SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
To subscribe to Capitol Fax, click here.
US Senate Sunday roundup

Sunday, Jan 31, 2010

* The Alexi Giannoulias campaign was probably hoping to change the subject this morning

Democratic Senate candidate Jacob Meister dropped out of the race with two days to go and endorsed rival Alexi Giannoulias.

Meister, a lawyer who is openly gay, made his announcement this morning at a Giannoulias rally in Chicago.

Meister was having difficulty gaining much traction in the race. A recent Tribune poll showed him garnering only 1 percent of support.

During debates, Meister has defended Giannoulias against attacks made by rival David Hoffman. He also has taken exception to comments Hoffman has made about being the only candidate to be married with children. He said such comments were insulting to gays who are unable to legally marry.

Meister’s one percent means zip, and he dropped out so late that he’ll still be on the ballot, but a “fresh” story like this could step on the “older” story about the family bank problems.

At times, Meister almost looked like a stalking horse for Giannoulias. Cheryle Jackson said as much today

“This was not a surprise,” Jackson said of Meister’s move. “This is something we knew all along, that he was in the race to help the treasurer. That being said, he was only pulling 1 percent at best. So I think it was inconsequential.”

Meister responds

But Meister called “preposterous'’ the suggestion that he was a Giannoulias pinch-hitter from the start.

“The suggestion that I was in any way recruited or in cahoots with Alexi or anyone in his camp is ridiculous,'’ Meister said.

* Complicating matters for Giannoulias today was the fact that a New York Times columnist wrote a brutal piece in today’s edition

Alexi Giannoulias would be nothing in Illinois politics if not for Broadway Bank. Now the near-failure of that family-owned bank is threatening to make him a political non-entity again.


The [family bank’s] move into real estate coincided with a headlong push into brokered deposits. This is quintessential hot money — large amounts that jump from bank to bank, each bank offering the lure of high interest, which the banks then must fund by making ever-riskier loans.

During Mr. Giannoulias’s time at the bank, brokered deposits catapulted fourfold, to $640 million. The typical bank at this point was growing brokered deposits at about 9 percent a year. Mr. Giannoulias’s bank was increasing its load by as much as 48 percent in a single year. Broadway Bank’s brokered deposits reached 80 percent of total deposits in 2006.

No one knows for certain how big a role Mr. Giannoulias played in these decisions. As Broadway’s top lending officer, he must have influenced the move into construction lending. As a connected family member, he was probably present during discussions of the hot-money play. Certainly, he took part in the family’s decision to take out some $70 million in dividends from the bank in 2007 and 2008, even as it careened toward a consent decree with the F.D.I.C.

But the column was a whole lot of false conjecture, according to the campaign

Giannoulias has admitted to making loans over the years that, in hindsight, he would not have made. He has pointed out that 700 community banks around the country have entered into consent decrees in recent years.

Giannoulias emphasized he has had no role in running the bank for four years. He is a 4 percent non-voting stock owner. The decree requires the Giannoulias Family re-capitalize the bank. Will Giannoulias chip in? “If they ask, of course I’ll help out,” he said.

The family withdrew $70 million from the bank in recent years — primarily to pay debt on Giannoulias’ father’s estate, Giannoulias’ campaign has said. Only a small fraction of that went to Giannoulias


Among the loans Giannoulias has gotten heat for:

* More than $10 million from 2001 to 2005 to alleged Father & Son Russian mobster team Lev and Boris Stratievsky. Father Lev has passed away. Son Boris is in jail facing money-laundering charges. Broadway funded development projects some on the South Side — that tenants and city attorneys complained were roach motels. Broadway has been unable to collect on the loans.

* About $12.9 million to convicted bookmaker Michael Giorango for a Miami Beach hotel and a Hollywood, Fla., restaurant, among other ventures, according to Crain’s Chicago Business. Broadway has sued Giorango and his partner, Demitri Stavropoulos, convicted of running a betting operation in Chicago, seeking to get the money back. Giannoulias initially downplayed his relationship with Giorango, noting the loans to him started before he joined the bank. Later he said he went to Miami to meet Giorango and inspect the property, and that another $3 million loan to Giorango was for a South Carolina casino.

