Showing posts with label Mark Kirk. Show all posts
Showing posts with label Mark Kirk. Show all posts
Wednesday, December 8, 2010
US Senator Mark Kirk Comment on the Tax Rate Agreement
“The agreement negotiated between the Administration and Senate Republicans reflects an important step towards protecting Americans from a tax increase on January 1st and the risk of another recession. It’s time to put partisanship aside and do what’s best for American families and small business employers. This centrist compromise will help us spur economic growth and create good-paying jobs in Illinois and across the nation.”
Wednesday, October 20, 2010
Rasmussen Poll Shows Kirk Leads Giannoulias by 4 points
NOTE -- This is from Rasmussen, but the poll was taken before the Ch 7 televised debate. Clearly, this is one of the most competitive Senate races in the nation this year... Illinois Channel
RASMUSSEN REPORT
Republican Congressman Mark Kirk is now barely ahead of Democrat Alexi Giannoulias in Illinois’ up-and-down race for the U.S. Senate.
The latest Rasmussen Reports statewide telephone survey of Likely Voters shows Kirk picking up 44% of the vote, while Giannoulias, the current state treasurer, draws 40% support. Green Party candidate LeAlan Jones earns the vote from four percent (4%) of voters, and eight percent (8%) prefer some other candidate. Five percent (5%) are undecided. (To see survey question wording, click here.)
The race is still a Toss-Up in the Rasmussen Reports Election 2010 Senate Balance of Power rankings. The survey was taken the night before their second head-to-head debate.
The race was a virtual tie last week, when Giannoulias picked up 44% of the vote to Kirk's 43%. Highlighting the closeness of this contest is the fact that Kirk and Giannoulias have now run within four points or less of each other in 10 surveys since early June. Jones' support has held steady at four percent (4%) for the last three surveys.
RASMUSSEN REPORT
Republican Congressman Mark Kirk is now barely ahead of Democrat Alexi Giannoulias in Illinois’ up-and-down race for the U.S. Senate.
The latest Rasmussen Reports statewide telephone survey of Likely Voters shows Kirk picking up 44% of the vote, while Giannoulias, the current state treasurer, draws 40% support. Green Party candidate LeAlan Jones earns the vote from four percent (4%) of voters, and eight percent (8%) prefer some other candidate. Five percent (5%) are undecided. (To see survey question wording, click here.)
The race is still a Toss-Up in the Rasmussen Reports Election 2010 Senate Balance of Power rankings. The survey was taken the night before their second head-to-head debate.
The race was a virtual tie last week, when Giannoulias picked up 44% of the vote to Kirk's 43%. Highlighting the closeness of this contest is the fact that Kirk and Giannoulias have now run within four points or less of each other in 10 surveys since early June. Jones' support has held steady at four percent (4%) for the last three surveys.
Monday, September 27, 2010
GOP Sen Candidate Mark Kirk Statement on Moody's Downgrading Illinois' Credit Rating
FROM THE KIRK CAMPAIGN
Northbrook, Ill. – The Kirk for Senate campaign today released a statement regarding last week’s decision by Moody’s Investors Service to downgrade Illinois’ credit rating to a negative outlook.
“From Springfield to Washington, we need to elect fiscal conservatives who will cut spending, get our debt under control and turn our economy around,” Kirk spokesperson Kirsten Kukowski said. “Last week’s credit warning by Moody’s Investors Service should be a major wake-up call to the citizens of Illinois that we need to change direction in November. As our state’s treasurer, Alexi Giannoulias is akin to the first mate on the Titanic. The last thing he deserves now is a promotion.”
Last week, Moody’s downgraded Illinois bonds from A1 with a stable outlook to A1 with a negative outlook. In June, Moody’s lowered the state’s rating to A1 from Aa3 with a negative outlook.
Northbrook, Ill. – The Kirk for Senate campaign today released a statement regarding last week’s decision by Moody’s Investors Service to downgrade Illinois’ credit rating to a negative outlook.
