* The feds are gonna need a bigger boat…
A federal prosecutor says criminal charges are expected to be filed against “many” figures involved in the failure of a century-old Bridgeport bank that made tens of millions of dollars in bad loans — until it was shut down soon after the bank’s president was found hanged in a customer’s bedroom.
Many customers of the failed bank, Washington Federal Bank for Savings, had connections to the Daley family and the 11th Ward Regular Democratic Organization, run by Cook County Commissioner John Daley and his nephew, Ald. Patrick Daley Thompson.
Assistant U.S. Attorney Brian Netols disclosed the anticipated criminal charges over the collapsed bank during a hearing in a bankruptcy-fraud case against attorney Robert M. Kowalski. […]
“This case is part of a larger investigation,” Netols told U.S. District Judge Virginia Kendall on Tuesday. “We are working toward charging . . . other individuals with the failure of a financial institution. The number of defendants would be many more.”