Alexi Giannoulias, the Democratic Candidate for Senate in Chicago, was involved in the lending of $20 million in non-performing loans to convicted felons already sentenced to serve time in a federal prison.  Broadway Bank, founded by Alexi’s father over 40 years ago, was taken over by the FDIC in April of this year after failing to raise $85 million of new capitalization funds.
 
In a campaign advertisement, Alexi commends his family’s bank for providing loans to families that were unable to receive funds from larger banks. However, Alexi did not address the proverbial “elephant in the room”: that these individuals were denied by larger financial institutions because they were unqualified to receive loans as a result of their inability to repay. Or, as in the case of the convicted felons named above, their criminal record discouraged such lending.
 
In his inauguration speech as Illinois State Treasurer, Alexi declared that his “promise has been to serve as an independent and progressive leader who would use his financial background to make wise and sound investments for Illinois residents”. Does he genuinely expect Illinois voters to ignore the reckless lending practices of his family’s bank and trust that he will be more responsible with their taxpayer dollars?
 
Candidate Giannoulias countered televised ads financed by Mark Kirk’s campaign by arguing that criticism of his lending practices as a Senior Loan Officer at Broadway Bank indicates that Mark Kirk does not understand the difficulties that small businesses have faced  during the recession. However, Mark Kirk’s statements were not directed at the failure of a family-owned business during a time of tough economic conditions. They were instead directed at the recklessness with which Alexi Giannoulias made bad loans and the disastrous implications that they had for the future of Broadway Bank.
 
Mark Kirk has a real reason to be concerned about the credibility of Alexi Giannoulias’ financial expertise after he expressed interest in serving on the Senate Banking Committee if he wins the November election. Given Candidate Giannoulias’ poor financial judgment in the past, he is one of the least qualified individuals to be serving on a committee responsible for regulating financial institutions and the banking sector.
 
Following Rod Blagojevich’s infamous attempt to sell the Illinois senate seat vacated by then President-elect Barack Obama and Former Governor Ryan’s illegal sale of government licenses, contracts and leases and use of campaign funds for personal expenses, Illinois does not need another corrupt politician, embroiled in scandal, to sit in a position of immense power. Unlike Alexi Giannoulias, Mark Kirk has actively worked to end “pay-to-play” politics by disallowing earmark recipients, including lobbyists and political action committees, from donating to members of Congress.
 
He has also strongly advocated for the end of taxpayer-funded pensions to members of Congress convicted of a felony. With Kirk in Congress, Illinois stands to gain an honest and experienced Senator that will fight for integrity in Washington.