The reason that this Broadway Bank story and revelation is of such significance now is because it goes to the heart of matters of job performance and character.”
And this guy was then elected State Treasurer? And our President, no less, endorsed him for that job. So it will be interesting to see if Obama will now come out and actively promote his basketball buddy against his opponent, moderate Republican Mark Kirk, a Navy Commander who has served in Kosovo and Afghanistan and is currently in his 5th term as a member of the US House of Representatives.
In the meantime, the Republicans had fun with this devastating ad.
This race will be one to watch, probably best with popcorn.

















