The Chicago Sun-Times is about the only paper it seems that I don't get home delivery on, so when I happened to pick up a copy at work today and noticed a huge splash on the 4th page about another tie of the Giannoulias' family's Broadway Bank to convicted real estate investor Tony Rezko, I took some notice. The short version is that the Sun-Times dug up another loan made by Broadway Bank to Tony Rezko, after Rezko's tainted activities were already becoming know, and on top of being delinquent on a previous loan that Broadway Bank had made.
But so what, Team Giannoulias will ask, that second loan was made after Alexi had moved on from the Bank and became State Treasurer. Ah, but it not the crime, it's the coverup, according to Mark Kirk's campaign team:
Giannoulias Misled Voters on Loan to Tony Rezko
“For [Mark Kirk] to say that the bank should have known that Tony Rezko’s company, or that Tony Rezko would have this certain thing 5 or 6 years later, it’s a tough argument for him to make.” – Alexi Giannoulias, Chicago Tribune Editorial Board, March 3, 2010
Chicago Sun-Times reveals Broadway Bank loaned Tony Rezko $22.75 million in 2006, when “Rezko was already politically radioactive”
Background: The Chicago Sun-Times reported today that Broadway Bank loaned $22.75 million to a company partially owned by Tony Rezko in February of 2006, well after Rezko’s corrupt dealings and connections to former Governor Rod Blagojevich were exposed by the media. Alexi Giannoulias was Vice President and Senior Loan Officer of Broadway Bank at the time of the loan and received a $41,000 salary for 2006.
Previous Giannoulias Statement: Alexi Giannoulias has excused Broadway Bank’s loans to Tony Rezko by claiming that the loans were made before Tony Rezko’s crimes were known. On March 3, 2010, Giannoulias told the Chicago Tribune: “For [Mark Kirk] to say that the bank should have known that Tony Rezko’s company, or that Tony Rezko would have this certain thing 5 or 6 years later, it’s a tough argument for him to make.”
Giannoulias Misled Voters on Rezko: Giannoulias made his March 3, 2010 statement despite Broadway Bank’s 2006 loan to Rezko – well after Rezko’s corruption was known. On February 14, 2006, when the loan papers were signed, Tony Rezko’s name had appeared in news accounts nearly 200 times in the previous year, according to Lexis Nexis. By that point, anyone in Chicago with a newspaper subscription knew about Tony Rezko’s corruption.
Giannoulias and Broadway Bank in 2006: Despite Giannoulias’ campaign statement today that “Alexi left daily operation of the bank in September of 2005,” the Chicago Tribune reported that Alexi Giannoulias received a $41,000 salary from Broadway Bank in 2006. On December 20, 2005, the State Journal-Register reported that “Giannoulias noted that he currently serves as vice president and senior loan officer at the four-branch Broadway Bank in Chicago.”
Broadway’s Prior Loans to Rezko: According to an October 13, 2006 report by Chicago Sun-Times, Broadway Bank loaned Tony Rezko $1 million in September 2002. The Chicago Tribune reported that Broadway Bank also loaned $10.9 million to a Rezko-owned company in January 2002. Today’s Sun-Times report brings Broadway Bank’s total loans to Tony Rezko to roughly $34.7 million between 2002 and 2006.
Other Giannoulias-Rezko Ties: Tony Rezko used his influence with Rod Blagojevich to help Alexi Giannoulias’ brother, Demetris. According to the Chicago Sun-Times, Rezko was listed on a Blagojevich “clout list” as Demetris Giannoulias’ sponsor for an appointment to the Illinois Finance Authority.
Broadway Bank Should Have Known about Auchi: According to the Sun-Times, Rezko’s business partner in the real estate venture was Iraqi billionaire Nadhmi Auchi. In 2008, the Sun-Times reportedAuchi was convicted in France in 2003 on charges of fraud and was barred from entering the United States.
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More analysis on this from Illinois Review and Backyard Conservative.
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