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* 1:19 pm - If this Crain’s scoop stirs up a feeding frenzy, it could impact the Senate race. If not, then it may not make much difference to the campaign. Time will tell, but it ain’t great news for Giannoulias, that’s for sure…
Broadway Bank, the troubled Chicago lender owned by the family of Illinois Treasurer and U.S. Senate candidate Alexi Giannoulias, has entered into a consent order with banking regulators requiring it to raise tens of millions in capital, stop paying dividends to the family without regulatory approval, and hire an outside party to evaluate the bank’s senior management.
The Jan. 26 consent order with the Federal Deposit Insurance Corp. and the Illinois Division of Banking comes less than a week before Mr. Giannoulias, Broadway’s chief lender until 2004, must face voters in the Democratic primary for the Senate seat previously held by President Barack Obama.
He’s faced criticism, principally from former city Inspector General David Hoffman, who’s running against him, for his past role at the bank and the $70 million in dividends the family took out of the bank in 2007 and 2008 as the real estate crisis was becoming apparent. […]
Among the ways to restore the bank’s fiscal health, the order lists “the direct contribution of cash by the directors and/or shareholders of the bank.” The Giannoulias family owns 100% of the bank’s shares.
David Hoffman response in five, four, three, two…
* 1:33 pm - Flashback, from the 10/25/04 edition of Crain’s…
Broadway “knows what deals are solid or not solid.” Alexi Giannoulias said of Broadway Bank’s loan portfolio that the bank knew what it was doing. His father had been in the real estate business since the 1950s, when he started as a developer of shopping centers and banquet halls around the city. Giannoulias said, “He knows what deals are solid or not solid, what areas are hot or not hot.”
Oof.
More…
Broadway held almost twice the percentage in high-risk development loans as similar-sized banks. In 2004, Broadway Bank had bet heavily on Chicago’s then-uninterrupted commercial real estate boom. Of the bank’s $409 million in outstanding loans, 23 percent were to customers in the construction and land development industries, according to Federal Deposit Insurance Corp. (FDIC) reports. By comparison, ShoreBank and Lakeside Bank, both Chicago institutions of similar size, each had roughly 14 percent of their loans in construction and land development.
ShoreBank, of course, is now in big trouble. So, it’s more conservative style back then didn’t help it much.
*** 4:27 pm *** From a press release…
Cheryle Jackson calls on Alexi Giannoulias to withdraw from Senate race in wake of Broadway Bank scandal
The Giannoulias family’s money has directly bankrolled the State Treasurer’s political career and that money has been made off of the backs of working families, small businesses and tax payers. Giannoulias and his family pulled $70 million in profits out of the bank and put it in their own pockets. Giannoulias and his family put other families at risk, the same way he, as State Treasurer, put the families who invested in Bright Start for their kids’ college at risk. The families and struggling businesses that he and his bank took advantage of are the same families and businesses that I have been fighting for most of my adult life. They desperately need a strong advocate in Washington. Giannoulias’ actions have made him unelectable, probably in the primary and certainly in the general. For the sake of Illinois families and for the good of the Democratic Party, I am calling on the Treasurer to do the honorable thing and withdraw from this race today.
*** 4:46 pm *** From a press release…
Statement from Hoffman for Illinois Campaign Manager Michael Powell on Broadway Bank
Today’s news about Broadway Bank provides further evidence of what a disaster Mr. Giannoulias would be as the Democratic nominee for U.S. Senate.
Even before today, his limited experience and his refusal to take responsibility for his failures - both as a banker and as manager of the Bright Start program - were clear. Now we learn that his risky loans at the bank, and his family’s decision to take $86 million in dividends for themselves, has caused the bank’s collapse, and a likely bailout and takeover by the FDIC.
Mr. Giannoulias has shown a consistent pattern of refusing to take responsibility for his actions and blaming others. People are sick of politicians, like Mr. Giannoulias, who are not honest about their own conduct and don’t want to be held accountable.
Democrats in Illinois are about to choose their nominee to fill our President’s former U.S. Senate seat. Choosing an inexperienced 33 year-old failed banker who allows Republicans to use Tony Rezko and other failures as attacks would be a sure loser for us.
posted by Rich Miller
Wednesday, Jan 27, 10 @ 1:19 pm
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C’mon Alexi — just make it thru that primary!