“From Springfield to Washington, we need to elect fiscal conservatives who will cut spending, get our debt under control and turn our economy around,” Kirk spokesperson Kirsten Kukowski said. “Last week’s credit warning by Moody’s Investors Service should be a major wake-up call to the citizens of Illinois that we need to change direction in November. As our state’s treasurer, Alexi Giannoulias is akin to the first mate on the Titanic. The last thing he deserves now is a promotion.”
Last week, Moody’s downgraded Illinois bonds from A1 with a stable outlook to A1 with a negative outlook. In June, Moody’s lowered the state’s rating to A1 from Aa3 with a negative outlook.
Thursday, August 12, 2010
EDITORIAL: Let the Debates Begin Shall We ?
The Illinois Channel does not take sides in partisan elections. Our role is to connect elected officials or candidates for office to citizens, so we may facilitate a greater understanding among the electorate of the issues and candidates' positions.
But we do take sides on whether candidates should or should not debate. THEY SHOULD. Now we hear that there is much foot dragging among the various political camps about getting their candidate to appear in a debate. We hear that behind the scenes the candidates for the US Senate are still dilly-dallying, hemming and hawing, and offering delay upon delay as to whether they will or will not meet in a public forum to debate their opponent.
As we sit here with one former governor in prison, and another awaiting his fate at the hands of a jury. When the state and nation are facing bankruptcy and citizens are marching in the streets for new leadership -- We would hope that anyone who says they are a leader, that they are motivated by a call to public service, would be willing and eager to share their ideas on what they would do if elected.
This is a critical time. It therefore is a critical election. Among the items citizens should consider when looking at a candidate's qualifications for office -- is how much they believe in your right to know where they stand. If they won't bother to debate their positions before the election, how open will they be after the election?
So woe to those who fail to debate. We'll be watching, and reporting on those dragging their feet, instead of signing up to debate.
But we do take sides on whether candidates should or should not debate. THEY SHOULD. Now we hear that there is much foot dragging among the various political camps about getting their candidate to appear in a debate. We hear that behind the scenes the candidates for the US Senate are still dilly-dallying, hemming and hawing, and offering delay upon delay as to whether they will or will not meet in a public forum to debate their opponent.
As we sit here with one former governor in prison, and another awaiting his fate at the hands of a jury. When the state and nation are facing bankruptcy and citizens are marching in the streets for new leadership -- We would hope that anyone who says they are a leader, that they are motivated by a call to public service, would be willing and eager to share their ideas on what they would do if elected.
This is a critical time. It therefore is a critical election. Among the items citizens should consider when looking at a candidate's qualifications for office -- is how much they believe in your right to know where they stand. If they won't bother to debate their positions before the election, how open will they be after the election?
So woe to those who fail to debate. We'll be watching, and reporting on those dragging their feet, instead of signing up to debate.
State Treasurer Giannoulias Proposes Greater Transparency on Banks
FROM THE STATE TREASURER'S PRESS OFFICE
Illinois State Treasurer Alexi Giannoulias today will recommend tougher federal accountability and transparency measures for banks to meet community reinvestment act guidelines.
Giannoulias will submit written testimony, telling federal bank and thrift regulators that when the Community Reinvestment Act ratings of banks were first made public in 1990, one in 10 financial institutions failed their CRA exam. Today, the number is less than 2 percent, yet millions of Americans are still unbanked or victims of predatory lending.
“On one hand, we have almost every bank in the nation receiving a ‘Satisfactory’ rating when it comes to community reinvestment, while on the other hand we have millions of Americans who have no access to safe mortgages or low-cost checking accounts,” Giannoulias wrote. “CRA ratings may look good on paper, but in reality they are falling short.”
Giannoulias will submit testimony during the third of four national public hearings jointly sponsored by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision.
“While there is much to do on the legislative side of this important law, including passage of a fair, safe, and more relevant version as proposed in the Community Reinvestment Modernization Act of 2009, (H.R. 1479), my focus today is the importance of establishing transparency within CRA, specifically with regard to qualifying activities, ratings, and reporting,” Giannoulias added.
