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There may not be a completely direct connection here to yet another alleged mobster, but Radogno’s point at the end should be addressed.
Former state Sen. John D’Arco — twice convicted of federal corruption charges — is involved in a land deal financed by a bank that’s owned by the family of Alexi Giannoulias, the Democratic candidate for Illinois treasurer.Official records in Florida indicate that Mr. D’Arco and two convicted bookmakers joined in March 2001, to incorporate a company that acquired the Lorraine Hotel in Miami Beach, Fla. Two months later, the firm received the first of a series of mortgage loans from Broadway Bank, where Mr. Giannoulias is a vice-president.
Mr. Giannoulias and the bank Tuesday released nearly identical statements saying that Mr. D’Arco, whose name does not appear on mortgage papers, “has never been a loan applicant, recipient, co-signer, guarantor or customer†of Broadway, and does not hold an ownership share in the hotel deal.
But Florida records also indicate that Mr. D’Arco signed legal papers in connection with renovation of the hotel in October 2001 — four months after Broadway issued its first mortgage loan. […]
In April, after a series of media reports about Broadway loans, Mr. Giannoulias promised to review all loans at the bank for problems “and behold, he never mentioned this,†[Republican opponent Christine Radogno] said. “He’s not forthcoming. Instead, things are coming out little by little. How much more is out there?â€
posted by Rich Miller
Tuesday, Oct 24, 06 @ 4:13 pm
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Maybe I’m missing something.
Is there some law that says convicted felons cannot borrow money?
I don’t see any story at all.
Comment by Skeeter Tuesday, Oct 24, 06 @ 4:28 pm
Let’s go through the records of LaSalle Bank next and find out how many people with past criminal ties get loans there.
I was a little taken aback by the first reports of Broadway Bank’s business loans. But Alexi has a good point. Even the worst things he’s been accused of aren’t illegal. In fact, no one has alleged that he knew or even should have know about these individuals’ criminal histories.
Even there is any evidence that he also knew these characters socially, if there was any evidence that he was doing any business with them on the side, or if the bank was collecting above market interest rates from these guys - something that would indicate to me a little kickback as a moneylaundering fee - then let’s hear about it.
But I haven’t heard that Senator Radogno has introduced legislation requiring all banks to do criminal background checks as part of the loan process. Nor have I heard her suggest that as State Treasurer, she would bar state funds from being invested through any bank that refuses to perform background checks on the money it is loaning out — state money.
Nope. Instead of proposing solutions, Christine Radogno is tossing around red herrings like a Norwegian fisherman.
According to Radogno, what qualifies her to be state Treasurer is her reputation as a fiscal watchdog during her 14 years in the State Senate.
Really? Watchdog? During six years of the Edgar administration, when the government consistently failed to pay its bills on time, ignored it’s pension obligations, and underfunded our schools?
Watchdog during all four years of the Ryan administration, where state spending sped out of control, the structural budget deficit mounted, and driver’s fees were raised across the state?
Watchdog during the Blagojevich administration? What did she accomplish except a few press pops after she decided to run for Treasurer as the state’s watchdog.
That watchdog is a chihuahua.
Comment by Yellow Dog Democrat Tuesday, Oct 24, 06 @ 4:32 pm
what exactly has Alexi done that qualifies him, other than working for his own family?
I didn’t realize nepotism = public office credentials
Comment by anonymous Tuesday, Oct 24, 06 @ 4:38 pm
Anon 4:38:
He worked for a bank.
That sure beats his opponent’s record for Treasurer.
Comment by Skeeter Tuesday, Oct 24, 06 @ 4:40 pm
The problem for Radogno is that she has stated publicly she will not return contributions received from George Ryan or Bill Cellini.
She has also refused to return contributions from Don Stephens who, according to Lisa Madigan, has ties to the mob.
You can’t say that you “will accept contributions from anyone” and then criticize your opponent for doing the same.
Comment by GOPGal Tuesday, Oct 24, 06 @ 4:45 pm
I, too, don’t get it.
So… some ex-felon in Florida is a co-owner of a company that got a loan for a real estate project from the bank owned by the family of a candidate for Illinois State Treasurer?
“How much more is out there?”
