Commentary Magazine


Topic: Broadway Bank

Flotsam and Jetsam

Christians United for Israel catches its critics practicing willful ignorance: “Despite what readers may have been led to believe, the paper has not actually visited CUFI in some time. In fact, the editorial was written in the past tense, but was published online on July 20, before the major events at our 2010 Washington Summit had even occurred. With a minimum amount of research, or even one substantive phone call to CUFI in the past 12 months, the paper would have easily received answers to the ‘unanswered questions’ its editors claim CUFI needs to address.” Ouch! Read the whole thing for an excellent debunking of critics of pro-Zionist Christians.

Peter Beinart catches the ADL not savaging Israel. And the real problem, don’t you see, is that “[i]ndifference to the rights and dignity of Palestinians is a cancer eating away at the moral pretensions of the American Jewish establishment.” Is this another in the “I bet I write a more ludicrous column than you” sweepstakes with the weaselly set at the New Republic?

The Chicago Sun Times catches another shady bank loan by Democratic Senate candidate Alexi Giannoulias: “On Feb. 14, 2006, newly obtained records show, [Giannoulias’s] bank made a $22.75 million loan to a company called Riverside District Development LLC, whose owners, it turns out, included [Tony] Rezko. … Not only does its disclosure come during the Senate campaign, but records show the loan was made while Broadway Bank was already having problems with an earlier loan to another Rezko company.”

The House Ethics Committee catches Rep. Maxine Waters doing bad things: “The House Ethics Committee this afternoon announced in a statement that it has formed an ‘adjudicatory subcommittee’ to consider ethics violations charges against Waters. The subcommittee has yet to determine when it will meet. The committee also today released an 80-page report, submitted in August 2009 by the Office of Congressional Ethics (OCE), detailing the allegations against Waters.”

Jonathan Capehart catches the racial-grievance mongers being ridiculous (again). On the allegation that charges of ethics violations against Charles Rangel and Maxine Waters are racially motivated: “As an African American, I know and understand the sensitivity to unfair prosecution and persecution of blacks in the court of law and the court of public opinion. … But there are times when that sensitivity can blind us to very real questions that have nothing to do with race. In the cases of Rangel and Waters, I have to agree with a tweet by NBC News political director Chuck Todd. Their troubles have to do with ‘entrenched entitlement.'”

If CAIR catches wind of this, look out for the lawsuits: “Accused Fort Hood Shooter Nidal Hasan Can’t Find a Bank Willing to Cash His Checks; Hasan’s Lawyer Says His Client Is Being Discriminated Against.”

Bill Kristol catches Obama being a “self-centered elitist (and ageist!)” in trying to strong-arm Charlie Rangel out of office. He advises Rangel: “Defend yourself, make your case, fight for your reputation, and if need be accept a reprimand (or even censure) — but let your constituents render the real verdict, not the D.C. mob. If you do this, you have a good chance of extending your political career … beyond Obama’s. In any case, do not follow Obama’s prescription of political death with dignity. ‘Do not go gentle into that good night.'”

Christians United for Israel catches its critics practicing willful ignorance: “Despite what readers may have been led to believe, the paper has not actually visited CUFI in some time. In fact, the editorial was written in the past tense, but was published online on July 20, before the major events at our 2010 Washington Summit had even occurred. With a minimum amount of research, or even one substantive phone call to CUFI in the past 12 months, the paper would have easily received answers to the ‘unanswered questions’ its editors claim CUFI needs to address.” Ouch! Read the whole thing for an excellent debunking of critics of pro-Zionist Christians.

Peter Beinart catches the ADL not savaging Israel. And the real problem, don’t you see, is that “[i]ndifference to the rights and dignity of Palestinians is a cancer eating away at the moral pretensions of the American Jewish establishment.” Is this another in the “I bet I write a more ludicrous column than you” sweepstakes with the weaselly set at the New Republic?

The Chicago Sun Times catches another shady bank loan by Democratic Senate candidate Alexi Giannoulias: “On Feb. 14, 2006, newly obtained records show, [Giannoulias’s] bank made a $22.75 million loan to a company called Riverside District Development LLC, whose owners, it turns out, included [Tony] Rezko. … Not only does its disclosure come during the Senate campaign, but records show the loan was made while Broadway Bank was already having problems with an earlier loan to another Rezko company.”

