David Axelrod made comments to the NY Times (http://www.nytimes.com/2009/11/22/us/politics/22cncwarren.html) this past week that the Blagojevich saga will hang heavily over the upcoming IL Senate election, and Republican Mark Kirk is banking on it. Speaking of banks, Chicago Crains came out with two articles yesterday regarding IL Senate Democratic hopeful Alexi Giannoulias' ties to his own family's failing bank. See http://www.chicagobusiness.com/... and link to Greg Hinz piece entitled "Giannoulias wants bank crackdown, but faces own questions."
According to Crains, the bank paid out $70 million in dividends to Alexi and his family in 2007 and 2008. Now, however, as of the end of the 3rd quarter, the bank has less than $64 million in capital surplus versus $1.2 billion in assets, which contributes to a set of poor capital ratios that must have this bank on the FDIC's endangered species list. Put another way, one more $70 million dividend would render the bank insolvent (as in Liabilities would be greater than assets).
Also per Crains, he took to the microphone to lambast corporate greed and to blame banks and financial speculators for the current financial crisis. Meanwhile, his corporate experience prior to politics was approving loan deals in Florida for a small community bank in Illinois. When quizzed about the dividend his family took, he stated that it was primarily went to pay estate taxes. So does that mean the FDIC is in the business of not just insuring depositors, but insuring that bank owners can pay taxes on the wealth they extract from their banks - at the expense of the bank's own viability?
And while in office as IL Treasurer, he led IL's families saving for college into Oppenheimer funds which subsequently took large mortgage backed securities losses. He blames the losses on the advisors he hired. Look for him soon to announce triumphantly a settlement with Oppenheimer.
This is who the Democrats have come up with as the front runner for Obama's Illinois Senate seat? Really? After all we've been through with Rod, and Roland, and the list goes on? Do we not deserve another Obama? I am sure Alexi has some fine qualities, but I have been searching his resume for them, and have come up empty.