senate candidate alexi gianoulias (d-il)
photo credit // www.alexiforillinois.com
Chicago, IL -
Democrats are growing concerned that Senate candidate Alexi Giannoulias' ties to the failing Broadway Bank will become a liability in the fall against likely Republican nominee Congressman Mark Kirk as Democrats hope to maintain control of Barack Obama's U.S. Senate seat.
"The seat is a problem because a Mark Kirk victory [in the primary] is likely," State Representative Sara Feigenholtz (D-Chicago) told ChicagoPride.com. "November is going to be a challenge for Democrats but whatever happens tomorrow we'll stick together."
Broadway Bank, owned by the Giannoulias family, is the target of strict FDIC (Federal Deposit Insurance Corporation) overview as more than 20% of the loans on the books are more than 90 days delinquent. Last week, the FDIC informed Broadway Bank that it must raise more than $50 million to shore up the troubled lending agency.
Today, according to Crain's Chicago Business, that number required by the FDIC has been increased to $76 million following reporting of 4th quarter losses.
The upset victory by Republican Scott Brown in the Massachusetts Senate race two weeks ago has even heavily Democrat leaning states, like Illinois, realizing that retaining Blue seats is no longer a given.
Because of Giannoulias' involvement with Broadway Bank, where he served as chief lending officer until 2006, there is concern that he could be vulnerable, especially if the bank is seized by the FDIC before the general election.
"I have no doubt that these are the questions the Republicans will be asking," Todd Connor, openly-gay Metropolitan Water Reclamation District board candidate, told ChicagoPride.com today.
Last week, Democratic Senate hopeful Cheryl Jackson suggested that Giannoulias withdraw from the race. "For the sake of Illinois families and for the good of the Democratic Party, I am calling on the Treasurer to do the honorable thing and withdraw from this race today," said Jackson who was an advisor to Gov. Rod Blagojevich.
"We will leave that up to the voters to decide," Democratic Senate candidate David Hoffman's campaign told ChicagoPride.com today. "As the New York Times reported yesterday, the lending department led by Mr. Giannoulias increased risky construction loans six-fold on his watch, and as Chief Loan Officer he presided over that move into risky lending." said Michael Powell, Campaign Manager, Hoffman for Illinois.
The Giannoulias campaign declined to make a statement and referred all comment on the issue to Broadway Bank.
Giannoulias has been the only Senate candidate to openly support marriage equality, making him a favorite among many LGBT voters. He received the endorsement of Gay Chicago Magazine.
The primary is tomorrow, Feb 2.
"The seat is a problem because a Mark Kirk victory [in the primary] is likely," State Representative Sara Feigenholtz (D-Chicago) told ChicagoPride.com. "November is going to be a challenge for Democrats but whatever happens tomorrow we'll stick together."
Broadway Bank, owned by the Giannoulias family, is the target of strict FDIC (Federal Deposit Insurance Corporation) overview as more than 20% of the loans on the books are more than 90 days delinquent. Last week, the FDIC informed Broadway Bank that it must raise more than $50 million to shore up the troubled lending agency.
Today, according to Crain's Chicago Business, that number required by the FDIC has been increased to $76 million following reporting of 4th quarter losses.
The upset victory by Republican Scott Brown in the Massachusetts Senate race two weeks ago has even heavily Democrat leaning states, like Illinois, realizing that retaining Blue seats is no longer a given.
Because of Giannoulias' involvement with Broadway Bank, where he served as chief lending officer until 2006, there is concern that he could be vulnerable, especially if the bank is seized by the FDIC before the general election.
"I have no doubt that these are the questions the Republicans will be asking," Todd Connor, openly-gay Metropolitan Water Reclamation District board candidate, told ChicagoPride.com today.
Last week, Democratic Senate hopeful Cheryl Jackson suggested that Giannoulias withdraw from the race. "For the sake of Illinois families and for the good of the Democratic Party, I am calling on the Treasurer to do the honorable thing and withdraw from this race today," said Jackson who was an advisor to Gov. Rod Blagojevich.
"We will leave that up to the voters to decide," Democratic Senate candidate David Hoffman's campaign told ChicagoPride.com today. "As the New York Times reported yesterday, the lending department led by Mr. Giannoulias increased risky construction loans six-fold on his watch, and as Chief Loan Officer he presided over that move into risky lending." said Michael Powell, Campaign Manager, Hoffman for Illinois.
The Giannoulias campaign declined to make a statement and referred all comment on the issue to Broadway Bank.
Giannoulias has been the only Senate candidate to openly support marriage equality, making him a favorite among many LGBT voters. He received the endorsement of Gay Chicago Magazine.
The primary is tomorrow, Feb 2.