You tell me, Rich, you seem to understand why this is newsworthy more than any of the rest of us.
Comment by sam Tuesday, Oct 24, 06 @ 4:46 pm
Another case of ‘is he just dumb or stupendously incompetant’. If there is nothing to any of this then this guy should have no problem ’sunshining’ the records to the public-not shining them on. Radogno is absolutely right to get this in the open. If he can’t get the information from his own family business….
He could if he wanted to.
And for the record - my aptly named YellowDogDemocrat friend - Jim Edgar never had ALL the states debts slide for so long that a major pediatric hospital in St Louis had to shove Illinois kids to the back of the schedule. Even a call from the Gov didn’t help - the ’show me’ state said just that about his new payment plan. But Edgar didn’t have his ‘friends’ at the front of the line getting paid first & paid large.
Comment by Belle Tuesday, Oct 24, 06 @ 4:53 pm
Skeeter & Sam,
Make sure you buy very good smoke detectors for all your houses! You obviously won’t suspect there is a fire, and will not investigate the appearance of smoke, until you see the actual flames.
By then it could be a little late.
Same with young Alexi.
Comment by Bubs Tuesday, Oct 24, 06 @ 4:53 pm
YDD-Radogno has only been a senator for 9 years. I believe she was sworn in Jan. 1997. Get your facts right next time.
Comment by Mike WIlliams Tuesday, Oct 24, 06 @ 4:59 pm
How is this story any different from the Weller rumors?
Both of these guys has some limited ties to people who may have done bad stuff.
There is no evidence that either Weller or Alexi themselves did anything bad.
There is no story. This shouldn’t even be reported. It is actually pretty offensive.
Show some evidence of illegal loans or illegal conduct of some other sort, or apologize to the man for smearing him.
Comment by Skeeter Tuesday, Oct 24, 06 @ 5:00 pm
Let’s see the guy is a third string hoopster with no involvedment in anything.
But he wants us to believe he IS a banker and therefore should be the STATE’s BANKER.
The “news” is the bank hands out loans to outfit guys and calls them nice people. Seems pretty simple, but I guess you people are little more dense.
Comment by HeKnowsBarack Tuesday, Oct 24, 06 @ 5:00 pm
I voted for Alexi. At least he is a democrat.
Comment by Bill Tuesday, Oct 24, 06 @ 5:02 pm
And Obama endorses this Alexi. Alexi and his family’s bank is very corrupt,and Alexi is not very bright. In fact, he cannot form a grammatically correct sentence. But Obama had to have his main contributer in state office. DISGUSTING. I will vote Green, because the Democratic and Republican candidates for Treasurer are fundamentally flawed.
Comment by CarolStreamKaren Tuesday, Oct 24, 06 @ 5:13 pm
I agree with Senator Obama when he said “Alexi Giannouolias is one of the most outstanding young men I could ever hope to meet.”
Comment by (618) Democrat Tuesday, Oct 24, 06 @ 5:34 pm
Sorry Sam, you’re right, only 2 years with Edgar — when she joined Sen. President Pate Philip in blocking passage of sweeping legislation to provide property tax relief, fully fund education, and close our structural budget deficit.
Radogno to the rescue.
Comment by Yellow Dog Democrat Tuesday, Oct 24, 06 @ 5:49 pm
Maybe I’m confused, but I didn’t see it written anywhere that Alexi was the loan officer involved in this. So how was he to know that this loan occurred? He may be a vice president at the bank, but does every loan go through him? I didn’t see that question asked or answered.
Let’s waste time by having Alexi go through every loan application to do background checks on each person who applied for a loan to see if they have anything in their past. Everyone is placing blame squarely on his back for this when there’s more than one person involved. In a financial operation as big as that bank, does he know everything that takes place?
Just asking. I’m not on either side here, I’m just wondering.
Comment by Tessa Tuesday, Oct 24, 06 @ 6:07 pm
YDD
I agree this isn’t much of a story, but your attacks on Radogno’s record are way off. She’s a good public servant who has always tried to do the right thing. She’s as fiscally conservative as they come, but she doesn’t run the place. She’s been on the right side of the budget issues for a very long time.
