Posted on 04/24/2010 5:57:44 AM PDT 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 ...
Seven failures added to the list as of Friday. Broadway is listed here as well:
http://www.fdic.gov/bank/individual/failed/banklist.html
This guy sure knows the ins and outs of banking. Good fit for the current regime in D.C..
How did Goulanis’ activities cause a bank to lose $65Mill? And make $75 mill bad real estate loans?
All of Goulanis’ actitivies as State Treasurer should be under severe scrutiny.
Not only for his incompetence but also for shady deals with state money.
Watch for the Dems. to ask him to step out of the Senate race so they can nominate someone else. Bet the farm on it!
Heh---s-o-o-o-o-o true.
He was the Chief Loan Officer when Broadway bank loaned millions to two felons for starters. He was also there when Obama got a loan for a condo he did not qualify for that Rezko arranged.
As they like to point out it was not a regular bank whatever that means.
There is nothing on the up and up about Goulanis from previous articles from Chicago media. He plays fast and loose with the money. A lot of under table dealings going on with Broadway bank.
Would bet he has played fast and loose with the State Treasury from what you read as well. Typical Chicago politician and crook.
i've heard Rahmbo's name floated in that regard
Naw. Too controversial. They will try and convince the State Attorney General or in her absence, Valerie Jarrett.
Every official document this individual filed (a) at Broadway Bank, and, (b) as State Treasurer should be severly scrutinized.
Filing falsified official documents is subject to prosecution. Falsifying official documents incurs felony charges for 1st-degree tampering with public records, 1st-degree offering of a false instrument for filing, 4th-degree grand larceny, and 1st-degree falsifying of official records.
Hard and fast rule of CONTRACT LAW——filing false documents negates pensions, buyouts, retirement contracts, annuities, lump sums, etc., since the person did not negotiate in good faith.
Were Broadway Bank’s official documents accurately reported or were they inflated and misprepresented to hide sordid deals? Were bank loans reported accurately? Were phantom employees listed on bank payrolls to falsify the banks’ viability?
WAS TREASURER GOULANIS SUCKING OFF TAXPAYERS Were Goulanis’ state Treasuer expenses reported accurately? Did he get unapproved state bonuses? How many state pensions does he have? And what about Cadillac benefits? How many relatives and cronies did he have on state payrolls?
Was Goulanis perpetrating (1) bank Ponzi frauds; (2) laundering bank money; (3) facilitating IRS fraud (stolen money is taxable); (4) running a protection racket (shielding certain bank depositors from scrutiny); (5) running a Democrat campaign contribution fraud?
POSSIBLE CHARGES: official acts prohibited, misuse of govt funds, abuse of public office; violating oath of office; misuse of government position; abuse of government power; conflict of interest; influence buying; conspiracy to deceive; misuse of elective office, collusion, conspiracy to collude; government fraud.
FBI TIP PAGE http://tips.fbi.gov/ (you may remain anonymous)
Friends-Of-Obama...bump
We should make him get Illinois finances in great shape before he gets promoted to the Senate.
Of course he belongs in the cell next to Rezko (and Obama).
"Loaning" (yea right) 20 MILLION dollars to a couple of mobsters probably didn't help.
The Giannoulias family took out nearly $70 million in dividends from the bank in 2007 and 2008. Demetris Giannoulias, Alexi's brother and Broadway's chief executive, has said most of the money was used to pay corporate taxes and for estate planning after the 2006 death of family's patriarch, Alexis Giannoulias.
Buh bye Alexi
$70 million in dividends 2007 and 2008? For corporate taxes and for estate planning? That should be VERY easy to checkout (/snix).
Outside audits should be conducted immediately. Authorities need to determine whether bank principles colluded in schemes that may have included: (1) misusing corporate reserve accounts, (2) concealing losses, (3) inflating asset values and improperly accounting for transactions, (4) deferring profits into reserve accounts, (5) improperly shifting capital funding to other projects to hide illegal payments to Democrat candidates, and, (6) whether bank principles employed money laundering schemes to evade the IRS, SEC, FEC and US banking laws.
EMAIL enforcement@SEC.gov
IRS should be made aware of tax fraud and tax law violations (stolen money is taxable).
IRS TOLL-FREE 1-800-829-0433 ----You may remain anonymous.
FBI TIP PAGE http://tips.fbi.gov/ (you may remain anonymous)
ExACTLY!!! They made sure they raided
it first .. and he’s always using the
excuse of his dad’s ‘estate settlement.”
Such BS!
Alexi, you’re done.
Note that the article doesn’t say how much $$$ Alexi himself took out of the bank...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.