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| Jeri Thompson: Rahm Emanuel for Senate? |
| 2010-03-19 |
| Illinois Treasurer Alexi Giannoulias calls President Obama his "mentor." Obama's longtime friend and protégé, he once seemed destined to follow Obama's course of a meteoric and unscrutinized rise in the political world. But it was not to be. Giannoulias, having just become the Democrats' nominee to fill Obama's old U.S. Senate seat, now faces the imminent collapse of his family's bank -- the one where he recently served as a vice president -- after he and family members took millions out of it in dividends. The loans he made to mafia figures are being picked over again by the press. His friends and donors are getting themselves arrested for -- of all things -- bank fraud. In a year that has seen President Obama demonize the banking sector, decrying "fat-cats who are getting rewarded for their failure" and declaring that "bankers don't need another vote in the United States Senate," will Illinois Democrats become nervous enough to dump Giannoulias from their ticket? Giannoulias, who worked at his family's Broadway Bank until 2006, admits now he bet big on risky construction loans. He increased them six-fold during his tenure, to $356 million, according to FDIC filings. Partly as a result, Broadway is on the verge of seizure by the Feds. Just as the bank was reaching its most difficult period -- between 2007 and 2008 -- Giannoulias and his family pulled out more than $70 million in dividends. They could pocket $15 million more in federal tax refunds if the bank fails. Broadway's unsavory customers are another headache for Giannoulias, who was personally involved in making $11 million in loans to Michael "Jaws" Gioranago. The bank's stringent lending standards allowed a federal prisoner to co-sign a multi-million dollar loan for this convicted bookmaker and prostitution ring promoter. Broadway also lent $10 million to Boris Stratievsky, later convicted as the "professor of money-laundering" for the Russian mob. Tony Rezko, Obama's famous real estate "advisor," was another valued customer. Long before he wrote bad checks on his Broadway account to pay off $450,000 in gambling debts, Rezko would twice convince Illinois Gov. Rod Blagojevich, D, to appoint Alexi's brother, Demetris, to the Illinois Finance Authority. Demetris, also an executive at the bank, is heavily involved in the kind of left-wing and anti-Israel activism that Broadway funds with grants, such as the "Electronic Intifada." Giannoulias recently had to dump the campaign contributions of another Broadway customer and longtime family friend -- Nick Giannis, owner of the Boston Blackies restaurant. According to the Chicago Tribune, Giannis and his son were arrested just last week for a $1.9 million check-kiting scheme. Earlier this month, when Giannoulias visited Washington, the White House offered a minimal statement of support and no promises to campaign for him. Obama, who tried to get another candidate into the race, may be reconsidering this whole "protégé" thing. Meanwhile, Chicagoans hear buzz about how the state party could dump Giannoulias for a more electable Democrat, and that would be...who knows? But isn't it interesting the number of glowing profiles of White House Chief of Staff Rahm Emanuel and his family in recent weeks? You know, the kind of stories that often precede candidacies? Would Rahm want to run? Could he, at this late date? If ever there was a man to accomplish such a feat, it's him. If ever there was a place, it's Chicago. If Giannoulias runs into Rahm in a gym shower in the next few weeks, he'll know his political goose is cooked. |
| Posted by:Fred |
| #3 How about Rahm Emanuel for an orange jump suit and a set of shackles? |
| Posted by: Ebbang Uluque6305 2010-03-19 11:29 |
| #2 My predication, Emanuel will soon experience a well deserved.... "Et tu, Brute" moment. |
| Posted by: Besoeker 2010-03-19 08:47 |
| #1 Rahm won't run. You heard it here first. Why? He'd lose. Big. Rahm is toxic. One can only imagine the fun the Pub senate election committee could have drawing up ads against him. He'd become a punching boy for the health care reform, immigration reform, TARP, cap and trade and everything else Obama has done so far. It would be a classic case of psychological transference. Rahm didn't get this far by choosing losing battles. He won't run. |
| Posted by: Steve White 2010-03-19 08:43 |