The House Ethics Committee catches Rep. Maxine Waters doing bad things: “The House Ethics Committee this afternoon announced in a statement that it has formed an ‘adjudicatory subcommittee’ to consider ethics violations charges against Waters. The subcommittee has yet to determine when it will meet. The committee also today released an 80-page report, submitted in August 2009 by the Office of Congressional Ethics (OCE), detailing the allegations against Waters.”

Jonathan Capehart catches the racial-grievance mongers being ridiculous (again). On the allegation that charges of ethics violations against Charles Rangel and Maxine Waters are racially motivated: “As an African American, I know and understand the sensitivity to unfair prosecution and persecution of blacks in the court of law and the court of public opinion. … But there are times when that sensitivity can blind us to very real questions that have nothing to do with race. In the cases of Rangel and Waters, I have to agree with a tweet by NBC News political director Chuck Todd. Their troubles have to do with ‘entrenched entitlement.'”

If CAIR catches wind of this, look out for the lawsuits: “Accused Fort Hood Shooter Nidal Hasan Can’t Find a Bank Willing to Cash His Checks; Hasan’s Lawyer Says His Client Is Being Discriminated Against.”

Bill Kristol catches Obama being a “self-centered elitist (and ageist!)” in trying to strong-arm Charlie Rangel out of office. He advises Rangel: “Defend yourself, make your case, fight for your reputation, and if need be accept a reprimand (or even censure) — but let your constituents render the real verdict, not the D.C. mob. If you do this, you have a good chance of extending your political career … beyond Obama’s. In any case, do not follow Obama’s prescription of political death with dignity. ‘Do not go gentle into that good night.'”

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Another Senate Candidate in Trouble

Richard Blumenthal and Rand Paul (with Blanche Lincoln and perhaps Joe Sestak close behind) have gotten most of the attention in the “embattled Senate candidates” media coverage, but let’s not forget the Mob’s banker, Alexi Giannoulias:

His family’s business, Broadway Bank, was seized by regulators last month. He’s had trouble getting robust support from a White House that originally preferred another candidate. And political writer Stu Rothenberg devoted a column last week to asking “Is it time for Democrats to shove Giannoulias out?”

Now, Rep. Jesse Jackson Jr., who did not endorse anyone in the Democratic primary, is flirting with the idea of backing Republican nominee Mark Kirk in the general election.

And he might not be the only one: Bobby Rush is down on Rezko’s banker as well. (He told the Hill “in December 2009 that he was ‘afraid’ of a Giannoulias-Kirk matchup. ‘The messenger has to stand before the message. And if the messenger is weak, then the message is weak,’ he told the paper.”)

The rumblings have started about how to shove Giannoulias out of the way. But, as Rothenberg explained, it won’t be easy to dump him:

Democrats who worry about Giannoulias’ viability in the fall have a problem, though. Since the nominee isn’t running far behind Kirk in trial heats, it won’t be easy to persuade him to leave quietly. And if there is something Democratic insiders don’t need, it’s a messy food fight with a nominee they are trying to dump (especially after Democratic Rep. Joe Sestak of Pennsylvania went public that White House insiders had offered him a job to get him to pass up a primary challenge to party-switching Sen. Arlen Specter).

Yes, one candidate’s scandal makes it harder to toss another scandal-plagued candidate overboard.

Republicans should take note for 2010 and 2012. The reason the Democrats are in disarray and the race is competitive is not merely because the Democratic nominee has a load of problems; it is because the Republicans were wise enough to select a top-notch candidate well-suited to the state. (Politico notes: “Kirk already is popular in the politically competitive Chicago suburbs he represents and has a strong relationship with the state’s pro-Israel voters and donors.”) It’s really not enough in a deep Blue State to luck into a flawed Democratic candidate. For Republicans to win, they need smart candidates well-attuned to the electorate. Otherwise, golden opportunities will slip through their fingers.

