No bailout for the Broadway Bank in Chicago, sunk by real estate losses. It is one of seven Illinois banks to be closed, and will reopen under new ownership.
Giannoulias to Move ‘Forward’ in Senate Race After Bank Seizure – Bloomberg.com.
The Giannoulias family stands to lose financially, and the loss is certain to cast a pall on the senate race of the owner’s son Alexi. Opponent in the political race, Mark Kirk stands to gain by alluding to the risky financial practices of the bank which led to its troubles. Additionally, loans to such Chicago ” luminaries” as Tony Rezko and Michael Giorango add to the negative publicity.
Alexi Giannoulias remains hopeful for help and support in his Senate campaign from the Obama administration.