He recommended regulators improve transparency and accountability in three ways:
Give banks a numeric grade on a scale of 1 to 100 so that consumers can tell if a bank is fully committed to community reinvestment or barely passing, just like a standard report card. Currently, banks are ranked on a 0 to 24 scale which is less intuitive for consumers.
Modernize the weighting system for various financial products, so that it is clear how banks are being measured. Products and services that complement a bank’s lending activities, such as low-cost checking accounts and payday alternative loans, should count toward CRA, but should be weighted according to their impact.
Make it easier for the public to acquire full-length CRA reports from bank and thrift regulatory agencies on a single, searchable online database on the Federal Financial Institutions Examination Council website. This level of transparency is not available today.
The State Treasurer’s Office only wants to do business with financial institutions that show commitment to their communities, so it took matters into its own hands last year, Giannoulias said.
Since June 2009, the Treasurer’s Office has required all banks that received or renewed state deposits to pledge to provide non-predatory foreclosure prevention products, conventional banking services to the unbanked and small business loan products.
“We’re doing what we can at the state level to hold financial institutions accountable to their neighborhoods,” Giannoulias wrote. “But federal reforms are needed to clearly differentiate between the financial institutions that are going the extra mile and those that achieved ‘Satisfactory’ by the skin of their teeth.”
Illinois State Treasurer Alexi Giannoulias today will recommend tougher federal accountability and transparency measures for banks to meet community reinvestment act guidelines.
Giannoulias will submit written testimony, telling federal bank and thrift regulators that when the Community Reinvestment Act ratings of banks were first made public in 1990, one in 10 financial institutions failed their CRA exam. Today, the number is less than 2 percent, yet millions of Americans are still unbanked or victims of predatory lending.
“On one hand, we have almost every bank in the nation receiving a ‘Satisfactory’ rating when it comes to community reinvestment, while on the other hand we have millions of Americans who have no access to safe mortgages or low-cost checking accounts,” Giannoulias wrote. “CRA ratings may look good on paper, but in reality they are falling short.”
Giannoulias will submit testimony during the third of four national public hearings jointly sponsored by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision.
“While there is much to do on the legislative side of this important law, including passage of a fair, safe, and more relevant version as proposed in the Community Reinvestment Modernization Act of 2009, (H.R. 1479), my focus today is the importance of establishing transparency within CRA, specifically with regard to qualifying activities, ratings, and reporting,” Giannoulias added.
He recommended regulators improve transparency and accountability in three ways:
Give banks a numeric grade on a scale of 1 to 100 so that consumers can tell if a bank is fully committed to community reinvestment or barely passing, just like a standard report card. Currently, banks are ranked on a 0 to 24 scale which is less intuitive for consumers.
Modernize the weighting system for various financial products, so that it is clear how banks are being measured. Products and services that complement a bank’s lending activities, such as low-cost checking accounts and payday alternative loans, should count toward CRA, but should be weighted according to their impact.
Make it easier for the public to acquire full-length CRA reports from bank and thrift regulatory agencies on a single, searchable online database on the Federal Financial Institutions Examination Council website. This level of transparency is not available today.
The State Treasurer’s Office only wants to do business with financial institutions that show commitment to their communities, so it took matters into its own hands last year, Giannoulias said.
Since June 2009, the Treasurer’s Office has required all banks that received or renewed state deposits to pledge to provide non-predatory foreclosure prevention products, conventional banking services to the unbanked and small business loan products.
“We’re doing what we can at the state level to hold financial institutions accountable to their neighborhoods,” Giannoulias wrote. “But federal reforms are needed to clearly differentiate between the financial institutions that are going the extra mile and those that achieved ‘Satisfactory’ by the skin of their teeth.”
Friday, July 23, 2010
GOP Senate Candidate Mark Kirk Says He Would Vote for Kagan, Were He Currently a US Senator
from the Kirk for Senate Campaign
With regard to Solicitor General Kagan, I would support her nomination. Ms. Kagan appears to be modest and thoughtful not because she expected this nomination but because she is modest and thoughtful. Under the Constitution, only the President can make this nomination and Solicitor General Kagan is one of the more careful nominees he could have picked.
