Feds Take Over Giannoulias Family's Broadway Bank

Source: WBBM/CBS

It was the end of the road Friday for a Chicago bank with political ties.

State regulators along with representatives of the Federal Deposit Insurance Corp. arrived to shut down Broadway Bank at about 5 p.m. It's the family bank of U.S. Senate candidate Alexi Giannoulias.

Customers earlier been told the FDIC would take control and re-open Saturday under a new name. It was not immediately clear if another bank is in line to take control of the bank right away.

CBS 2's Suzanne Le Mignot reports.

Read more: http://www.wbbm780.com/Feds-Take-Over-Giannoulias-Family-s-Broadway-Bank/6880444

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"I hope that all of you who follow this closely will report that (Alexi Giannoulias) has had nothing to do with this bank for four straight years," U.S. Sen. Dick Durbin, a fellow Democrat and ally, told reporters. "I hope that you will report that 90 percent of the loans at the bank today he had absolutely nothing to do with."
http://cbs2chicago.com/local/broadway.bank.failure.2.1652169.html


Broadway Bank, 3 Other Illinois Banks, Shut Down By FDIC
http://www.huffingtonpost.com/2010/04/23/broadway-bank-3-other-ill_n_550321.html

Is it too late for Giannoulias to drop out and be replaced by someone not tainted, and that can beat Kirk?

Giannoulias has already won the Democratic primary months ago and it appears that he'll be the Democratic candidate.

Just like the Lt. Governor candidate did. I think he has too big of an ego for that however. He would rather take the party down than get off the ticket.

n/t