Comment by Truth Tuesday, Oct 24, 06 @ 6:11 pm
Its is not that big of a bank sports fans….there are not that many bigs loans….go figure
Comment by HeKnowsBarack Tuesday, Oct 24, 06 @ 6:28 pm
Illinois GOP ‘06 strategy. Have no plan, allege opponent is corrupt. Its a winning strategy isn’t it. . .LOL
Comment by wndycty Tuesday, Oct 24, 06 @ 8:02 pm
YDD, I think you’re off base on this one.
I agree the allegation is a bit cheesy. But Alexi is trying to have his baklava and eat it too. He can’t tout his serious lending experience on one hand (and in a bank the size of Broadway this one would have been noteworthy because of the location, collateral, and probably other things even without these particular borrowers) and on the other claim the Sgt. Schultz/Rod Blagojevich ” I know no-sssing!” defense.
Comment by Arthur Andersen Tuesday, Oct 24, 06 @ 8:40 pm
Are you all really missing that neither Broadway nor Alexi did ANYTHING wrong? Nor were they even alleged to have. Ask the Senator about some of her West suburban ties. Inspect any bank portfolio. Look at the D-2s of almost all the Constitutionals and leaders. They are all as ‘guily’ as Alexi.
Comment by Honest Abe Tuesday, Oct 24, 06 @ 9:22 pm
guilty
Comment by Honest Abe Tuesday, Oct 24, 06 @ 9:24 pm
Skeeter:
So, he worked for a bank? Thats better then his opponent. So as long as you have worked at a bank you can become the State Treasurer? Well, Alexi has 3 years experience, thats less then the tellers at most banks. So the tellers should be running for Treasurer? Has Pat Quinn(former Treasurer) ever worked for or at a bank? has Dan Hynes?? Your argument is weak and doesn’t hold much water.
Comment by scoot Tuesday, Oct 24, 06 @ 9:51 pm
I think the point that Radogno is trying to make is that Giannoulias has no idea what is going on. He wasn’t seriously involved in banking… he is just a silver spoon who thinks that governoring the people’s money is his responsibility because he comes from a well-to-do family and he is “vice-president” of a bank. He never worked a day to get that title and I doubt he worked a day since he got that title. Furthermore, I think Radogno is questioning his integrity. Whether the loans made to “shady people” were illegal or not, that doesn’t mean he should still be knowledgable of the loans. Either he knows about the loans, or he is an honorary vice president. Still begs the question, which is it Alexi???
Comment by Lovie's Leather Tuesday, Oct 24, 06 @ 10:16 pm
It is assinine to think that any of the senior officers know the details of every loan. Find a real issue if you can.
Although the timing of this ‘discovery’ is very Rovian.
Comment by Anonymous Tuesday, Oct 24, 06 @ 10:22 pm
I’ve always heard about shills working in the media for the Speaker but really thought more of the press than that. Being both a former newspaper reporter and broadcast newsman I expect more than this inuendo. Nothing is alleged to be illegal here. A good question for the Speaker is how can he endorse the Governor who has at least 12 criminal investigations underway right now, has numerous close cronies under indictment, a grand jury a week meeting on contributions and endemic hiring fraud, and who knows what else? Could Alexi be a threat to Lisa? I doubt it but the Speaker wants to take no chances. He is actually causing Lisa some damage among party chairman by not endorsing Alexi. If Alexi is under criminal investigation it would be one thing, but he is not. The Governor is but Alexi is not! Beyond that if Radogno is such a watch dog where in the world was she during the Ryan years? I’ll tell you where, she was right along side of him never questioning any of the allegations. She is a real stand up guy when it is to her advantage.
Comment by There's Ole Uncle Joe Tuesday, Oct 24, 06 @ 10:23 pm
lets say you havea family owned business…such as a bank. I doubt that anyone would know all transaction and the background of each any every person. (employees too) c’mon get a grip. is this the best that Chris has?
Comment by WWDMD Tuesday, Oct 24, 06 @ 10:35 pm
WWDMD, Alexi was not just an “employee.” When you find out you’ve been making “shady” deals with people from the person you are running against, it is sad. When you put a political campaign together, you might say to yourself, “Is there anything out there that could damage my reputation?” Well… apparently there is. He doesn’t seem to know what is going on in his own bank, and he wants to be the State Treasurer!!!