Comment by Kirk Voter Wednesday, Jan 27, 10 @ 1:26 pm
Yickes!!!!…. talk about bad timing.
Comment by DemVoter Wednesday, Jan 27, 10 @ 1:32 pm
Bad timing indeed.
Brightstar - can’t handle the public’s money well.
Forced by Federal Regulators to stop milking his family’s troubled bank for money.
Can we really trust him with important matters.
All you need is to CGI the Late mayor saying this, and find time to air it.
OUCH indeed.
Comment by Pat Collins Wednesday, Jan 27, 10 @ 1:41 pm
===All you need is to CGI the Late mayor saying this, and find time to air it.===
LOL.
I don’t think there’s enough time for that. Just sayin…
Comment by Rich Miller Wednesday, Jan 27, 10 @ 1:42 pm
Smacked by regulators a week before the election. Friends in high places didn’t help there.
Comment by wordslinger Wednesday, Jan 27, 10 @ 1:43 pm
What did he know and when did he know it?
And what did Obama know when they were attempting to lure Lisa M. into the race?
Hoffman vs. Kirk
Comment by vole Wednesday, Jan 27, 10 @ 1:45 pm
Republicans for Alexi!
Comment by OneMan Wednesday, Jan 27, 10 @ 1:48 pm
Oh my, do I need to pull a dem ballot now?
Comment by 10th Indy Wednesday, Jan 27, 10 @ 1:50 pm
This might give Senator Giannoulias some decent insight if the gov’t tries again to bail out big banks at the expense of small community lenders. Broadway and Shore, like most community banks, didn’t get any TARP money while the biggies and AIG got billions. The G left them out on the limb and handed the big guys the saw. Broadway will be ok somehow and so will Alexi.
Comment by Bill Wednesday, Jan 27, 10 @ 1:50 pm
Well, maybe friends in High Places would like to see a blue seat in a home state stay blue … Hoffman is surging, has fewer problems that we are aware of thus far …
I will take off my tinfoil hat now.
Comment by Oswego Willy Wednesday, Jan 27, 10 @ 1:52 pm
Nice, Pat.
Harold Washington would say that Alexi was dismissed and should’ve been dismissed…
Alexi’s camp responds that he was in fifth grade and the school bell rang. Who are ya gonna believe?
Comment by Ron Burgundy Wednesday, Jan 27, 10 @ 1:57 pm
This is devastating.
It’s super-easy to get your hands around: Alexi and his family pulled millions and millions of dollars out of their family cash cow/ community bank, and now investigators are “hiring an outside party to evaluate the bank’s senior management”.
If this gets real play, he’s toast.
Comment by SmokingGun Wednesday, Jan 27, 10 @ 2:01 pm
“Hoffman is surging”
The polls would suggest otherwise.
This certainly helps, though.
Comment by JonShibleyFan Wednesday, Jan 27, 10 @ 2:03 pm
===The polls would suggest otherwise.===
He is. The question is: Is he surging enough?
Comment by Rich Miller Wednesday, Jan 27, 10 @ 2:04 pm
Bill, that’s offensive. Voters should be turned off by this clown’s antics - not more willing to vote for him. He needs to be kept as far away from Washington as possible. Maybe he should be “allowed” to remain in Chicago for a while longer to get his own “house” in order.
It’s a shame voters didn’t realize the trappings in 2006. Bright Start and this latest debacle are enough proof to show voters Alexi was certainly not qualified to hold statewide office.
Comment by Team Sleep Wednesday, Jan 27, 10 @ 2:12 pm
I guess the only worse thing that could happen to Alexi today would be announcing his “victory party” would take place at his cousin’s restaurant “State” and Anne Kavanaugh is the emcee.
Comment by Oswego Willy Wednesday, Jan 27, 10 @ 2:12 pm
And I hope Hoffman uses some of his Progressive money to bludgeon Alexi with this new revelation.
