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“The number of defendants would be many more”

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Illinois

* 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.”

posted by Rich Miller
Friday, Oct 18, 19 @ 1:01 pm

Comments

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.

Reads like the pitch for a new Netflix series.

– MrJM

Comment by @misterjayem Friday, Oct 18, 19 @ 1:09 pm
more news that I find very depressing. Not that I want bad guys to get away with things. it’s that public service is, or should be, noble. the amount of graft and grift at the state, local, and federal level is deeply sad. and taints the public sector. I’m sure there are bad guys in the private sector….and they touch these scandals….but somehow it’s only public service that gets the hit. gotta go get some of Lori’s donuts, need sugar.

Comment by Amalia Friday, Oct 18, 19 @ 1:09 pm
Not sad at all like Amalia. A lot of this has been a decade or many decades coming. A Hard Rain’s A-Gonna Fall.

Comment by Three Dimensional Checkers Friday, Oct 18, 19 @ 1:18 pm
Sad but vitally important. Kudos to the prosecutors who keep going. People are desperate for elected officials that work for the common good instead of serving themsleves and their donors.

Comment by Froganon Friday, Oct 18, 19 @ 1:27 pm
One can only hope this is the beginning of the end for the Bridgeport syndicate of “the Machine”.

The ward itself has heavily turned over towards of a mix of Chinese residents/property investors and Hipster/Yuppie types displaced from other parts of the city. The character of the neighborhood is drastically different from even 10 years ago and it will be interesting to see what happens in the next city election if an effective opposition arises.

A lot of this nonsense should have ended during the Hired Trucks/Silver Shovel mess, but that’s the benefit of having such insidious ability to manipulate multiple arms of city and local government.

It was stated earlier this week on these boards and will undoubtedly turn out to be true: it turns out these guys aren’t all that bright, and it looks like they got very, very greedy and sloppy recently.

Comment by Bobby Beagle Friday, Oct 18, 19 @ 1:34 pm
When one finally (if often reluctantly) understands and accepts that many many public servants do not go into that profession to actually provide, you know public service, it all fits together. Multi generational political dynasties don’t stand alone and have obviously needed higher scrutiny than they’ve received. This valuable lesson was emphasized on day one of Poli Sci 101 at UIUC several decades ago. Still holds true in spades.

Comment by Responsa Friday, Oct 18, 19 @ 1:38 pm
MrJM

Not Netflix, NBC and it will be called Chicago Feds

Comment by OneMan Friday, Oct 18, 19 @ 1:51 pm
Used to see Kowalski on his yacht, in the playpen, all the time. He would have some characters on there.. Think breaking bad types.

Comment by witnessprotection Friday, Oct 18, 19 @ 2:08 pm
=Reads like the pitch for a new Netflix series.=

I think Starz already had that series. It was called “Boss”, and I miss it.

Comment by JoanP Friday, Oct 18, 19 @ 2:09 pm
“There’s a lot of bodies buried in the desert.”

-Ace Rothstein

Appropriate considering “The Ant” Spilotro was from Bridgeport.

Comment by BR91 Friday, Oct 18, 19 @ 3:05 pm