Richard Blumenthal and Rand Paul (with Blanche Lincoln and perhaps Joe Sestak close behind) have gotten most of the attention in the “embattled Senate candidates” media coverage, but let’s not forget the Mob’s banker, Alexi Giannoulias:

His family’s business, Broadway Bank, was seized by regulators last month. He’s had trouble getting robust support from a White House that originally preferred another candidate. And political writer Stu Rothenberg devoted a column last week to asking “Is it time for Democrats to shove Giannoulias out?”

Now, Rep. Jesse Jackson Jr., who did not endorse anyone in the Democratic primary, is flirting with the idea of backing Republican nominee Mark Kirk in the general election.

And he might not be the only one: Bobby Rush is down on Rezko’s banker as well. (He told the Hill “in December 2009 that he was ‘afraid’ of a Giannoulias-Kirk matchup. ‘The messenger has to stand before the message. And if the messenger is weak, then the message is weak,’ he told the paper.”)

The rumblings have started about how to shove Giannoulias out of the way. But, as Rothenberg explained, it won’t be easy to dump him:

Democrats who worry about Giannoulias’ viability in the fall have a problem, though. Since the nominee isn’t running far behind Kirk in trial heats, it won’t be easy to persuade him to leave quietly. And if there is something Democratic insiders don’t need, it’s a messy food fight with a nominee they are trying to dump (especially after Democratic Rep. Joe Sestak of Pennsylvania went public that White House insiders had offered him a job to get him to pass up a primary challenge to party-switching Sen. Arlen Specter).

Yes, one candidate’s scandal makes it harder to toss another scandal-plagued candidate overboard.

Republicans should take note for 2010 and 2012. The reason the Democrats are in disarray and the race is competitive is not merely because the Democratic nominee has a load of problems; it is because the Republicans were wise enough to select a top-notch candidate well-suited to the state. (Politico notes: “Kirk already is popular in the politically competitive Chicago suburbs he represents and has a strong relationship with the state’s pro-Israel voters and donors.”) It’s really not enough in a deep Blue State to luck into a flawed Democratic candidate. For Republicans to win, they need smart candidates well-attuned to the electorate. Otherwise, golden opportunities will slip through their fingers.

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Flotsam and Jetsam

Ouch: Charlie Crist’s campaign manager and handpicked Senate appointee dumps him.

Yikes (for Democrats): “Republican Congressman Mark Kirk has earned a modest pick-up in support, while his Democratic opponent, Alexi Giannoulias, appears stalled in the first Rasmussen Reports telephone survey of Likely Voters in the state following the government’s seizure of the failed Broadway Bank, the institution owned by Giannoulias’ family. Kirk now attracts 46% support in Illinois’ race for the U.S. Senate, up from 41% in early April.”

More yikes (for Democrats): “A new poll has businessman Tim Burns (R) leading former Murtha aide Mark Critz (D) 46-40. Republicans appear to have a real opportunity to take over the seat of the late Rep. John Murtha’s (D-Pa.), as another poll shows their candidate in the lead.”

Still: “Iran will never agree to exchange its low-level enriched uranium for nuclear fuel rods enriched abroad, a top adviser to Iranian Supreme Leader Ayatollah Ali Khamenei said Friday.”

Bunk — is the claim that GM has paid back its taxpayer bailout, says Rep. Paul Ryan: “These claims struck me as odd and misleading. The federal government still owns over 60% of this auto company. This so-called repayment is actually a transfer of $6.7 billion from one taxpayer-funded bailout account to another.”

Fine: “Jewish groups are calling on U.N. member representatives to walk out in protest when Iran’s president speaks next week at the United Nations. Mahmoud Ahmadenijad’s plans to address the U.N. Nuclear Non-Proliferation Treaty Review Conference on May 3 makes a mockery of the proceedings, Jewish groups said.” But why don’t they call for the administration to leave the Human Rights Council or the Commission on the Status of Women?

Uh-oh: “The nation’s gross domestic product, the value of all goods and services produced, grew at an annual rate of 3.2% after climbing 5.6% in the fourth quarter, the Commerce Department said Friday. That’s not nearly fast enough to bring down stubbornly high unemployment. In addition, threats ranging from turmoil in Europe to the difficulty smaller businesses face in borrowing money are clouding the prospects for continued recovery.”