Comment by Team Sleep Wednesday, Jan 27, 10 @ 2:14 pm
What if this explodes even larger after the primary and AG wins? If forced to step down from the ticket, who decides the replacement on the ticket? Party Central Committeemen? The Speaker?
Comment by Roland Wednesday, Jan 27, 10 @ 2:15 pm
BANK ON GIANNIOULIAS heh, heh
Comment by Responsa Wednesday, Jan 27, 10 @ 2:16 pm
I strongly encourage any Republican planning to vote in the Dem primary to vote for Hoffman. Do any conservatives out there want to take any chance that AG wins the general?; I sure don’t. The kid is totally unqualified, and one should never underestimate the ability of the IL-GOP to blow elections.
Comment by Angry Republican Wednesday, Jan 27, 10 @ 2:17 pm
Trib webpage has this up as a story about Broadway Bank under the Business section, and is not playing it (so far) as either a big story or a political story.
Comment by Really Anonymous Wednesday, Jan 27, 10 @ 2:31 pm
Typical Trib. — missing the point. Again.
Comment by Publius Wednesday, Jan 27, 10 @ 2:38 pm
Rich, again with the shameless shilling for candidates. There is no evidence whatsoever that Hoffman is “surging”. Perhaps you are unfamiliar with the meaning of the word Rich. Moving six points in three months does not a surge make. Why don’t you just get it over with and go on the payroll of your favorite campaigns.
Comment by Laborguy Wednesday, Jan 27, 10 @ 2:43 pm
For a textbook definition of surging look to the Toni Preckwinkle campaign. That is what a surge looks like Rich.
Comment by Laborguy Wednesday, Jan 27, 10 @ 2:44 pm
LOL. And you wonder why I have you on the permanent moderation list?
Comment by Rich Miller Wednesday, Jan 27, 10 @ 2:44 pm
I don’t wonder, or care at all Rich. You block my comments because they usually hit far too close to home for your liking.
Comment by Laborguy Wednesday, Jan 27, 10 @ 2:46 pm
JonShibleyFan,
PPP has Hoffman surging into second with 20 points, Alexi frozen at 32 and Cheryle stuck at 18. The only person moving is Hoffman. There’s still 30% undecided and Hoffman has gone up statewide with a significant buy. Trust me, he’s surging. But as Rich said, whether it will be enough or not we’ll know Tuesday night.
Comment by Chicago Cynic Wednesday, Jan 27, 10 @ 2:49 pm
“He is. The question is: Is he surging enough? ”
Describing a seven-point swing over six weeks as a surge is charitable.
But with a high undecided figure and this bad news, if he doesn’t go for broke here, he’s ill-served by his campaign.
One challenge is that he is now faced with having to go hard negative, but his name ID is hovering around 50%, so there’s no guarantee he’ll reap all of the benefits.
Comment by JonShibleyFan Wednesday, Jan 27, 10 @ 2:49 pm
Jerry, any time I blog about a story that threatens one of your candidates, you claim I’m in the tank for the other person. It’s old. You’ve become far too predictable.
Comment by Rich Miller Wednesday, Jan 27, 10 @ 2:50 pm
Don’t you have to be out of junior high to run a bank. I still think we should let Alexi finish 9th grade before we make him a U.S. Senator. Learning on the job? No big deal, the Obama learning on the job thing is working out well.
Comment by Fred Wednesday, Jan 27, 10 @ 2:51 pm
CC, you can’t use the Tribune as the baseline and PPP as the current figure. They’re different polls.
It’s not about whether or not I trust you. He may well be surging. But not based on the evidence we have…at least not yet.
Comment by JonShibleyFan Wednesday, Jan 27, 10 @ 2:51 pm
A matter of fact Rich, Hoffam’s “surge” is barely outside the margin of error.
Comment by Laborguy Wednesday, Jan 27, 10 @ 2:52 pm
===Describing a seven-point swing over six weeks as a surge is charitable.===
I’m pretty sure the upwards movement began far more recently.
Comment by Rich Miller Wednesday, Jan 27, 10 @ 2:54 pm
The thing is everyone has known Broadway was shaky for years. This isn’t exactly groundbreaking. It’s regulatory mumbo-jumbo to the general public (wonks know the bank is hanging by a thread). Besides, Alexi hasn’t worked at the bank for years.
