Federal regulators shut down the bank owned by Illinois Treasurer family on Friday, setting up an expected but daunting challenge in his bid to keep President old Senate seat in Democratic hands.
Broadway Bank, which was heavy into real estate loans and lost $75 million last year, had been given until Monday to raise about $85 million in new capital, but the Federal Deposit Insurance Corp. announced at the close of business Friday that Broadway was among four banks, all in Illinois, that had failed.
Giannoulias, 34, worked at the bank as a senior loan officer until he ran for treasurer four years ago. He has tried to take some of the political and public relations sting out of a collapse, acknowledging the bank is likely to fail but blaming the bad economy. He also said it was financially healthy when he left four years ago.
But his Republican opponent, U.S. Rep. Mark Kirk, has made the bank's finances a central issue in their Senate race and will continue to focus on Giannoulias' ''reckless decision-making'' at Broadway, Kirk spokeswoman Kirsten Kukowski has said.
REZKO. BLAGO. ALEX. ALL CROOKS. ALL OBAMA CRONIES.
I THINK ILLINOISANS ARE TIRED OF THIS CRAP AND WILL ELECT KIRK.