Yup: “Crist still does not grasp that the country wants a check on Obama, not an enabler in Republican or independent skin. The backlash over spending, soaring debt, government take-over of major industries, and Obamacare calls for a new breed of GOP leaders who are unafraid to stand in the gap and stop the Obama agenda. Crist’s failure to understand that is what sunk his candidacy in the GOP and will likely do so in the general election.”

Ouch: Charlie Crist’s campaign manager and handpicked Senate appointee dumps him.

Yikes (for Democrats): “Republican Congressman Mark Kirk has earned a modest pick-up in support, while his Democratic opponent, Alexi Giannoulias, appears stalled in the first Rasmussen Reports telephone survey of Likely Voters in the state following the government’s seizure of the failed Broadway Bank, the institution owned by Giannoulias’ family. Kirk now attracts 46% support in Illinois’ race for the U.S. Senate, up from 41% in early April.”

More yikes (for Democrats): “A new poll has businessman Tim Burns (R) leading former Murtha aide Mark Critz (D) 46-40. Republicans appear to have a real opportunity to take over the seat of the late Rep. John Murtha’s (D-Pa.), as another poll shows their candidate in the lead.”

Still: “Iran will never agree to exchange its low-level enriched uranium for nuclear fuel rods enriched abroad, a top adviser to Iranian Supreme Leader Ayatollah Ali Khamenei said Friday.”

Bunk — is the claim that GM has paid back its taxpayer bailout, says Rep. Paul Ryan: “These claims struck me as odd and misleading. The federal government still owns over 60% of this auto company. This so-called repayment is actually a transfer of $6.7 billion from one taxpayer-funded bailout account to another.”

Fine: “Jewish groups are calling on U.N. member representatives to walk out in protest when Iran’s president speaks next week at the United Nations. Mahmoud Ahmadenijad’s plans to address the U.N. Nuclear Non-Proliferation Treaty Review Conference on May 3 makes a mockery of the proceedings, Jewish groups said.” But why don’t they call for the administration to leave the Human Rights Council or the Commission on the Status of Women?

Uh-oh: “The nation’s gross domestic product, the value of all goods and services produced, grew at an annual rate of 3.2% after climbing 5.6% in the fourth quarter, the Commerce Department said Friday. That’s not nearly fast enough to bring down stubbornly high unemployment. In addition, threats ranging from turmoil in Europe to the difficulty smaller businesses face in borrowing money are clouding the prospects for continued recovery.”

Yup: “Crist still does not grasp that the country wants a check on Obama, not an enabler in Republican or independent skin. The backlash over spending, soaring debt, government take-over of major industries, and Obamacare calls for a new breed of GOP leaders who are unafraid to stand in the gap and stop the Obama agenda. Crist’s failure to understand that is what sunk his candidacy in the GOP and will likely do so in the general election.”

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Illinois Senate Seat — Another GOP Pickup?

Jennifer Duffy of the Cook Political Report tells us (subscription required):

As expected, the Federal Deposit Insurance Corporation seized control Friday of Broadway Bank, the community bank owned by the family of Democratic Senate nominee Alexi Giannoulias. Giannoulias worked as the bank’s chief loan officer from 2002 until 2006 when he was elected state Treasurer.

The bank’s financial problems and its business relationships with people associated with corruption and organized crime have dogged Giannoulias’ campaign since early February when he became the nominee. Now that Broadway has failed — a failure that will cost the FDIC an estimated $394 million — its impact on Giannoulias’ campaign is enormous, and it is entirely possible that the fallout could force him from the race. …

Given recent events, it’s impossible to justify keeping the race in the Toss Up column. While current circumstances would seem to lend themselves to a rating of Likely Republican, we know that it’s entirely possible that we could well be dealt a different hand — and a very different race — a month or two from now. As such, the race moves to the Lean Republican column.

You can bet Illinois Democrats will be combing the state election laws. Can they dump Giannoulias? What if he refuses to leave the race? Could they find a viable replacement? All these questions swirl because Illinois Democrats were apparently in a world of their own when they elected him as their nominee. It’s not as if his ties to Tony Rezko and Illinois mobsters were not known. It’s not as if they didn’t know of his bank’s financial shakiness. But they plunged ahead, seemingly convinced that any Democrat could win in Illinois. Well, not this year and not in a year when the entire Democratic leadership is banking on populist anger against banks to turn out their base. It is, to put it mildly, a bad case of message confusion.