This won’t get big play with the Gov’s race a complete free for all and SOTU tonight.
Everyone knew Alexi was a problem canddiate and tried hard to find an alternative.
It’s way too late to think that this will get Hoffman over the finish line unless every major dem, including Daley, Madigan and Durbin, come out against him within 48 hours. That ain’t gonna happen.
Comment by E Pluribus Wednesday, Jan 27, 10 @ 2:57 pm
I could be less predictable and start complimenting your coverage but what kind of fun would that be?
Comment by Laborguy Wednesday, Jan 27, 10 @ 2:58 pm
Against Alexi that is…
Comment by E Pluribus Wednesday, Jan 27, 10 @ 2:59 pm
“I’m pretty sure the upwards movement began far more recently.”
Perhaps. But it was seven points in six weeks from the Dec Trib poll to the Jan Trib poll.
I have no doubt the newspaper endorsements and his recent spending is raising his profile — I’m just saying, at least with respect to the public polls, the numbers aren’t overwhelming.
Not trying to be argumentative (that role seems filled), just jumping in on the conversation.
Semantics, I suppose.
Comment by JonShibleyFan Wednesday, Jan 27, 10 @ 3:05 pm
It is semantics. And it’s important when the movement started. Is “surge” the right word? Maybe, maybe not. But there’s upward movement and from what I know, it’s recent - or at least recently detected - and not gradual.
Comment by Rich Miller Wednesday, Jan 27, 10 @ 3:06 pm
Hoffman is certainly gaining ground but perhaps not so strongly as he would like, which is primarily a function of name recognition, and very sad since it means IL might be stuck with a schmuck no one is fond of only because no one’s heard of any one else. Some high points of the PPP poll that we all seem to be missing. Giannoulias hasn’t budged even though he’s had TV ads out for weeks. Hoffman has more than doubled his support (in significantly less than 6 weeks since no one was paying attention before the new year). Hoffman still has only 37% name recognition, but among people who have actually heard of Hoffman and Giannoulias, Hoffman wins 47-29.
Comment by North Side Nelly Wednesday, Jan 27, 10 @ 3:12 pm
This will be my last comment of the Primary. I have got to get going but I want to go on the record with some predictions. Governor Quinn will defeat Dan Hynes. Alexi will win and Hoffman will finish third. Toni Preckwinkle will get more than 50% of the vote and trounce her closest rival. Bye, bye until next Wednesday.
Comment by Laborguy Wednesday, Jan 27, 10 @ 3:13 pm
==- Responsa - Wednesday, Jan 27, 10 @ 2:16 pm:
BANK ON GIANNIOULIAS heh, heh==
That was one of my bumper sticker submissions from yesterday’s QOTD. Now you see why.
Comment by Captain Flume Wednesday, Jan 27, 10 @ 3:15 pm
==The thing is everyone has known Broadway was shaky for years. This isn’t exactly groundbreaking.==
Also, there is no way “everybody” knows about the trouble at Broadway Bank. Giannoulias only has around 50% name recognition, and though I don’t have a poll, I would guess that a large
The thing is everyone has known Broadway was shaky for years. This isn’t exactly groundbreaking.==
percentage of voters have never heard of Bright Start’s losses or Broadway Bank. It might feel like common knowledge to the people here because you’re regulars on a political blog and generally interested in politics. That is not the case for the majority of voters. And it is not “regulatory mumbo jumbo.” The family pulled millions out of the bank, including Alexi, as the bank was failing. It might not have been illegal or even surprising, but it smells rotten, like most of the things Alexi has been involved in.
Comment by North Side Nelly Wednesday, Jan 27, 10 @ 3:20 pm
Captain Flume, yes, I know. I specifically complimented you on it yesterday in the middle of the contest.
Comment by Responsa Wednesday, Jan 27, 10 @ 3:21 pm
Responsa, sometimes I get lucky. sometimes. thanks.
Comment by Captain Flume Wednesday, Jan 27, 10 @ 3:29 pm
==This will be my last comment of the Primary.==
Promises, promises.
