From Jim Hoff at Gateway Pundit: The race to replace President Obama has taken another turn as Federal Regulators taken control Chicago’s Broadway Bank. The bank that formerly headed by the family of Illinois Treasurer Alexi Giannoulias. Giannoulias is running to replace then US Senator Barack Obama.
Federal Regulators warned Broadway Bank in January to re-capitalize by $85 million or be seized by FDIC.
Today Broadway was shutter by the regulators and promptly sold to MB Financial. MB will reopen the former Broadway branches on Today.
Giannoulias at a press conference “It is an incredibly sad and heartbreaking day for me and for my family,” Giannoulias said.
“Tonight, after months of struggling to get out from under the weight of the collapsed economy, the doors of my father’s business closed for the last time, and a community will never be the same,” said Giannoulias.
Federal bank regulators swooped in and swarmed Broadway Bank at closing time Friday. The sign on the door said it all: “Broadway Bank is conducting its business in an unsafe and unsound manner.”
Giannoulias says the clousre won’t affect the November election. However his opponent Rep. Mark Kirk (R-IL) has made the bank fianances and policies a center piece of his campaign. Kirk campaign released a statement blame the Treasurers behavior:
“While years of risky lending schemes, hot money investments and loans to organized crime led to today’s failure, it’s a sad day for Broadway Bank employees who may lose their jobs due to Mr. Giannoulias’ reckless business practices,” Kirk said.
US Senator Richard Durbin head of the Giannoulias campaign said
“Doesn’t fairness suggest that if there’s been any wrongdoing at the bank it shouldn’t be heaped on his shoulders just because he has the same last name as his brothers who are running it?”
Durbin say the White House stands by Giannoulias but President Obama has not made a decision to campaign for Giannoulias.
“We talked about the current situation with Alexi Giannoulias’ campaign, and they asked obvious and important questions: ‘How’s he doing? Is he organizing his campaign well?Is he raising money? Is he putting it together?'” said Sen. Durbin. “At this point, it’s way too early for these commitments to be made. The honest answer is we have races all over the country, House and Senate, and I’m sure the president is looking to those he can make a difference in.”
Hat Tip: Gateway Pundit