March 6th, 2010
12:30 PM ET
4 years ago

Democrat's family faces bank failure

 Alexi Giannoulias’ campaign has faced an unusual issue: the possible failure of his family’s business.
Alexi Giannoulias’ campaign has faced an unusual issue: the possible failure of his family’s business.

Washington (CNN) - Politics and the struggling American economy intersected last week in Illinois, when a Senate hopeful revealed that his family's small bank would probably fail.

Democratic Senate nominee Alexi Giannoulias' family-run business, Broadway Bank, was founded by his father more than 30 years ago, but has fallen on hard times.

In an interview with the Chicago Tribune editorial board, Giannoulias revealed the magnitude of the problem.

"It's quite likely that the bank will fail," said Giannoulias. "I hope I'm wrong. I hope they can raise the capital to keep the bank going, and they're fighting hard to do so, but it's tough out there for a lot of banks."

On Wednesday, Giannoulias canvassed local media outlets in Illinois, attempting to disassociate himself from the bank's financial troubles.

"I haven't worked at my family's business for over four years and when I left it was profitable and very well-capitalized," Giannoulias said in a statement.

Giannoulias then slammed political opponents for attempting to capitalize on the bank's failure.

"The same right-wing special interests that lied about President Barack Obama in 2008 are now out in full force again in the race for the seat he once held in the Senate,” Giannoulias said.

Giannoulias will face U.S. Rep. Mark Kirk (R-IL) in November. Both candidates have launched sites to address the Broadway Bank question: Giannoulias’ Web site is very similar in name to the one launched by Republican Kirk’s campaign.


Filed under: 2010 • Alexi Giannoulias • Illinois
soundoff (19 Responses)
  1. Proud to be a Republican

    Giannoulias you are an idiot and will never win because of obama...

    March 6, 2010 12:35 pm at 12:35 pm |
  2. GI Joe

    No one hits republicans with hard questions or challenges them on their numerous outrageous lies. It's like all the CNN talking heads are now pushing republican propaganda and questioning none of it. There isn't one journalist in the bunch - just a group of gossips.

    March 6, 2010 12:38 pm at 12:38 pm |
  3. John

    Another family business folds? I can hear the Republicans sneering:

    "Tough luck. Working class chumps should have been born rich."

    March 6, 2010 12:40 pm at 12:40 pm |
  4. Henry Miller, Libertarian, Cary, NC

    This guy's a Democrat and, these days, the Democrats seem to be on a one-party mission to suck every dime out of the private sector and ruin the entire US economy.

    If this guy had the IQ of a potted plant, he'd catch on, from personal experience, that the Democratic Party will be the ruin not only of his own family business, but the ruin of millions of other American family businesses as well.

    March 6, 2010 12:41 pm at 12:41 pm |
  5. Andy

    Because of the Democrats many many businesses are failing,when you tax/tax/tax and give away to the worthless and lazy by the billions,what do you expect?

    March 6, 2010 12:44 pm at 12:44 pm |
  6. Renee K

    In 2013 they will need to tear down that WH and rebuild it.

    March 6, 2010 12:51 pm at 12:51 pm |
  7. Jake

    Join the crowd thanks to the Dumocraps and their clown leader ,the O GREAT ONE,OBAMADOO,what else is new.862BILLION to keep unemployment below 8% and guess what-yesterday around 15% of actual .14 months trying to cram a healthcare bill down our throats that we do not want or can afford-Obamadoodle is a FOOL & LIAR.

    March 6, 2010 12:58 pm at 12:58 pm |
  8. Bob of Lompoc

    I presume I am not responsible for my Father's sins. Therefore, Mr. G is also not responsible for the bank falling inward, since we all know the cause falls at the feet of the former President Bush and his cronies, who have come real close to bankrupting this whole Nation, by conducting a monster cost war, against a small time Nation, that did us no wrong. Remember people: Bush – Bush – Bush.

    March 6, 2010 01:14 pm at 1:14 pm |
  9. worriedmom

    that's ok, Queen Nancy will stand up for you and say it is ok because it didnt harm national security.

    March 6, 2010 01:16 pm at 1:16 pm |
  10. worriedmom

    Thats ok Queen Pelosi will take up for you. You didnt cause any harm to National Security so you are forgiven by the Democrats.
    Amazing how many blind democrats there are. At least I can see there are bad apples in Republicans but a lot of you Liberals cannot face reality that you have lots of bad apples also!
    Reid, sir, i hope you leave in 2010!

    March 6, 2010 01:26 pm at 1:26 pm |
  11. Nimises

    Sadly, the republicants don't care about you. What is odd is, they care so much for business I would have thought they would rush in and save the bank. I guess you are screwed because you are in a democratic family.

    March 6, 2010 01:28 pm at 1:28 pm |
  12. Edwin

    It is kind of irresponsible to talk about a bank's potential failure in public - it essentially creates a "run" on the bank, as people try to get their money out.

    I'm not saying he should lie, but he shouldn't be talking this way in an interview, especially if he is as removed from the bank's finances as he claims...

    March 6, 2010 01:32 pm at 1:32 pm |
  13. C. Farrell, Houston, Tx

    He should do like John McCain's son did while CEO of Silver Bank of Arizona a month before it failed, take your bonus money and run. But then again, he learned that practice from daddy McCain so what could you expect.

    March 6, 2010 01:46 pm at 1:46 pm |
  14. valwayne

    Another Democrat tied up with a failing bank. The taxpayers will have to bail out the depositors and the owners of the banks will walk away with all their vast personal wealth despite their riskly gambles. The taxpayers will pay and pay and pay! That's a corrupt fact of life. However, should the voters reward this travesty by electing Mr. Giannoulias to Congress?

    March 6, 2010 01:53 pm at 1:53 pm |
  15. Johnny DC

    A Democrat that can't balance the books? This is a first.

    March 6, 2010 02:27 pm at 2:27 pm |
  16. Danny J

    Soooo basically he was a successful family banker when the economy was good. That's like saying I'm the best basketball player ever when I play against my 5 year old.

    Is this guys qualified to run anything? He claims to have stepped away while it was successful, why didn't he come to help out his family when trouble came?

    March 6, 2010 02:30 pm at 2:30 pm |
  17. Stallion

    Alexi, maybe you should ask President Obama for some financial advise? He claims to be an expert on such matters.....Oh Wait! I forgot....his only business experience has been......some kind of organizing....hmmmmm....maybe he can bail your family out......?

    March 6, 2010 02:34 pm at 2:34 pm |
  18. leonardofru

    Thieves of a feather flock together.

    March 6, 2010 02:40 pm at 2:40 pm |
  19. Rod Hoffman

    This is your representive from the great state of illinois! Another "Dummy-crat"!

    March 6, 2010 02:51 pm at 2:51 pm |