But seriously “labor”guy. You’d better hope some of those predictions come true. You haven’t exactly been on a winning streak lately…and 2 million for Quinn in a dem primary…sheesh! That’s the way the Acorn crumbles.
Comment by Bill Wednesday, Jan 27, 10 @ 3:31 pm
Banks are in trouble for a variety of reasons. Some of the problems have little to do with bad decision making. For example, many banks got into trouble because their investments included Fannie Mae and Freddie Mac stock. These government entities were considered “blue chip”. But when these firms hit the ropes, so too did some banks that were holding their stock.
Broadway is suffering from challenges of their own making, ie. investing in development properties.
Alexi’s credentials for the treasurer’s race were built almost entirely off his savvy at his family’s bank. It would seem fair game to have those same credentials be considered for his next promotion.
Comment by Downstater Wednesday, Jan 27, 10 @ 3:42 pm
Any takers on Broadway failing (receivership) within 30 days?
Comment by wizard Wednesday, Jan 27, 10 @ 3:45 pm
Bill-at least one Illinois state chartered community bank received TARP funds. Do your homework.
Comment by wizard Wednesday, Jan 27, 10 @ 3:47 pm
Really my last comment of the Primary….
Bill, here is the difference between me and you. I actually have the ability to make my predictions come true. And I will put my win/loss record up against anypone in the business. In the 5th CD special election, we got what we wanted….a congressman not named John Fritchey. Ask Mayor Daley how good we are at making our predictions come true. Night boys and girls.
Comment by Laborguy Wednesday, Jan 27, 10 @ 3:53 pm
Things are really breaking the Democrat’s way.
Quinn is out of it - thank goodness.
Now Giannoulais is deflating before the Primary.
It isn’t just a matter of these two having “problems” - there is the added weight that these are the people, (incumbants), that are being tarred and feathered every night on TV.
If the Democrats had another decent candidate than Hynes - I’d be recommending that one instead of Hynes. And for the same reasons as above.
2010 is not the year for incumbants. If the Party wishes to remain with some statewide officials next year - then the Party has to purge it’s incumbants. This is not their year.
I can’t blame Giannoulais, Quinn, Hynes and the other incumbants for this - no one really saw just how hated incumbants have become and are still. 2010 is going to be brutal for the Party In Power.
As it should be. No one should be as comfortable as the Democrats have been over the past decade in Illinois. Any party in that position gets sloppy, arrogant and lazy. They forget. 2010 is going to be good for all the candidates. It will help them remember who is actually in charge for a change.
Comment by VanillaMan Wednesday, Jan 27, 10 @ 3:53 pm
Downstater 3:42pm
you are correct the vast majority of community banks are not in trouble for their initial investments. the barney franks and dobbs extolled their (fannie mae,freddie mac) safety. as a regulator, i have seen the losses that can be attributed to this. again, bill do your homework versus democratic bumper stickers. if you don’t have the documents to back up your position, shut up.
Comment by wizard Wednesday, Jan 27, 10 @ 3:54 pm
What is it with all these banks lately?
Comment by Levois Wednesday, Jan 27, 10 @ 3:55 pm
Laborguy, you’re impossible to take seriously when you contradict yourself inside of minutes.
>>Laborguy - Wednesday, Jan 27, 10 @ 3:13 pm:
This will be my last comment of the Primary.
>>Laborguy - Wednesday, Jan 27, 10 @ 3:53 pm:
Really my last comment of the Primary….
Comment by How YOU doin? Wednesday, Jan 27, 10 @ 3:59 pm
I can’t wait for the Republicans to bludgeon this guy.
Comment by LincolnLounger Wednesday, Jan 27, 10 @ 4:02 pm
Oh, come ON, laborguy. You gave thousands of dollars to Sara in the 5th CD, and now you’re going to frame that as a win for you, since Fritchey didn’t win? If you just wanted anyone-but-him to win, you would have diversified your investment or given it to the front-runner. You came in 3rd, and then brag about it.
Too bad you won’t respond and all since you’re done commenting until after the Primary…
Comment by Gimme a break Wednesday, Jan 27, 10 @ 4:04 pm
Wiz,
If you regulate as poorly as you read I think we can guess what some of the problem is. I said most, not all,so yeah I guess you can come up with one that got TARP while others took the big plunge.
