To no one's surprise, the major Chicago media outlets are reporting that Alexi Giannoulias' family's Broadway Bank will be closed by the FDIC today. See the latest over at Cap Fax Blog where Rich Miller is updating with the latest news feeds.
We have been having an interesting debate over at Cap Fax Blog all afternoon about whether Alexi weathers this storm. Given that Alexi himself telegraphed this weeks ago, I think he's prepared to batten down the hatches and ride it out.
Mind you, he's not going to win this November. But I doubt his ego will let him quit, either.
UPDATED 4/24/10: Here's your news clip collection of stories regarding the Broadway Bank takeover, courtesy of egopnews.com:
Chicago Tribune: Broadway Bank’s failure a twin blow for Giannoulias
Chicago Sun-Times: FDIC regulators shut down Giannoulias family bank
WSJ: Bank Tied to Candidate Is Shuttered
NYT: Illinois: Bank Owned by Candidate’s Family Is Shut
AP/Bellandi: Feds shut down bank owned by Giannoulias
Politico: Giannoulias bank seized
The Giannoulias folks are going batty over themselves on the Internet trying to stave off any rumors that Alexi will be forced to quit over this. I hope they are successful, as we all want a very, very damaged Alexi to survive into the November race so he can get his clock cleaned by Mark Kirk.
Go Alexi! Dig in, stay in!
UPDATED x2: Here's a story by Rick Pearson and John Chase at the Chicago Tribune focusing on the damage done to the Giannoulias campaign by the Broadway Bank takeover. It's a good summation for anyone new to this story:
Democratic U.S. Sen. Dick Durbin, Giannoulias' campaign chairman, expressed concerns over a lack of White House commitment to the candidate to Washington-based Politico after a recent meeting with President Barack Obama's chief of staff, Rahm Emanuel. Durbin quickly tempered his comments, and the White House offered a tepid statement that "the president intends to help Democratic candidates in Illinois up and down the ballot."
The lukewarm reaction from Washington is a blow to Giannoulias, a one-time basketball playing buddy of the president who was aided in his first bid for office with a commercial featuring a testimonial from Obama. The warning signs came last summer, when Giannoulias found the White House working to recruit other candidates despite his public intentions to run for the Senate.
The "lukewarm" reaction from the White House is an important point. All eyes will be on the WH over the next few weeks as we see whether Team Obama throws in with Alexi or keeps its distance.