Alexander Hamilton wrote in Federalist No. 76: “To what purpose then require the cooperation of the Senate? I answer that the necessity of their concurrence would have a powerful, though in general a silent operation. It would be an excellent check upon a spirit of favoritism in the president, would tend generally to prevent the appointment of unfit characters from family connection, from personal attachment, and from a view to popularity.”
Under this tradition, the Senate tempered any partisan review of the president’s choice. Recently, justices Ginsberg (96-3), Kennedy (97-0), Stevens (98-0), Scalia (98-0), Bryer (87-9) and Roberts (78-22) were confirmed by bipartisan majorities that applied the Federalist standard. I note Solicitor General Kagan earned support from the American Bar Association and conservative judges Estrada and McConnell.
Ms. Kagan's decision to ban military recruiters from Harvard troubled me. During her hearings, she committed to follow the unanimous Supreme Court ruling striking down that ban. I also note she considered the death penalty settled law and successfully won her case before the Supreme Court affirming the government's position against terrorists.
###
With regard to Solicitor General Kagan, I would support her nomination. Ms. Kagan appears to be modest and thoughtful not because she expected this nomination but because she is modest and thoughtful. Under the Constitution, only the President can make this nomination and Solicitor General Kagan is one of the more careful nominees he could have picked.
Alexander Hamilton wrote in Federalist No. 76: “To what purpose then require the cooperation of the Senate? I answer that the necessity of their concurrence would have a powerful, though in general a silent operation. It would be an excellent check upon a spirit of favoritism in the president, would tend generally to prevent the appointment of unfit characters from family connection, from personal attachment, and from a view to popularity.”
Under this tradition, the Senate tempered any partisan review of the president’s choice. Recently, justices Ginsberg (96-3), Kennedy (97-0), Stevens (98-0), Scalia (98-0), Bryer (87-9) and Roberts (78-22) were confirmed by bipartisan majorities that applied the Federalist standard. I note Solicitor General Kagan earned support from the American Bar Association and conservative judges Estrada and McConnell.
Ms. Kagan's decision to ban military recruiters from Harvard troubled me. During her hearings, she committed to follow the unanimous Supreme Court ruling striking down that ban. I also note she considered the death penalty settled law and successfully won her case before the Supreme Court affirming the government's position against terrorists.
###
Thursday, June 10, 2010
Rassmussen Shows Kirk Up 3 Pts Over Giannoulias
From Rassmussen.com
Illinois’ hotly contested race for the U.S. Senate between Republican Congressman Mark Kirk and State Treasurer Alexi Giannoulias is once again a virtual toss-up.
The latest Rasmussen Reports statewide telephone survey of Likely Voters shows Kirk barely ahead of Giannoulias 42% to 39%. Seven percent (7%) would prefer another candidate, and 12% more are undecided at this point.
In late April, Kirk earned a modest pick-up in support in the first survey conducted after the government's seizure of the failed Broadway Bank, the institution owned by Giannoulias' family. Since then, Kirk has been forced to apologize for misstatements about his military record.
Kirk’s support is similar to results found in early April and in March. Kirk picked up 46% to Giannoulias' 40% in the first survey after the two won their party primaries in February.
Despite news of the bank seizure, support for Giannoulias has changed little since March. The Democrat held a modest 44% to 41% edge at that time.
While Kirk earns majority support from men in Illinois, Giannoulias holds the edge among women.
Among voters not affiliated with either major political party, Kirk holds a 50% to 24% lead.
Additional data from the survey will be released over the coming week at RasmussenReports.com/Illinois.
(Want a free daily e-mail update? If it's in the news, it's in our polls). Rasmussen Reports updates are also available on Twitter or Facebook.
The survey of 500 Likely Voters in Illinois was conducted on June 7, 2010 by Rasmussen Reports. The margin of sampling error is +/-4.5 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.
Sixty-two percent (62%) of Illinois voters say they’ve been following news stories about Kirk and his military service, and 63% say this news is important in terms of how they vote this November. Thirty-two percent (32%) say Kirk’s misstatements about his military record are not important in how they vote.
These numbers include 27% who say the misstatements are Very Important to how they vote and 11% who say they are Not At All Important.