Jennifer Duffy of the Cook Political Report tells us (subscription required):

As expected, the Federal Deposit Insurance Corporation seized control Friday of Broadway Bank, the community bank owned by the family of Democratic Senate nominee Alexi Giannoulias. Giannoulias worked as the bank’s chief loan officer from 2002 until 2006 when he was elected state Treasurer.

The bank’s financial problems and its business relationships with people associated with corruption and organized crime have dogged Giannoulias’ campaign since early February when he became the nominee. Now that Broadway has failed — a failure that will cost the FDIC an estimated $394 million — its impact on Giannoulias’ campaign is enormous, and it is entirely possible that the fallout could force him from the race. …

Given recent events, it’s impossible to justify keeping the race in the Toss Up column. While current circumstances would seem to lend themselves to a rating of Likely Republican, we know that it’s entirely possible that we could well be dealt a different hand — and a very different race — a month or two from now. As such, the race moves to the Lean Republican column.

You can bet Illinois Democrats will be combing the state election laws. Can they dump Giannoulias? What if he refuses to leave the race? Could they find a viable replacement? All these questions swirl because Illinois Democrats were apparently in a world of their own when they elected him as their nominee. It’s not as if his ties to Tony Rezko and Illinois mobsters were not known. It’s not as if they didn’t know of his bank’s financial shakiness. But they plunged ahead, seemingly convinced that any Democrat could win in Illinois. Well, not this year and not in a year when the entire Democratic leadership is banking on populist anger against banks to turn out their base. It is, to put it mildly, a bad case of message confusion.

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How an Election Is Nationalized

Two races in Illinois and Pennsylvania exemplify the difficulties  Democrats are having these days. Regarding the Illinois Senate race, the Chicago Sun Times reports:

U.S. Rep. Mark Kirk said the arrest this week of a Giannoulias family friend and bank customer brings the amount of money Broadway Bank has lent to criminals to $52 million.

State Treasurer Alexi Giannoulias, Kirk’s Democratic opponent for U.S. Senate, has said that as chief loan officer of his family’s bank from 2002 to 2006, he did not check loan applicants’ arrest records.

Kirk, a North Shore Republican, calls that “reckless.”

And in a Friday news dump, Giannoulias announced he was giving back all the campaign funds he received from “bank fraudster Nick Giannis and his family.” So to sum up: to fill the seat of  Roland Burris, the Blago appointee (whose seat and the potential purchase thereof is the subject of the criminal trial later this year), the Democrats have nominated a banker who lent millions to mobsters, whose bank is on the verge of going under, and who pleads ignorance about his clients’ criminality. This is in a year in which backdoor deals, a series of ethics issues (e.g. Charlie Rangel, Eric Massa), and a general anti-insider sentiment has ensnared the Democrats. It’s hard to imagine a less appealing candidate for the Democrats. And frankly, if they aren’t lucky, Giannoulias and the other ethically challenged Democrats are going to become the poster boys — and the unifying message — for many Republicans outside Illinois.

Then there is Pennsylvania. Before we get to the Senate and gubernatorial races, both of which look promising for Republicans, there is a House special election. As Politico reports:

The special election to fill the House seat of the late Pennsylvania Democrat John Murtha will pit a candidate who fully embraces Murtha’s legacy against a Republican political newcomer who’s aiming to nationalize the election. Pennsylvania Republicans anointed businessman Tim Burns on Thursday as their candidate to face Murtha’s former district director, Mark Critz, in the May 18 election. Burns has been running on a down-the-line conservative platform of opposition to the stimulus, health care legislation and government spending.

And if the Obama-Reid-Pelosi troika push through ObamaCare, this may be an early warning sign (well, another warning sign after Scott Brown) as to  just how angry the electorate is and how willing the voters are to flip a seat that, in a normal election year, would be relatively safe for Democrats.

This is the stuff of wave elections — the collision of ethics scandals, voter anger, fiscal mismanagement, and, don’t forget, a floundering president. How big the wave will be depends, I think, on just how serious the Democrats are about dealing with their ethically challenged members and how determined they are to take the plunge on a monstrous health-care bill that voters generally loathe.