Talk to the guys at FBOP about the feds and their goofy regulators and inspectors and the discriminatory distribution of TARP.
Or Corus or Founders or a hundred others that are now failed.
This is a blog. I don’t need no stinkin’ documents. As far as bumper stickers are concerned save the Fox News talking points for the Illinois Review. I’d say keep up the good work except I have to go to the ATM tonight.
Comment by Bill Wednesday, Jan 27, 10 @ 4:09 pm
Clean up in aisle four, testosterone spillage from labor and bill.
Comment by RobRoy Wednesday, Jan 27, 10 @ 4:11 pm
We gave Sara Fiengenholtz $5,000. The federal limit. And “Gimme a Break”, you wouldn’t know a campaign strategy if it kicked you in the pants. How many winning campaigns have you managed? My guess is ZERO. I have run campaigns at every level of government in 22 states and 8 foriegn countries. Go back to your state rep campaign and get some more yardsigns out. Goodbye, and stop dragging me back here with your whackjob comments.
Comment by Laborguy Wednesday, Jan 27, 10 @ 4:12 pm
Jerry,
I know you like to take credit for those aldermen and you helped some but it never would have happened without the massive effort of the CFL. You know, the REAL labor guys. In fact, your own member lost if I remember correctly. As for the 5th, we got what we wanted too…a Congressman not named Sara…and we didn’t spend a million to do it either.
Good Luck on Tuesday, you’ll need it. Get those 10,000 volunteers in every cong district out in the streets. Just make sure you tell them what state they are in before you send them out.
Comment by Bill Wednesday, Jan 27, 10 @ 4:14 pm
Dude, what about all those in-kinds?
Comment by Rich Miller Wednesday, Jan 27, 10 @ 4:14 pm
Good point Rich. I fugured these rubes would never pick that up.
Comment by Laborguy Wednesday, Jan 27, 10 @ 4:16 pm
The CFL spent $400,000 on the races and SEIU spent $2.7 million. And you are right, all those tradesmen were a huge help in those African American wards.
Comment by Laborguy Wednesday, Jan 27, 10 @ 4:17 pm
==I have run campaigns at every level of government in 22 states and 8 foriegn countries.==
LOL. Somehow I don’t think that is a very big comfort to Pat Quinn right about now. Are you the one “running” his campaign? That would explain a lot. Did you “run” Sara’s because I think that would be illegal unless you “volunteered” which for a big political wheel like yourself would be a big step down.
Comment by Bill Wednesday, Jan 27, 10 @ 4:20 pm
Laborguy, you don’t need me or any other manager to make you look ridiculous, because you can clearly do it all on your own. But I would like to buy two vowers - I.E. You guys gave $5,000 in cash, sure. But let’s be accurate.
But:
SEIU COPE (SERVICE EMPLOYEES INTERNATIONAL UNION COMMITTEE ON POLITICAL EDUCATION) 02/22/2009 24540.00 29933384306
SEIU COPE (SERVICE EMPLOYEES INTERNATIONAL UNION COMMITTEE ON POLITICAL EDUCATION) 02/27/2009 225000.00 29933384307
SEIU COPE (SERVICE EMPLOYEES INTERNATIONAL UNION COMMITTEE ON POLITICAL EDUCATION) 03/24/2009 24375.00 29933589636
SEIU COPE (SERVICE EMPLOYEES INTERNATIONAL UNION COMMITTEE ON POLITICAL EDUCATION) 04/20/2009 227.00 29992132952
Last comment, I swear!
Comment by Gimme a break Wednesday, Jan 27, 10 @ 4:21 pm
Bill,
Of course you do not need “no stinkin”documents” to support your position. I am extremely familiar with the Founders Group (ie Campbell family). Very nice and good people. They chose poorly and did not qualify for the TARP. Confidentiality prohibits me from further comments on their position other than I am extremely sorry for their demise. Still, your extreme far left stance on this bothers me. At risk of banishment, people must understand the banks as a business, not as fat cats. They are a business no different than your local hardware store (community banks only). Hardware stores do not give product away or extend credit to the unworthy. Banks were forced to do this. Been there, seen it. Thanks Pres. Carter.