Fifty-four percent (54%) in Illinois favor repeal of the health care plan, slightly lower than the view nationally, while 42% oppose repeal. Those numbers include 42% who Strongly Favor repeal and 36% who Strongly Oppose it.
Kirk picks up 69% support from those who Strongly Favor repeal of the law, while Giannoulias picks up 74% from those who are Strongly Opposed.
Thirteen percent (13%) of Illinois voters share a Very Favorable opinion of Kirk, while 15% view him Very Unfavorably.
Nine percent (9%) view Giannoulias Very Favorably and 23% view him Very Unfavorably.
At this point in a campaign, Rasmussen Reports considers the number of people with strong opinions more significant than the total favorable/unfavorable numbers.
Most Illinois voters (56%) still approve of how President Obama has been doing his job, down slightly from the previous survey. Forty-four percent (44%) disapprove. This is higher approval than Obama earns nationally in the Rasmussen Reports daily Presidential Tracking Poll.
Illinois’ hotly contested race for the U.S. Senate between Republican Congressman Mark Kirk and State Treasurer Alexi Giannoulias is once again a virtual toss-up.
The latest Rasmussen Reports statewide telephone survey of Likely Voters shows Kirk barely ahead of Giannoulias 42% to 39%. Seven percent (7%) would prefer another candidate, and 12% more are undecided at this point.
In late April, Kirk earned a modest pick-up in support in the first survey conducted after the government's seizure of the failed Broadway Bank, the institution owned by Giannoulias' family. Since then, Kirk has been forced to apologize for misstatements about his military record.
Kirk’s support is similar to results found in early April and in March. Kirk picked up 46% to Giannoulias' 40% in the first survey after the two won their party primaries in February.
Despite news of the bank seizure, support for Giannoulias has changed little since March. The Democrat held a modest 44% to 41% edge at that time.
While Kirk earns majority support from men in Illinois, Giannoulias holds the edge among women.
Among voters not affiliated with either major political party, Kirk holds a 50% to 24% lead.
Additional data from the survey will be released over the coming week at RasmussenReports.com/Illinois.
(Want a free daily e-mail update? If it's in the news, it's in our polls). Rasmussen Reports updates are also available on Twitter or Facebook.
The survey of 500 Likely Voters in Illinois was conducted on June 7, 2010 by Rasmussen Reports. The margin of sampling error is +/-4.5 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.
Sixty-two percent (62%) of Illinois voters say they’ve been following news stories about Kirk and his military service, and 63% say this news is important in terms of how they vote this November. Thirty-two percent (32%) say Kirk’s misstatements about his military record are not important in how they vote.
These numbers include 27% who say the misstatements are Very Important to how they vote and 11% who say they are Not At All Important.
Fifty-four percent (54%) in Illinois favor repeal of the health care plan, slightly lower than the view nationally, while 42% oppose repeal. Those numbers include 42% who Strongly Favor repeal and 36% who Strongly Oppose it.
Kirk picks up 69% support from those who Strongly Favor repeal of the law, while Giannoulias picks up 74% from those who are Strongly Opposed.
Thirteen percent (13%) of Illinois voters share a Very Favorable opinion of Kirk, while 15% view him Very Unfavorably.
Nine percent (9%) view Giannoulias Very Favorably and 23% view him Very Unfavorably.
At this point in a campaign, Rasmussen Reports considers the number of people with strong opinions more significant than the total favorable/unfavorable numbers.
Most Illinois voters (56%) still approve of how President Obama has been doing his job, down slightly from the previous survey. Forty-four percent (44%) disapprove. This is higher approval than Obama earns nationally in the Rasmussen Reports daily Presidential Tracking Poll.
Wednesday, June 2, 2010
Mark Kirk's Fmr. Commanding Officer Refutes Charges Kirk Lied About Military Award He Received
Statement of Mark Kirk's former Commading Officer, Captain Clay Fearnow United States Navy (Retired) as released by the Kirk for US Senate campaign
As a retired Navy Captain and Mark Kirk's commanding officer during Operation Allied Force, there are two things that have deeply troubled me since I read the Washington Post's story about Mark's intelligence officer award.