Two races in Illinois and Pennsylvania exemplify the difficulties  Democrats are having these days. Regarding the Illinois Senate race, the Chicago Sun Times reports:

U.S. Rep. Mark Kirk said the arrest this week of a Giannoulias family friend and bank customer brings the amount of money Broadway Bank has lent to criminals to $52 million.

State Treasurer Alexi Giannoulias, Kirk’s Democratic opponent for U.S. Senate, has said that as chief loan officer of his family’s bank from 2002 to 2006, he did not check loan applicants’ arrest records.

Kirk, a North Shore Republican, calls that “reckless.”

And in a Friday news dump, Giannoulias announced he was giving back all the campaign funds he received from “bank fraudster Nick Giannis and his family.” So to sum up: to fill the seat of  Roland Burris, the Blago appointee (whose seat and the potential purchase thereof is the subject of the criminal trial later this year), the Democrats have nominated a banker who lent millions to mobsters, whose bank is on the verge of going under, and who pleads ignorance about his clients’ criminality. This is in a year in which backdoor deals, a series of ethics issues (e.g. Charlie Rangel, Eric Massa), and a general anti-insider sentiment has ensnared the Democrats. It’s hard to imagine a less appealing candidate for the Democrats. And frankly, if they aren’t lucky, Giannoulias and the other ethically challenged Democrats are going to become the poster boys — and the unifying message — for many Republicans outside Illinois.

Then there is Pennsylvania. Before we get to the Senate and gubernatorial races, both of which look promising for Republicans, there is a House special election. As Politico reports:

The special election to fill the House seat of the late Pennsylvania Democrat John Murtha will pit a candidate who fully embraces Murtha’s legacy against a Republican political newcomer who’s aiming to nationalize the election. Pennsylvania Republicans anointed businessman Tim Burns on Thursday as their candidate to face Murtha’s former district director, Mark Critz, in the May 18 election. Burns has been running on a down-the-line conservative platform of opposition to the stimulus, health care legislation and government spending.

And if the Obama-Reid-Pelosi troika push through ObamaCare, this may be an early warning sign (well, another warning sign after Scott Brown) as to  just how angry the electorate is and how willing the voters are to flip a seat that, in a normal election year, would be relatively safe for Democrats.

This is the stuff of wave elections — the collision of ethics scandals, voter anger, fiscal mismanagement, and, don’t forget, a floundering president. How big the wave will be depends, I think, on just how serious the Democrats are about dealing with their ethically challenged members and how determined they are to take the plunge on a monstrous health-care bill that voters generally loathe.

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Democrats Need an Exit Plan in Illinois

The Chicago Sun Times reports:

State Treasurer Alexi Giannoulias acknowledged Wednesday that his family bank, the Broadway Bank, will probably fail.

But Giannoulias strongly denied he ever engaged in “reckless” or “risky” loan-making when he served as chief loan officer for his family’s now-struggling Broadway Bank. Giannoulias ran for state treasurer four years ago touting his know-how as a bank executive.

Well, it gets better — or worse, depending on your perspective:

Giannoulias denied having any role in getting his former campaign policy director in 2006, Brent Adams, his current post as Acting Secretary of Financial and Professional Regulation for the state of Illinois, which has jurisdiction over Broadway Bank. …

He strongly denied the family was irresponsible for taking $69 million out of the bank just before the real estate collapse that he said they did not see coming.

“In 2007, if we knew the market was going to go sour, we would have stopped making loans,” Giannoulias said. “The bank was appraised in 2006 or 2007 for $300 million, so they could have sold the bank, even if just for $200 million.”

Giannoulias defended his use of “brokered deposits” — under his tenure they became 68 percent of the bank’s deposits compared to the industry standard of four percent — saying Broadway did not have a lot of branches and ATMs to bring in deposits.

And what about his bank’s Mob clients? Ah, those would be “‘a few colorful characters’ — convicted bookmaker Michael Giorango, Russian mobsters Boris and Lev Stratievsky, and convicted influence peddler Tony Rezko — [who] were not representative of his portfolio. Giannoulias denied, even though he went down to Florida to inspect the properties, that he was aware of Giorango’s mob ties.”