Comment by Lovie's Leather Tuesday, Oct 24, 06 @ 11:00 pm
woa, woa, woa…I really don’t think any Illinois Republican who is currently an elected official, really wants to start pointing fingers about the other side’s mob connections.
Radogno’s got a lot of nerve living as close to Rosemont and Cicero like she does. Why never a peep until now?
Why’s she now going against the family?
Comment by Paulie Walnuts Tuesday, Oct 24, 06 @ 11:03 pm
Atleast she doesn’t live in Chicago….
Comment by Lovie's Leather Tuesday, Oct 24, 06 @ 11:11 pm
Since his father is dead (Alex’s) we don’t want to speak ill, however, his dad and the bank were known as cutthroats who would loan to anyone and they took your collateral and were happy to do so, the Greeks are sticking by him because he is Greek but a lot of Greeks think Alexi is too young and never did anything and his dad hurt a lot of Greeks. Clearly a profitable bank, very very successfull, and not necessarily illegal BUT lots of sleazy people (some of whom couldn’t get loans at LaSalle or Citibank) and lots of cutthroat high interest rate take the collataeral fast banking–this is not It’s a Wonderful Life.
Alexi no doubt loves his family and sees no evil. He himself is not involved in too much shady as between college, law school, and a European professional basketball career–and still under 30 there was not enough time to do anything (he started circulating petitions at 28) and would of not been at any high level job except for his family connections. So he is in a Catch 22–either he has the experience and knows what is going on OR he does not know what was going on because he was in Greece or Louisiana (for basketball and law school respectively).
Alexi is a nice guy, has some good ideas and other unqualified people who were young have excelled in office like Kennedy, Dan Hynes and Lisa Madigan—Hynes and Madigan did less than Alexi BUT Alexi is not the best and brightest like Obama says–that is payback for money with Obama–nothing more, so we should not make more.
With that being said, I do not know why the Senator should be such a great banker.
Jack Ryan, an actual self made partner at Goldman Sachs–would of been the best candidate for Treasurer.
Comment by Costas Tuesday, Oct 24, 06 @ 11:34 pm
I don’t get why this is meant to be a problem. What banking rules have been broken? How is Alexi meant to disclose the details of loans to customers? I am sure you are aware of rules about confidentiality! What exactly is he meant to come clean about? PLEASE be specific. I have never heard anyone detail what rules are being broken.
Comment by Way Northsider Wednesday, Oct 25, 06 @ 12:15 am
Because Alexi is a seriously flawed candidate with no experience and no qualification besides his family’s contributions to Obama’s 2004 campaign, I must vote Green. Besides, Alexi cannot formulate coherent sentences when interviewed by AM780. The nepotism must stop. And what does this say about Obama’s integrity? That he would endorse an underqualified candidate whose only qualification for office is his last name reflects very poorly on the Junior Senator from Illinois’s judgment.
Comment by CarolStreamKaren Wednesday, Oct 25, 06 @ 12:27 am
Hillary Clinton’s team is eagerly reading all this stuff to use against Obama at a time of their choosing.
Comment by Establishment Republican Wednesday, Oct 25, 06 @ 12:29 am
Let me sum up the Republican arguments in the Treasurer’s race:
Alexi’s only been a banker for three years, but he’s responsible for everything that goes on in Uptown.
Christine’s been a state Senator for nine years, but she’s not responsible for anything that goes on in Springfield.
Did I miss anything?
Comment by Yellow Dog Democrat Wednesday, Oct 25, 06 @ 5:58 am
This is not a “hack” reporting in but an honest observation. Alexi is a young, well mannered 30 year old guy with loads of $$$ & is bored out of his mind! Finding a career change in gov’t is foolish. Because your family owns a bank or business doesn’t qualify you to be CEO. The same held true of the treasurers office, it’s intracacies ect. you need QUALIFIED people. It’s $$ that’s true but administrative in nature dealing with the state $$ & proper administration of assets as well as dough. I wish him well in his “banking career”…but as treasurer NO WAY !! Radogno has been in Spfld, understands the system, has pausible ideas & mob ties apart, won’t be looking over her shoulder or the stigma of assumption. BOTH PARTIES need to vette their candidates better before letting them on the “big stage”. It’s a mess on both sides.Radogno is {of the 2} the better choice !