First, the complete lack of a benefit of the doubt - the idea that someone could make an honest mistake has become so foreign that the immediate assumption has become - you misrepresented or worse you lied. In Mark's case neither is factual.
And second, that an honest mistake related to the identification of a military award is the same as pretending to be in Vietnam when you were not. This also doesn't apply to Mark Kirk.
Mark Kirk served under my command in Aviano, Italy, during Operation Allied Force - the Kosovo campaign. For his exceptional service as the lead intelligence officer of a combat intelligence action team - the largest EA-6B intelligence shop in the history of naval aviation which he assembled - I nominated then Lieutenant Commander Kirk for a Navy and Marine Corps Commendation Medal and the Rufus L. Taylor Intelligence Award. He received both.
When I nominated Mark for the Rufus Taylor award I thought it was more specific to Mark and not his team. But the reality is, there would have been no team without Mark Kirk's leadership and there certainly would have been no award. I can certainly understand why he would have referred to this award over the years as intelligence officer of the year - it's how I viewed the award. And in actuality, the two awards in question are of equal stature and significance.
Mark Kirk is the finest intelligence officer I have ever served with – hands down. His wealth of knowledge during this conflict put him in a position to take charge of intelligence members from the four deployed squadrons and meld them into a combat intelligence action team.
Any suggestion that Mark Kirk did not earn or receive the Navy and Marine Corps Commendation Medal and the Rufus L. Taylor Intelligence Award is incorrect. I would further add, assertions I've seen that Mark Kirk embellished or exaggerated his record are ridiculous - he is one of the finest Naval Officers I have had the honor to work with. His intelligence, leadership skills, and keen understanding of global affairs are an asset that the Navy and, today, the Congress are fortunate to enjoy.
As a retired Navy Captain and Mark Kirk's commanding officer during Operation Allied Force, there are two things that have deeply troubled me since I read the Washington Post's story about Mark's intelligence officer award.
First, the complete lack of a benefit of the doubt - the idea that someone could make an honest mistake has become so foreign that the immediate assumption has become - you misrepresented or worse you lied. In Mark's case neither is factual.
And second, that an honest mistake related to the identification of a military award is the same as pretending to be in Vietnam when you were not. This also doesn't apply to Mark Kirk.
Mark Kirk served under my command in Aviano, Italy, during Operation Allied Force - the Kosovo campaign. For his exceptional service as the lead intelligence officer of a combat intelligence action team - the largest EA-6B intelligence shop in the history of naval aviation which he assembled - I nominated then Lieutenant Commander Kirk for a Navy and Marine Corps Commendation Medal and the Rufus L. Taylor Intelligence Award. He received both.
When I nominated Mark for the Rufus Taylor award I thought it was more specific to Mark and not his team. But the reality is, there would have been no team without Mark Kirk's leadership and there certainly would have been no award. I can certainly understand why he would have referred to this award over the years as intelligence officer of the year - it's how I viewed the award. And in actuality, the two awards in question are of equal stature and significance.
Mark Kirk is the finest intelligence officer I have ever served with – hands down. His wealth of knowledge during this conflict put him in a position to take charge of intelligence members from the four deployed squadrons and meld them into a combat intelligence action team.
Any suggestion that Mark Kirk did not earn or receive the Navy and Marine Corps Commendation Medal and the Rufus L. Taylor Intelligence Award is incorrect. I would further add, assertions I've seen that Mark Kirk embellished or exaggerated his record are ridiculous - he is one of the finest Naval Officers I have had the honor to work with. His intelligence, leadership skills, and keen understanding of global affairs are an asset that the Navy and, today, the Congress are fortunate to enjoy.