Comment by wizard Wednesday, Jan 27, 10 @ 4:22 pm
OK, OK, OK.
His blood pressure is high enough. If the man wants to go away, for crying out loud, let’s let him go away.
lol
Comment by Rich Miller Wednesday, Jan 27, 10 @ 4:23 pm
Bill, you are correct. Someone as important as myself does not run campaigns anymore. I am too old and feeble. I certainly can’t take credit for anything on the Quinn campaign.
Comment by Laborguy Wednesday, Jan 27, 10 @ 4:24 pm
And there goes Pat, right under the bus. lol
Comment by Rich Miller Wednesday, Jan 27, 10 @ 4:25 pm
Jerry,
One of your many problems is that you think it is all about money as in…”we spent x and they only spent y”. Money is important but you can’t buy every race. US rubes will stick to our state rep races because they are very important to us while you waste millions on Pat Quinn. We’ll see who’s right on election day.
You probably shouldn’t have stiffed the legislators and wasted all your money on Pat but then you were never very big on building good will. I guess its much easier to try to bully your way through. Ask the mayor how well that has worked. Somehow I don’t think you have him shaking in his boots about your guys just yet.
Comment by Bill Wednesday, Jan 27, 10 @ 4:27 pm
Rich, I’m not getting worked up. Just having some fun. To be honest with you I am only really sure of one of my predictions. This is a very strange election in a very strange time. I don’t think anyone can tell you with any certainty what will happen next Tuesday let alone in November. This will undoubtedly be a very difficult year for incumbents of all stripes and Democrats in particular.
Comment by Laborguy Wednesday, Jan 27, 10 @ 4:28 pm
I’m not who was running Quinn’s campaign but I’m pretty sure MJM has taken over. Thank goodness.
Comment by Phineas J. Whoopee Wednesday, Jan 27, 10 @ 4:32 pm
Bill, SEIU is doing a great deal on a number of state legislative races and will put several hundred people on the streets election day. And I think the Mayor has done quite well for himself over the years. I suspect you are right that the Mayor isn’t afraid of us. That was never the point of our political program in Chicago. Gotta get on the road. Going to beautiful Bloomingotn tonight.
Comment by Laborguy Wednesday, Jan 27, 10 @ 4:33 pm
===I’m pretty sure MJM has taken over===
Wouldn’t bet on that.
Comment by Rich Miller Wednesday, Jan 27, 10 @ 4:35 pm
I think Mike is, at best for Quinn, sitting this one out.
Comment by Bill Wednesday, Jan 27, 10 @ 4:36 pm
Drive safely, Brother.
Comment by Bill Wednesday, Jan 27, 10 @ 4:37 pm
Jackson is playing it right.
She has a week to go to upturn this her way.
This is the opportunity to take a stand, (unlike when she worked for Blagojevich), and demand accountability.
Giannoulais is toast. Good thing this happened now, instead of next month when he has the nomination.
Now - nominate Hoffman and move onto Kirk.
Comment by VanillaMan Wednesday, Jan 27, 10 @ 4:46 pm
Would have preferred the Broadway bank info to come out next Wed instead of today.
Comment by wizard Wednesday, Jan 27, 10 @ 4:53 pm
@ VanillaMan
Cheryle Jackson and “Demand Accountability” in the same sentence. You are joking right?
Comment by Big Policy Nerd Wednesday, Jan 27, 10 @ 5:18 pm
The Broadway Bank is under a dark cloud and so is Alexi Giannoulias. His family owns it 100 percent, and he is part owner. So Alexi has entered into a consent order with banking regulators along with his brothers. They are required it to raise tens of millions in capital (there goes Alexi’s nest egg of dividends), to stop paying dividends to the family without regulatory approval (good move!) and hire an outside party to evaluate the bank’s senior management (can Alexi pass this test?).
Alexi also has many personal problems related to
mismanagement of Bright Start college funds because he did not withdraw all funds promptly when he found out that Oppenheimer was investing them in high risk derivatives. The students and their families lost about half of their savings. And then we have information about Alexi’s loans to Tony Rezko, a convicted felon, and the Bank’s loans to convicted mobsters. And, I am frustrated that we won’t have a complete picture of the transgressions until after Election Day.
David Hoffman has no such cloud. His record is clean. He was incorruptible as Inspector General of the City of Chicago. As Assistant U.S. Attorney, he investigated and prosecuted drug and white collar crime. Hoffman can win against GOP’s Mark Kirk, whereas Alexi’s is very vulnerable to attack, and would lose against Kirk. Hoffman is my choice.
Comment by georger Wednesday, Jan 27, 10 @ 5:19 pm
I’ve been expecting the collective “emperor’s new clothes” moment for Alexi. Maybe this will kick it into gear.
Comment by Jtesq Wednesday, Jan 27, 10 @ 5:40 pm
Yet Alexi still secured all these Dem endorsements and th SEIU.
Jackson’s statement is perfect. Good hits.
Comment by brennan Wednesday, Jan 27, 10 @ 5:47 pm
If Cheryle Jackson didn’t have the Blagojevich albatross hanging over her, she would probably be a better candidate for the Dems in the primary against Kirk. The national D party may be hoping that Alexi goes down (plus the Emily’s List folk need to atone for their part in the Massachusetts debacle). CJ could get a lot of national money and could hold the liberal/Af-Am base. Bad thing is Blago will be front and center in the trial and the Trump show during the general campaign.
Comment by Anonymous Wednesday, Jan 27, 10 @ 6:11 pm
LaborGuy - How can we miss you if you won’t go away?
Comment by And I Approved This Message Wednesday, Jan 27, 10 @ 6:45 pm
Quit bothering Laborguy so he can get out there and get Quinn the Dem nomination!
Comment by LincolnLounger Wednesday, Jan 27, 10 @ 7:03 pm
Hynes reported another $300K from labor and friends this evening if anyone was counting!
Comment by A-1 Report Wednesday, Jan 27, 10 @ 8:10 pm
Great story on the politics of Broadway Bank.
http://www.politico.com/news/stories/0110/32107.html
Alexi can’t win the general. The Republicans will KILL him with millions in negative ads. How about voting for the guy every newspaper in the state has endorsed.
Comment by Chicago Cynic Wednesday, Jan 27, 10 @ 8:11 pm
this is a most depressing election cycle. I have a deep fear that the Dem candidate for gov. who emerges after the primary will have to contend with Scott Lee Cohen. If Alexi wins, we will have all this nonsense. and if Cheryle wins, we will simply have the accidental winner, and all her Blago baggage. now comes word that the polls for Cook County Board President show O’Brien close and closing fast. this is such a strange election. Two of the best candidates stayed out of the fray….Lisa Madigan and Forrest Claypool. totally depressing, a Hoffman win is the
only thing that will lighten my mood.
Comment by Amalia Wednesday, Jan 27, 10 @ 8:52 pm
Amalia,
Which poll shows O’Brien closing? I’m not challenging you…just asking.
Comment by JonShibleyFan Wednesday, Jan 27, 10 @ 9:05 pm
I can’t imagine Kirk on the stage with Alexi. Kirk is a public relations and conservative talking point robot with chameleon powers. He makes it seem like he knows more about everything than everyone: Internet predators, Lake Michigan, Navy war theory, the best way to get to the Pentagon cafeteria if your in quadrant D, Al Qaeda … He would wipe the floor with faux-bama Alexi. I like Alexi WAY more than Kirk, but it would be no contest at least to the people watching, which are the people who matter. I see him getting through the primary and losing in Nov.
Comment by P. Wednesday, Jan 27, 10 @ 10:51 pm
Cheryle, you’ve still got time to submit those ethics forms, btw. Coming from you, that call to resign is the funniest thing I heard all day.
Comment by Gregor Wednesday, Jan 27, 10 @ 11:01 pm
JSFan, I was surprised about that poll too. saw it on line, I think somewhere in Crain’s, had them very close. weird. and all very depressing.
Comment by Amalia Thursday, Jan 28, 10 @ 9:36 am