* Related…

* AP: Meister drops out, backs Giannoulias for Senate

* Hoarse or not, Senate candidates step up pitch

* Democratic Senate candidates warn of GOP tide

* Reuters: Could Illinois’ Senate race copy Massachusetts?

- Posted by Rich Miller        

No Comments

Be the first to comment.

Sorry, comments for this post are now closed.

* Program reminder
* I am dreading this World Series
* Question of the day
* The Financial Times reports from... Ottawa?
* Caption contest!
* Nope. That was the Russians, not us
* Another Republican touts Green Party vote to help Rauner
* The opposite of transparent
* Tribune attempts Kirk diagnosis
* Wagers made on World Series
* A good question
* Could the SJ-R move the needle for DelGiorno?
* Chicago appears to account for most of state's net voter registration gain since '08
* SUBSCRIBERS ONLY - Supplement to today’s edition
* SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password)
* Dold demanded DCCC ad linking him to Trump be taken off the air
* Yesterday's blog posts

Visit our advertisers...






Search This Blog...

Search the 98th General Assembly By Bill Number
(example: HB0001)

Search the 98th General Assembly By Keyword

* Intel offering Basis B1 refunds in wake of platform shutdown
* Samsung Galaxy S8 edge specs, Google Pixel water resistance & more – Pocketnow Daily
* A tale of iMessage on Android and of Apple opening source
* First WiGig products certified with 8Gbps potential
* DirecTV Now will be $35 per month for 100 channels
* Google announces cloud-based whiteboard called Jamboard
* AT&T Project Hemisphere used to spy on citizens

* White Sox developing promising OF prospects
* Podcast: 2016 White Sox Outfield Review
* mikecws91's Offseason Plan
* The ten best developments of the 2016 White Sox season
* KenWo4LiFe's off-season plan
* Getz to oversee White Sox Minor Leagues
* Getz to oversee White Sox Minor Leagues


Main Menu
Pundit rankings
Subscriber Content
Blagojevich Trial
Updated Posts

October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004

Blog*Spot Archives
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005


RSS Feed 2.0
Comments RSS 2.0


* Governors Offer World Series Wagers - Alton Dai.....
* Illinois comptroller candidates face off in tel.....
* Rauner, Kasich Place World Series WagerGovernor.....
* Governors place bets over series - Jacksonville.....
* Munger, Mendoza battle over campaign ties, pens.....

* Bling and baseball: Cleveland at center of sports storm
* Company asks pipeline protesters to leave North Dakota land
* Prosecutors say man dressed as meter reader in man's death
* Central Illinois couple wins $134M lottery jackpot
* U of Illinois will use donation to open analytics center
* Cleveland Indians get boost from newborn babies in onesies
* Fearing Election Day trouble, some US schools cancel classes
* Aaron Schock agrees to pay $10,000 fine to settle FEC case
* Illinois guard: No bonus repayment issues for soldiers
* Illinois guard: No bonus repayment issues for soldiers

* Feds end lease with Illinois for state park, citing neglect
* Statehouse Insider: Tomorrow's a new day; in Illinois, that may not be good
* Cook County lawyer who posed as judge criminally charged
* 1,100 non-union state workers getting $3,016 bonuses
* Springfield veteran honored for volunteer work
* Central Illinois soldier killed in Afghanistan
* Rauner administration awarding more than $3 million in bonuses to non-union workers
* SIU injury-prevention program reinstated through stopgap budget
* Survey: 386 state jobs could relocate to Springfield
* SIU injury-prevention program reinstated through state's stopgap spending plan

* Sponsors go to bat for historic Cubs-Indians World Series matchup
* Trump brand loses luster with affluent
* Live blog: 2016 World Series Game 1—Cubs at Indians
* Will Silver Cross be wooed when longtime CEO departs?