Monday, April 26, 2010
Political Analyst Charlie Cook Says Illinois Senate Race Now "Leans Republican"
Marathon Pundit notes that famed politial analyst Charlie Cook moves the IL Senate race to "Leans Republican" in the wake of the Broadway Bank Closure
http://marathonpundit.blogspot.com/2010/04/cook-moves-illinois-senate-race-to-lean.html
http://marathonpundit.blogspot.com/2010/04/cook-moves-illinois-senate-race-to-lean.html
Friday, April 23, 2010
Giannoulias Family's Broadway Bank Shut Down by Feds
from the Associated Press
CHICAGO – Regulators shut down the bank owned by Illinois Treasurer Alexi Giannoulias’ family on Friday, setting up an expected but daunting challenge in his bid to keep President Barack Obama’s 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 was likely to fail but blaming the bad economy. He also said it was financially healthy when he left four years ago.
Late Friday, Giannoulias voice broke as he talked about the collapse and vowed to work harder in his bid to win the Senate race. He said he knows first hand the impact that the economy has had on people and businesses in Illinois.
“There was no bailout for my father’s bank. It is an incredibly sad and heartbreaking day for me and for my family. This bank has helped thousands of people when no one else would give them a chance,” he said.
Giannoulias’ family could collect millions in tax refunds by writing off Broadway Bank’s losses. Giannoulias said he wouldn’t take advantage of a special provision made available in the stimulus bill for writing off businesses losses. He couldn’t say if others in his family would, but said his family “will be taking a massive financial loss.”
His Republican opponent, U.S. Rep. Mark Kirk, has made the bank’s finances a central issue in the Senate race.
“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 spokeswoman Kirsten Kukowski said in a statement Friday night.
Regulators planned to work through the night to close out Broadway’s books and the branches would open normally on Saturday, said FDIC ombudsman’s office spokesman Rickey McCullough.
Some leading Republicans seemed reticent to score political points over the closure immediately after the announcement. Illinois Republican Party chairman Pat Brady declined to comment, as did former Republican Gov. Jim Thompson.
“I know Alexi,” Thompson said. “I’m sure this is not an easy time for him.”
Giannoulias’ campaign and Democratic insiders have maintained he can still beat Kirk, a moderate Republican and an officer in the Naval Reserves. Democrats outnumber Republicans in Illinois, and Obama remains a popular figure in the state.
And on Friday, the White House said Obama intends to help Illinois Democrats “up and down the ballot.” Giannoulias campaign chairman, U.S. Sen. Dick Durbin, said Friday before the bank failure that the White House has asked about the state of Giannoulias’ campaign. A spokeswoman contacted Friday evening said Durbin would not comment further.
Joey O’Neill, a Broadway customer for 20 years said Friday that he won’t hold the bank’s failure against Giannoulias.
“They’ve always been good to me,” O’Neill said before the bank closure was announced.
Giannoulias’ family could walk away with millions in tax refunds after writing off Broadway Bank’s losses — giving Kirk the chance to paint him as a fat cat.
Kirk — who raised $2.2 million in the first quarter of the year compared to $1.2 million for Giannoulias — also has criticized some decisions made while Giannoulias worked at the bank, including revelations that it had loaned $20 million to two convicted felons.
The campaign portrayed the loans as old news that Giannoulias has addressed before. He has said the bank’s relationship with one man started before he worked there.
But with the election nearly seven months away, the campaign has time on its side to try to repair any damage and change the focus of the race — and help Democrats avoid the embarrassing loss of another high-profile Senate seat.
“When I decided to run, I knew it was going to be tough,” Giannoulias said this month in a speech to a Chicago civic club. “Examining my record is one thing, but putting your family in the line of fire is quite another. Believe me, it’s not easy. But I didn’t get into this race because I thought it was going to be easy.”
Giannoulias’ campaign has not talked specifically about the strategy for dealing with a bank failure. Spokeswoman Kathleen Strand said this week he will focus on the economy and creating jobs, arguing that the bank’s problems are not major issue for some people.
All of Broadway’s deposit accounts, excluding certain brokered deposits, were transferred to MB Financial. Former Broadway employees would become employees of MB Financial Bank, McCullough said.
Demetris Giannoulias, Alexi Giannoulias’ brother and the bank’s chief financial officer, issued a statement that said the family “fought to carry out the vision my father had when he founded Broadway Bank 30 years ago, but our bank — like many businesses — has struggled during these challenging times.”