Comment by annon. one Wednesday, Oct 25, 06 @ 6:25 am
YDD,
You give a nice partisan critique of the Republicans’ argument. For our benefit, can you sum up the Madigans’ concerns with Giannoulias as well?
Comment by Budget Watcher Wednesday, Oct 25, 06 @ 6:31 am
Wow if Alxander is bored at the bank, chasing and doing a little pick-up hoops wait till he gets to the Treasurer’s Office and discovers the most interesting thing to do is track down owners of junk left in safety deposit boxes. Yawn
BTW the blogger who suggested that the threshold for future IL leaders is you are good to go as long a the DOJ was not banging on your door shows not every one learned from Ryan and Blaggo
Comment by HeKnowsBarack Wednesday, Oct 25, 06 @ 7:44 am
Budget Watcher:
The Speaker has a spokesman. His name is Steve Brown. If you want to know what the Speaker thinks, I suggest you call him.
As for my critique of the GOP, call it partisan if you want, but it is nonetheless accurate.
Republicans say Alexi is inexperienced, yet apparently he is personally responsible for the past criminal activity of his bank’s current clients.
Republicans say Radogno is an experienced fiscal watchdog, but apparently she wasn’t responsible for any of the bad budget stuff that went on in Springfield during her tenure.
If Radogno is a watchdog, she hasn’t been barking much, and she definitely has no bite.
Comment by Yellow Dog Democrat Wednesday, Oct 25, 06 @ 8:27 am
YDD -
Giannoulais is not only inexperienced, what experience he has is suspect. VP in a little family bank? Thats the best we can do for state treasurer? And what kind of VP was he? Certainly not savvy enough to catch the mob ties within the bank’s loans. So, what did he do over there?
Giannoulais couldn’t even be a speaker at a Rotarian luncheon. He frankly fails their simple four tests regarding ethical business practices. His grammar is up there with George W. Bush’s. The Rotarians would laugh him out of a room.
So, who the hell is this guy? So far, it appears that he a family connected nobody. For state treaurer? You are going to let this guy, this nobody, touch what little cash is left in our state? Are you NUTS?
Then there are the mob ties. C’Mon! Are we going to let this nobody who can’t seem to do his own little job as VP at a little bank with these problems? C’Mon! There’s gotta be about 4,600 better qualified individuals in Illinois than Giannoulais!
I am watching you Democrats looking at this guy like he’s not a turd because you can’t identify what animal he would have fallen out of the backside of. So, since you can’t identify him correctly, you just overlook his poor qualifications and support him? You can’t be serious!
It is time to stop supporting this inept third-rate candidate and give us a real man or woman to vote for next time. Giannoulais ain’t it!
Comment by VanillaMan Wednesday, Oct 25, 06 @ 9:09 am
I’m still not clear here.
What exactly is it claimed that Alexi did?
Is it illegal to loan money to former felons?
Where is the story?
Comment by Skeeter Wednesday, Oct 25, 06 @ 9:41 am
Geez, don’t ya all get it. Word on the street was if you were mobbed up you could go to this bank to get a lone. They would deal and not ask too many questions as long as they were going to get their money. If that is the way you want the State Treasurers office to run so be it, but don’t pretend that this family is not connected.
Comment by Garp Wednesday, Oct 25, 06 @ 10:15 am
Garp,
Good to see that you are in touch with “the street.”
That being said — so what?
Should loan officers have to review the moral character before handing over a loan? Should they ask about church attendence?
Please state what was allegedly done wrong.
Comment by Skeeter Wednesday, Oct 25, 06 @ 11:03 am
Skeeter,
The loan officers should do whatever the company they are working for requires them to do. Within the law of course.
I’m not qualified to determine right or wrong, but I am interested in who influences a candidate I may vote for. Many Illinoisans believe that if a guy has a good chance of not being indicted he should run the state. I subscribe to a slightly higher standard.
