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.