* Fire damages Sonic Drive-In in Palatine
* Remind yourself Cubs made it, losers can become winner
* Kluber shuts down Cubs as Indians open World Series with 6-0 win
* No dice for Cubs against Indians’ Kluber — but no biggie, right?
* Aside from Zobrist, mostly ZZZs from Cubs offense
* Dear Abby: Girlfriend talks to exes, keeps me secret
* Georgia Nicols horoscopes for Oct. 26, 2016
* A surreal night of history, Kyle Schwarber and strikeouts
* Trump, GOP look to ‘Obamacare’ report as comeback lifeline
* 6 wounded in South Side shootings Tuesday

* Trump can't just be defeated. He must be humiliated.
* Bobcat lovers seek hunting permits in bid to thwart Illinois' first cull since '72
* Corey Kluber helps Indians to 6-0 victory over Cubs in World Series opener
* Corey Kluber takes page from Jon Lester's book, but Cubs fans need not fret
* Cubs' Jason Heyward understands benching
* Kyle Schwarber's storybook return not nearly enough for Cubs in Game 1
* Cubs' Kyle Schwarber does bang-up job in return with double off wall
* Corey Kluber a strikeout machine vs. Cubs, sets World Series record
* Cubs-Indians, Game 1: A night of firsts
* Poll shows support for Congo's embattled president to 7.8 percent

The widget AQL4JYGHIY powered by Feed Informer does not exist.

* Our Opinion: LaHood endorsed in 18th Congressional District
* Leroy Jordan: Race Riot site must be preserved, taught to students
* E.J. Dionne: Trump is not a GOP aberration
* Michael Gerson: Where the new right has failed
* Esther Cepeda: The anger and resentment stoked by Trump will persist after Election Day
* Our Opinion: Endorsing Bourne, DelGiorno for the Illinois House
* Kathleen Parker: You can dress him up, but Trump is Trump
* Our Opinion: Leslie Munger endorsed for Illinois comptroller
* Feds end lease with Illinois for state park, citing neglect
* Our Opinion: With poor choices, Clinton gets nod for president

* Forest Duke Jr.
* Lavergne Johnson
* John Shields
* Reba Spinks
* Helen Klempin
* Judith 'Judy' Rann
* Louis Faverty
* Dorotea Cerkvenik
* Rev. Dorothy Cook
* Jeffrey Barlow

* Cleveland strikes first against Chicago Cubs
* Leonard, Spurs spoil Durant's Warriors debut with blowout
* Rozner: Cubs not down or out after Game 1 defeat
* Marine Corps jet crashes in California desert; pilot safe
* Afghan police official: Taliban insurgents kill at least 20 civilians a day after abducting them in central province

* House lawmakers overcome hurdle on key tra...
* Rodney Davis talks funding with Bloomingto...
* The agency that fought Illiana gets a new ...
* Rep. Dold takes educational cruise down Ch...
* Lawmakers decry high turnover rate of VA h...
* CBD Oil, and politics
* Simon considering state Senate bid
* Killer Congressman Tom MacArthur trying to...
* Shutdown? State may not notice
* Rep. Bob Dold

* Sheila Simon, Sen. Dick Durbin talk budget......

* Live Thursday: US Senate debate - The Stat......
* Live Thursday: U.S. Senate debate - The St......

* Pensacola Cleaners Moves Across The Street
* Early voting a perk or scam? Or just a reason for malcontents to complain?
* Government Report Sparks Debate Over U.S. Fuel Economy Standards
* Report: Rauner Has Donated $46 Million In Political Funds To GOP Candidates
* Cartoon Of The Day
* Cartoon of the Day - 10/25/16 Trump toon
* Report Calls For The Closure Of All Youth Prisons
* Cook County Minimum Wage Plan Slated For Committee Hearing
* Midwest Hospitals Team Up For Patient Safety
* Early Voting Begins Monday In Illinois (UPDATED)

* Governor’s Children’s Cabinet Makes Lead Poisoning Prevention A Priority - October 23-30, 2016 - National Lead Poisoning Prevention Week
* Illinois EPA Sponsors Interactive Environmental Education Event with Riverton Elementary School - Riverton Third and Fourth Graders “Dive In!” to Celebrate the Environment
* Illinois Department of Veterans’ Affairs Honors Veteran Mr. George Pempek
* Illinois Partners with State of Telangana, India to Strengthen Smart State Initiatives - State to state agreement to accelerate opportunities and service to citizens
* Illinois EPA Announces Vehicle Emissions Testing Network Updates - New Contract to Offer More Efficient, Less Expensive Tests

      Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller