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*** UPDATE *** This is turning into a pretty raucous debate. The governor and Brady are going at it and the crowd is also getting into the spirit. This is a must-watch event, so click the play button if you can.
[ *** End of Update *** ]
* Starting at about 2 o’clock today, Gov. Pat Quinn and state Sen. Bill Brady will address the Illinois Education Association [UPDATE: they are actually debating, which is pretty cool]. Both will take questions from the audience. Watch it and live-blog in comments if you want…
[As of 2:17 pm, the sound isn’t working. Hopefully, they’ll fix this problem soon.]
[Sound is back on as of 2:23 pm.]
[End. Feed conked out during the governor’s closing statement.]
[OK, not the end. Feed’s back on.]
[Now it’s over. They should be posting the recorded video soon and I’ll put it up when it’s available.]
* One of the goofier campaign items I’ve seen this week was in the Weekly Standard…
[Democratic US Senate nominee Alexi Giannoulias] owns stock in his family’s Giannoulias Enterprises, a limited partnership that owns several properties in Chicago. Giannoulias’s brother, Demetris, serves as the president.
In April 2007, Giannoulias Enterprises refinanced its real estate portfolio, taking out a $21.5 million, 10-year loan on six properties – four of them being the locations of the family’s Broadway Bank. With all the banks in the world to choose from, Giannoulias Enterprises selected the French investment bank Natixis – an institution with a long and public history of doing business in Iran.
A Kirk campaign press release was issued soon after…
“Once again, Alexi Giannoulias demonstrates a pattern of reckless decisions and questionable relationships,” campaign spokesman Richard Goldberg said. “Alexi Giannoulias pushed risky ‘hot money’ lending schemes at Broadway Bank and loaned millions of dollars to organized crime figures like Michael ‘Jaws’ Giorango. Now it appears Mr. Giannoulias’ family real estate portfolio is financed by a French bank known for its investments in Iran’s energy sector and connections to Iran’s Central Bank. As a Senate candidate, Alexi Giannoulias says he supports divestment from companies doing business with Iran’s energy sector; the State Treasurer should do the same with his personal finances.”
Asked about the loan refinancing, the Giannoulias campaign replied…
The loan referenced in the Weekly Standard
article was originated after Alexi became Treasurer.As with any loan of this type, the borrower uses a broker to secure the loan. The borrower usually doesn’t know where the loan originates, and in many cases the loan is quickly split up and sold off to various investors. The borrower is not involved in this process.
The campaign added that the family did not know where the loan originated.
What a silly oppo dump that was by the Kirk campaign.
* Kirk is having yet another unannounced event today. This time it’s a fundraiser with Rudy Giuliani.
…Adding… The Kirk campaign says the congressman is in DC, not at the event.
* The Illinois GOP has a new video whacking Giannoulias…
posted by Rich Miller
Friday, Mar 19, 10 @ 1:49 pm
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Previous Post: More thoughts about Garrett’s lite guv candidacy
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Great GOP ad! No worries on the Natixis Bank story; there will be plenty more to choose from re Alexi/Broadway as time goes on…
Comment by Conservative Republican Friday, Mar 19, 10 @ 1:56 pm
The IEA didn’t invite Whitney? What message does that send to our children? Its ok to shun, ignore, and avoid legally equal people that have different ideas?
Comment by TaxMeMore Friday, Mar 19, 10 @ 1:57 pm
To you its stupid, to democratic jews in glencoe that kirk needs to win, conservatives, and big national jewish donors the equation for him of Iran+france+corruption= a winning issue no matter how shallow. Just because you don’t like it doesn’t mean its not effective and democrats do this stuff ALL the time. Dan Seals used to take a 1,000 donation kirk got from a prolife republican congressman and claim to the world mark kirk was an anti-abortion congressman and jerry falwells personal congressman on the north shore. you didn’t call him out on that.
this is effective politics and also a great way to show conservatives he’s tough to compensate for his shortcoming in their eyes on issues like abortion.
Comment by shore Friday, Mar 19, 10 @ 2:14 pm
I’m also very upset brady is wooing the teachers unions. This big government conservatism is very very bad for him and I am saddened he is wooing public employee unions. This is not the way for the party to win moderates or win anything for that matter. Dan Proft and adam would not have been as foolish.
Comment by shore Friday, Mar 19, 10 @ 2:18 pm
===you didn’t call him out on that. ===
I don’t know if I did or not. But that’s congressional and this is statewide. Big, big difference in the game.
Comment by Rich Miller Friday, Mar 19, 10 @ 2:19 pm
yes shore, but what would dillard have done?
Comment by Will County Woman Friday, Mar 19, 10 @ 2:20 pm
As Kirk’s release also pointed out, on his campaign Web site, Alexi stated “The U.S. government should publish a verified list of all companies doing business with the Revolutionary Guard and Iran’s energy sector so that Americans can make informed decisions about their investments.”
You can’t make statements like this and not have people go nuts when it looks like you’re being a massive hypocrite.
Comment by Team America Friday, Mar 19, 10 @ 2:24 pm
This is true. I am not saying this is a smoking gun, but it would have been better if you had just noted that while this might not hold up in the court of political opinion reporting, it will be very effective as a email hit the way kirk’s comment earlier this week about a one termer would help alexi. These hits are a crucial thing for him as even I, a supporter of his, note he has to constantly reassure conservatives.
the weekly standard has long been a huge backer of kirk because of national security and his business moderate record-google gary andres. They as well as other conservative publications are starting to buy heavily into attacks on chicago style liberal politics now that kennedy is gone and the term massachusettes liberal isn’t as heavy on the national stage.
Your hearing is starting for the teachers, brady is talking.
Comment by shore Friday, Mar 19, 10 @ 2:25 pm
===when it looks like you’re being a massive hypocrite. ===
To you, perhaps. To me, this is all totally silly.
Comment by Rich Miller Friday, Mar 19, 10 @ 2:26 pm
dan proft was my guy even though I am a moderate and I know on social issues he is against everything I am for. adam a was my second choice. I wanted a firm clean break from my party’s establishment outside of mark kirk.
Comment by shore Friday, Mar 19, 10 @ 2:26 pm
OOOOOOOhhh, snap!
Quinn just zinged Brady. The guv touted his success with convincing Ford to expand and create new jobs and compared that in a very derogatory way to Brady’s family business, which has laid off most of its employees. Oof, man.
Comment by Rich Miller Friday, Mar 19, 10 @ 2:28 pm
No suspicions of corruption with Alexi. Illinois is such a corrupt state.
Comment by fredformeranon Friday, Mar 19, 10 @ 2:33 pm
Now the governor is slamming Brady on teaching creationism in schools. Hoo-boy, this could be a fun campaign.
Comment by Rich Miller Friday, Mar 19, 10 @ 2:41 pm
I have never heard the Governor speak with such confidence. He is not angry like he was when he debated Hynes. Dare I say he sounds leader-ish?
Comment by Cubs2010 Friday, Mar 19, 10 @ 2:46 pm
Quinn played the “extreme” card yet again. This time, it was about extreme education budget cuts.
Comment by Rich Miller Friday, Mar 19, 10 @ 2:46 pm
The gov said he takes his mom’s campaign advice, why not make it official:
Quinn and Quinn 2010: Me and mom for Illinois.
Mr. Brady, Mr. Plummer I didn’t attack your moms, so stop criticizing mine.
Comment by Michelle Flaherty Friday, Mar 19, 10 @ 2:47 pm
Like with his appearance with Hynes on WVON, Quinn seems to do far better in debates when he’s in a supportive environment.
Comment by Rich Miller Friday, Mar 19, 10 @ 2:49 pm
Brady, meanwhile, has seemed to hold his own. Gutsy move accepting this invite.
Comment by Rich Miller Friday, Mar 19, 10 @ 2:52 pm
Looks like the Kirk campaign is getting desperate enough to peddle baseless attacks in an effort to distract from Mark Kirk’s opposition to creating jobs, passing healthcare and reining in Wall Street execs…maybe Congressman KIrk should focus more on getting things done in Washington than in letting his campaign engage in such ridiculous claims…
I am sure the Kirk team would like to move on from all the attention Kirk is getting for his anti-Obama rhetoric, obstructionism
Comment by SenatePresser Friday, Mar 19, 10 @ 2:58 pm
“Quinn seems to do far better in debates when he’s in a supportive environment.”
and in the real world…when people stop being polite…
is where it really matters. it’s good for brady to understand quinn at his best and worse. if brady and his camp are smart they will review primary and today’s debates like football coaches review play film. they will take close and careful note of quinn’;s many, many weaknesses.
Comment by Will County Woman Friday, Mar 19, 10 @ 3:01 pm
pretty standard faire from mark kirk. kirk wants to hold alexi responsible for a business decision made by the family business (and, more relevant, their investment bankers) AFTER alexi left the business but he’s unwilling to accept responsibility for the decisions *he’s* made wrt supporting bush, cheney and rumsfeld, selling an immoral invasion, and the reckless claims that he knew iraq had weapons of mass destruction. the fact that the decision made by alexi’s family was after he became state treasurer (and thus divested himself from any day-to-day decision-making) merely points to the hypocrisy around kirk’s poor judgment.
that kirk (and his campaign) don’t seem to understand how businesses operate in this country is more troubling.
but no one can be surprised that kirk (and his campaign) will do or say anything to attack alexi giannoulias. clearly, they don’t have much confidence in kirk’s ability to run on what mark kirk could do for illinois, which is perfectly understandable. as the consumate beltway insider, he may not know what, if anything, he could do for illinois.
equally obvious is that kirk does understand what he can do for mitch mcconnell and the conservative republican caucus in the senate. which is why one of the most conservative magazines in the country is helping kirk out — and why kirk was one of the first republican challengers to sign up for the conservative club for growth’s “repeal it” pledge, promising to support the repeal of the president’s health care reform bill that will prevent insurance companies from denying coverage due to pre-existing conditions or dropping coverage after insured people get sick.
and it’s no surprise that kirk wasn’t in town for a (local) fund-raising event. illinois doesn’t have much to offer kirk, i’d imagine. he’s obviously much more comfortable in washington, d.c. than anywhere in illinois…
Comment by bored now Friday, Mar 19, 10 @ 3:19 pm
did anyone else have trouble with the audio in the closing arguments? everything was fine as along as i was one the capfax front page, but the moment i clicked on this article, the sound started to repeat in fits and starts…
Comment by bored now Friday, Mar 19, 10 @ 3:22 pm
I wasn’t a Brady guy in the Primary, but I think he did alright this afternoon. He held his own in front of a tough crowd and had good responses to Quinn. Not bad for the first go-at-it.
How can Quinn with a straight face use the Elgin teachers situation to his advantage? The reason Elgin and hundreds of other districts are laying off teachers has a LOT to do with the uncertainty of state funds. Quinns inability to lead means school districts have no idea how much money they will have 6 months from now and are forced to RIF entire departments and tell the teachers and support staff they might have a job in 6 months, it depends upon the State. Quinn has been Gov for a year and a half, he is not the challenger. He and the Dems in the legislature have created the uncertainty that is forcing hundreds of school districts to RIF teachers and tell them they MAY have a job in August. You can’t say that sort of thing when you are in power.
Comment by Red Ranger Friday, Mar 19, 10 @ 3:22 pm
=== Quinns inability to lead means school districts have no idea how much money they will have 6 months from now ===
I’d say its Republicans’ unwillingness to lead, but more importantly, a Governor Brady would certainly bring certainty: he certainly plans to cut all education funding across the board by 10%.
Comment by Yellow Dog Democrat Friday, Mar 19, 10 @ 3:29 pm
How can a party with no statewide officers, one seat away from super-minority status in the House and in a super-minority status in the Senate be blamed for a lack of leadership? That makes no sense.
Comment by Red Ranger Friday, Mar 19, 10 @ 3:34 pm
{As with any loan of this type, the borrower uses a broker to secure the loan. The borrower usually doesn’t know where the loan originates, and in many cases the loan is quickly split up and sold off to various investors. The borrower is not involved in this process.}
Set aside the Franco-Iranian issue for a second and riddle me this:
The principal owners of a real estate portfolio totaling just $20 million; who also happen to be bankers and commercial lenders, have to go to a loan broker in order to refinance their properties, and have no idea where the loan originated?
What are the chances that the refinance was done in 2007 in order to effectively suck all of the equity out of the over valued real estate collateralizing the loan?
It appears that the family owned the real estate portfolio separately from the banks, and likely had a sweetheart lease between the bank and the landlord (themselves).
With four of the six properties in the portfolio representing non- bank owned banking locations, when the federales move in on the bank, they may be unable to take over the locations if they are separately owned, without continuing to pay the rent. If another bank steps into to buy them from the feds, they would have to buy the leases as well if they wanted to continue to operate at these locations. If they buy the deposits and accounts (at a massive discount of course) without buying the leases, then GALEXI and shareholders will likely stiff the French bank for the mortgage payments at the same time that they are sticking the tax payers with the operating loss, and pocketing the tax refunds from the feds.
What are the chances that the underlying equity and market value of these 6 properties; refinanced in April 2007, would actually collateralize a loan for them today; especially if either the feds or an acquirer on their behalf buys the deposits and accounts without the lease obligations?
They should have no problem renting or selling those locations now for the same or a greater amount than they were valued at in April 2007, with a “well above market” rent on four of them; right?
Spit rolls downhill, and GALEXI appears to live at the bottom. This scenario continues to get better for Kirk however because this should further un-ravel as time goes on, and the boarded up bank buildings should make a great backdrop for TV.
Comment by Quinn T. Sential Friday, Mar 19, 10 @ 3:47 pm
In order to get a contract with the State of Illiois you have to disclose any business relationship with Iran or companies doing business in Iran. You can’t work for the State and do business with Iran.
Unless, of course, you’re the Treasurer.
Comment by 10th Indy Friday, Mar 19, 10 @ 3:59 pm
YDD, how about eliminating the IL State Brd of Education as a starter? That would take a big chunk out of the 10%.
Comment by RobRoy Friday, Mar 19, 10 @ 4:08 pm
YDD,
=I’d say its Republicans’ unwillingness to lead=
Never say die, eh? You must live in la la land. How a party in the minority in the legislative and executive branch of a state gov’t can “lead” is a baffling concept. What are you smoking, man? Did you bring enough for everybody?
Comment by dupage dan Friday, Mar 19, 10 @ 4:16 pm
RobRoy, if you eliminate the state board you still would have to hire people to administer the numerous grant programs, state and federal, plus do all the due diligence required by the feds and the state.
I have yet to see how this agency could simply be eliminated and the costs not put elsewhere.
Comment by Rich Miller Friday, Mar 19, 10 @ 4:19 pm
Senate Presser,
you’ve got it right; Kirk sure does want to move on from his dumb mistake blasting Obama too much in Illinois - wonder what Obama’s favorables are here? still plenty high I’d guess. I’d posit that
1) Alexi loses if election is seen as Kirk vs. Alexi.
2) Kirk loses if election is seen as repub’s agenda vs. Obama’s agenda.
Comment by Robert Friday, Mar 19, 10 @ 4:27 pm
I’d say its Republicans’ unwillingness to lead…
LOL! Right. They’re unwilling. They got it all figured out. “Let’s give total political control to the Democrats! It will give us an opportunity to make them suffer because we won’t lead!”
Comment by VanillaMan Friday, Mar 19, 10 @ 4:27 pm
RobRoy:
Eliminating the State Board of Education as an agency saves you about $27M in GRF. The GRF budget this year is $7.3B. Not sure how your math works out that it saves about 10%. Not even close. Remember, I’m talking GRF only here b/c that is all that counts. But, as soon as you eliminate all of the GRF people the entire agency collapses. No more education money b/c no one to administer education funding. The biggest portion - General State Aid - requires considerable administration. You would not believe the complicated calculations required (by law, not by anything ISBE has done). Plus, all of the federal money would cease b/c the feds require lots and lots of management and oversight of funds. Good, now you have just totally eliminated all state and federal funding for education.
Don’t talk about things unless you gave a clue. It makes you look like an idiot.
Comment by RJW Friday, Mar 19, 10 @ 4:35 pm
Excuse me. That should read: “Don’t talk about things unless you HAVE a clue.”
Comment by RJW Friday, Mar 19, 10 @ 4:36 pm
“Republicans unwillingness to lead”
From the depths of political irrelevance?
I can’t even get my head around that.
Maybe if we put the Democrats in the minority, they’ll finally lead us out of this mess.
Comment by Old Milwaukee Friday, Mar 19, 10 @ 4:42 pm
===How can a party with no statewide officers, one seat away from super-minority status in the House and in a super-minority status in the Senate be blamed for a lack of leadership?===
Leading doesn’t mean you do all the heavy lifting yourself. A tax increase backed by GOP governor Thompson passed with Dem votes and a tax swap supported by GOP governor Edgar passed (the House) with Dem votes. So why is it that a tax increase backed by a Dem governor should only be passed with Democratic votes?
This cop-out from the GOP demanding that no one hold them accountable for anything because they control nothing is beyond old and tiresome, and they’re all too eager to trot out at every opportunity. It only amplifies their unwillingness and inability to lead. Obviously the majority of voters aren’t buying into this lame excuse that they’ve been using since 2003 or else they wouldn’t keep losing seats in the GA.
The GOP is being asked to do far less than their counterparts. More than one-half of the House Dem caucus voted for a tax increase last spring. Get not even one-half of the House GOP to do the same and you’re in business.
Comment by Boggles the Mind Friday, Mar 19, 10 @ 4:46 pm