Really, what were the Democrats thinking when they nominated him? Well, the lieutenant-governor nominee already stepped down after his domestic-violence issue came to light. So I’m not convinced that Giannoulias is going to make it all the way to November. Frankly, if there isn’t a Frank-Lautenberg-for-Robert-Torricelli game plan in the works, I think that seat is a goner for the Democrats. After all, they don’t want to fall behind (jump ahead of?) New York in the most-embarrassing-political-culture race, do they?

The Chicago Sun Times reports:

State Treasurer Alexi Giannoulias acknowledged Wednesday that his family bank, the Broadway Bank, will probably fail.

But Giannoulias strongly denied he ever engaged in “reckless” or “risky” loan-making when he served as chief loan officer for his family’s now-struggling Broadway Bank. Giannoulias ran for state treasurer four years ago touting his know-how as a bank executive.

Well, it gets better — or worse, depending on your perspective:

Giannoulias denied having any role in getting his former campaign policy director in 2006, Brent Adams, his current post as Acting Secretary of Financial and Professional Regulation for the state of Illinois, which has jurisdiction over Broadway Bank. …

He strongly denied the family was irresponsible for taking $69 million out of the bank just before the real estate collapse that he said they did not see coming.

“In 2007, if we knew the market was going to go sour, we would have stopped making loans,” Giannoulias said. “The bank was appraised in 2006 or 2007 for $300 million, so they could have sold the bank, even if just for $200 million.”

Giannoulias defended his use of “brokered deposits” — under his tenure they became 68 percent of the bank’s deposits compared to the industry standard of four percent — saying Broadway did not have a lot of branches and ATMs to bring in deposits.

And what about his bank’s Mob clients? Ah, those would be “‘a few colorful characters’ — convicted bookmaker Michael Giorango, Russian mobsters Boris and Lev Stratievsky, and convicted influence peddler Tony Rezko — [who] were not representative of his portfolio. Giannoulias denied, even though he went down to Florida to inspect the properties, that he was aware of Giorango’s mob ties.”

Really, what were the Democrats thinking when they nominated him? Well, the lieutenant-governor nominee already stepped down after his domestic-violence issue came to light. So I’m not convinced that Giannoulias is going to make it all the way to November. Frankly, if there isn’t a Frank-Lautenberg-for-Robert-Torricelli game plan in the works, I think that seat is a goner for the Democrats. After all, they don’t want to fall behind (jump ahead of?) New York in the most-embarrassing-political-culture race, do they?

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Tony Rezko’s Banker Highlights the Democrats’ Problems

When Illinois Democrats nominated Tony Rezko’s banker, Alexi Giannoulias, for the senate seat once held by Barack Obama, some thought they might have made a mistake. It seems to have, at the very least, complicated the Democrats’ efforts to hold what in normal years would be a safe Blue seat. The Chicago Tribune reports:

The clock is ticking, and the real estate deals gone south are piling up, at Broadway Bank, the lending institution owned by the family of U.S. Senate candidate Alexi Giannoulias. . . . Broadway’s struggles have put Giannoulias on the defensive as Republicans eyeing Barack Obama’s old Senate seat question what role he played in the bank’s problems. Giannoulias, a friend of Obama’s who is facing U.S. Rep. Mark Kirk, the GOP nominee, in the November race, has repeatedly said he hasn’t worked at the bank in four years.

Still, the situation could become more politically harmful and provide more ammunition for the GOP if the family-owned bank is taken over by the federal government before Election Day.

Broadway’s chief executive, Demetris Giannoulias, Alexi Giannoulias’ older brother, told the Tribune the family must raise at least $85 million by the end of April to stave off government seizure.

Giannoulias has already taken heat for the banks’ mob-connected clients. And the Tribune reminds voters:

Since 2007, Broadway Bank has filed dozens of foreclosures on various properties, including several to Michael Giorango, a convicted bookmaker and prostitution ring promoter who has become a political albatross in Alexi Giannoulias’ campaigns.During Alexi Giannoulias’ tenure at Broadway, the bank approved loans to Giorango for various real estate deals. Alexi Giannoulias has acknowledged he serviced some Giorango loans and went to Miami to inspect Giorango property the bank financed.