Six other banks also were closed in Illinois, the FDIC announced. Customer accounts are insured by the FDIC up to $250,000.
CHICAGO – Regulators shut down the bank owned by Illinois Treasurer Alexi Giannoulias’ family on Friday, setting up an expected but daunting challenge in his bid to keep President Barack Obama’s 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 was likely to fail but blaming the bad economy. He also said it was financially healthy when he left four years ago.
Late Friday, Giannoulias voice broke as he talked about the collapse and vowed to work harder in his bid to win the Senate race. He said he knows first hand the impact that the economy has had on people and businesses in Illinois.
“There was no bailout for my father’s bank. It is an incredibly sad and heartbreaking day for me and for my family. This bank has helped thousands of people when no one else would give them a chance,” he said.
Giannoulias’ family could collect millions in tax refunds by writing off Broadway Bank’s losses. Giannoulias said he wouldn’t take advantage of a special provision made available in the stimulus bill for writing off businesses losses. He couldn’t say if others in his family would, but said his family “will be taking a massive financial loss.”
His Republican opponent, U.S. Rep. Mark Kirk, has made the bank’s finances a central issue in the Senate race.
“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 spokeswoman Kirsten Kukowski said in a statement Friday night.
Regulators planned to work through the night to close out Broadway’s books and the branches would open normally on Saturday, said FDIC ombudsman’s office spokesman Rickey McCullough.
Some leading Republicans seemed reticent to score political points over the closure immediately after the announcement. Illinois Republican Party chairman Pat Brady declined to comment, as did former Republican Gov. Jim Thompson.
“I know Alexi,” Thompson said. “I’m sure this is not an easy time for him.”
Giannoulias’ campaign and Democratic insiders have maintained he can still beat Kirk, a moderate Republican and an officer in the Naval Reserves. Democrats outnumber Republicans in Illinois, and Obama remains a popular figure in the state.
And on Friday, the White House said Obama intends to help Illinois Democrats “up and down the ballot.” Giannoulias campaign chairman, U.S. Sen. Dick Durbin, said Friday before the bank failure that the White House has asked about the state of Giannoulias’ campaign. A spokeswoman contacted Friday evening said Durbin would not comment further.
Joey O’Neill, a Broadway customer for 20 years said Friday that he won’t hold the bank’s failure against Giannoulias.
“They’ve always been good to me,” O’Neill said before the bank closure was announced.
Giannoulias’ family could walk away with millions in tax refunds after writing off Broadway Bank’s losses — giving Kirk the chance to paint him as a fat cat.
Kirk — who raised $2.2 million in the first quarter of the year compared to $1.2 million for Giannoulias — also has criticized some decisions made while Giannoulias worked at the bank, including revelations that it had loaned $20 million to two convicted felons.
The campaign portrayed the loans as old news that Giannoulias has addressed before. He has said the bank’s relationship with one man started before he worked there.
But with the election nearly seven months away, the campaign has time on its side to try to repair any damage and change the focus of the race — and help Democrats avoid the embarrassing loss of another high-profile Senate seat.
“When I decided to run, I knew it was going to be tough,” Giannoulias said this month in a speech to a Chicago civic club. “Examining my record is one thing, but putting your family in the line of fire is quite another. Believe me, it’s not easy. But I didn’t get into this race because I thought it was going to be easy.”
Giannoulias’ campaign has not talked specifically about the strategy for dealing with a bank failure. Spokeswoman Kathleen Strand said this week he will focus on the economy and creating jobs, arguing that the bank’s problems are not major issue for some people.
All of Broadway’s deposit accounts, excluding certain brokered deposits, were transferred to MB Financial. Former Broadway employees would become employees of MB Financial Bank, McCullough said.
Demetris Giannoulias, Alexi Giannoulias’ brother and the bank’s chief financial officer, issued a statement that said the family “fought to carry out the vision my father had when he founded Broadway Bank 30 years ago, but our bank — like many businesses — has struggled during these challenging times.”
Six other banks also were closed in Illinois, the FDIC announced. Customer accounts are insured by the FDIC up to $250,000.
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