That being said, there appears to be many influences on this candidate-some positive and some negative. For example, I like his independence from Madigan and his support from Obama.
I just don’t need someone peeing on my head and telling me it’s raining.
Comment by Garp Wednesday, Oct 25, 06 @ 11:39 am
By Skeeter’s logic, we should be unconcerned if the trusted oldest son of a Mob boss runs for high state office, since it isn’t proven that HE did anything, and you can’t penalize him for his father’s associations.
Yes we can. It’s OUR office, and we, the people get to decide who we are comfortable seeing there.
Comment by Bubs Wednesday, Oct 25, 06 @ 11:47 am
Garp,
Your response was typical.
I thought indictments were for illegal conduct.
Loaning money to former felons is not illegal.
Please correct me if I am wrong.
Please identify any illegal conduct by Alexi, or apologize to him.
Comment by Skeeter Wednesday, Oct 25, 06 @ 11:48 am
Great logic, Bubs.
I hear the Republican Ragagno was a member of the Republican Party and spent time in Springfield when Ryan was gov.
Let’s lock her up.
She associated with these people, didn’t she?
Comment by Skeeter Wednesday, Oct 25, 06 @ 11:51 am
Skeeter,
Last time I checked, Congressman Foley has not been charged with anything illegal yet he resigned in disgrace. Why does a candidate have to be indicted to be unworthy of your vote?
Comment by Garp Wednesday, Oct 25, 06 @ 11:59 am
Garp:
The e-mails pretty clearly suggest that Foley engaged in illegal activity.
You have any evidence of illegal activity by Alexi?
In the alternative, should we have a law that says former felons cannot borrow money? Is that what you are advocating Garp?
Comment by Skeeter Wednesday, Oct 25, 06 @ 12:38 pm
“I hear the Republican Ragagno was a member of the Republican Party and spent time in Springfield when Ryan was gov.
Let’s lock her up.
She associated with these people, didn’t she?”
Skeeter, I guess you haven’t seen the Blago ads doing exactly that to Topinka. Hypocracy on crackers, anyone?
Comment by Bubs Wednesday, Oct 25, 06 @ 1:26 pm
Skeeter,
If you have the time, Google some of individuals loans have been made to and you will see that they are not just convicted felons but also reputed to be made members or affiliated with organized crime. If you have no problem with that or feel that information is not pertinent to this election that is your choice. Others may differ.
Comment by Garp Wednesday, Oct 25, 06 @ 1:28 pm
Hypocrisy. Have to stop typing while conversing.
Comment by Bubs Wednesday, Oct 25, 06 @ 1:29 pm
Garp,
You referred to folks who are “reputed to be made members or affiliated with organized crime.” Who’s doing the reputing? Allegations without convictions are just opinions.
Comment by cermak_rd Wednesday, Oct 25, 06 @ 2:06 pm
Cermak rd
The FBI, amoung others
Comment by Garp Wednesday, Oct 25, 06 @ 2:15 pm
Garp,
And if the FBI had evidence, they’d be on trial. Ergo, no evidence.
Comment by cermak_rd Wednesday, Oct 25, 06 @ 4:52 pm
I am sometimes baffled by people.
Cermak rd,
being a made member or affiliate of the mob is not a crime, therefore, it would be very hard to put them on trial for that. The guys are convicted felons, so they have been on trial and convicted for actual crimes. With that I have concluded my remarks on this subject.
Comment by Garp Wednesday, Oct 25, 06 @ 5:34 pm
YDD,
Here’s what Speaker Madigan had to say a couple of weeks ago: “I want some answers. The allegations are there,” … “My history in politics, if you were alleged to be connected to the mob, you were done. But life seems to go on.”
Comment by Budget Watcher Wednesday, Oct 25, 06 @ 5:55 pm
I don’t know the Democrat candidate for Treasurer, so I won’t try to comment about him. But I do know Radogno.She is one of the finest members of the General Assembly. She is hard-working, thoughtful, trustworthy, a person of her word, and very dogged in her pursuit of things she believes in. She is a credit to politics and government in Illinois, and would make a fine Treasurer.
Comment by steve schnorf Thursday, Oct 26, 06 @ 1:02 am