If the themes for many Republicans are going to be “the culture of corruption” and the Democrats’ fiscal mismanagement, they must be licking their chops over this race. At the very least, Democrats will have to spend considerable time and money defending the seat, in a year in which they’d probably not have Giannoulias as one of the poster boys for what’s wrong with the Democratic machine-style politics.

When Illinois Democrats nominated Tony Rezko’s banker, Alexi Giannoulias, for the senate seat once held by Barack Obama, some thought they might have made a mistake. It seems to have, at the very least, complicated the Democrats’ efforts to hold what in normal years would be a safe Blue seat. The Chicago Tribune reports:

The clock is ticking, and the real estate deals gone south are piling up, at Broadway Bank, the lending institution owned by the family of U.S. Senate candidate Alexi Giannoulias. . . . Broadway’s struggles have put Giannoulias on the defensive as Republicans eyeing Barack Obama’s old Senate seat question what role he played in the bank’s problems. Giannoulias, a friend of Obama’s who is facing U.S. Rep. Mark Kirk, the GOP nominee, in the November race, has repeatedly said he hasn’t worked at the bank in four years.

Still, the situation could become more politically harmful and provide more ammunition for the GOP if the family-owned bank is taken over by the federal government before Election Day.

Broadway’s chief executive, Demetris Giannoulias, Alexi Giannoulias’ older brother, told the Tribune the family must raise at least $85 million by the end of April to stave off government seizure.

Giannoulias has already taken heat for the banks’ mob-connected clients. And the Tribune reminds voters:

Since 2007, Broadway Bank has filed dozens of foreclosures on various properties, including several to Michael Giorango, a convicted bookmaker and prostitution ring promoter who has become a political albatross in Alexi Giannoulias’ campaigns.During Alexi Giannoulias’ tenure at Broadway, the bank approved loans to Giorango for various real estate deals. Alexi Giannoulias has acknowledged he serviced some Giorango loans and went to Miami to inspect Giorango property the bank financed.

If the themes for many Republicans are going to be “the culture of corruption” and the Democrats’ fiscal mismanagement, they must be licking their chops over this race. At the very least, Democrats will have to spend considerable time and money defending the seat, in a year in which they’d probably not have Giannoulias as one of the poster boys for what’s wrong with the Democratic machine-style politics.

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Flotsam and Jetsam

A good question triggered by the assassination of the Hamas terrorist in Dubai and our decision to send an ambassador to Syria: “Will the safe haven Damascus continues to provide terrorists such as Mabhouh, who would erase Israel from the Middle-Eastern map—to say nothing of the foreign fighters trained by al Qaeda and/or armed by Iran who are still entering Iraq across the Syrian border to kill American soldiers—be a subject of discussion for America’s newly appointed ambassador to Syria once he’s presented his credentials?”

If you thought the Ivy League–educated Oval Office occupier Obama’s populism was fake: “If last year’s bailout of the financial industry caused you to start muttering words like investment banker and robber baron in the same sentence, it may cheer you to know that Timothy Geithner, the man responsible for crafting much of that bailout, agrees with you. ‘I am,’ he says, seated in his Washington, D.C., office, an intimidatingly ornate room worthy of a Hogwarts headmaster, ‘incredibly angry at what happened to our country.'”

A lot of people excited about a potential 2012 run by Indiana Governor Mitch Daniels will be excited to hear this: “During an interview at the winter meeting of the National Governors Association here over the weekend, Daniels said he has now been persuaded to keep open the door to a possible candidacy.”

Is Marco Rubio running away with the GOP Senate primary race? The latest Rasmussen poll has him up by 18 points.

Democrats are on the defensive in Illinois: “Illinois’ Republican Party is keeping up a steady drumbeat of pressure on Democratic U.S. Senate nominee Alexi Giannoulias to answer questions about his family’s Broadway Bank. ‘Why is Alexi hiding?’ the party asked in an e-mail to reporters a week after the election and after news conferences Giannoulias had held in Chicago and Springfield. … In at least 10 e-mails sent out since the election, the party says Giannoulias is ducking questions about loans he authorized four years ago as vice-president of his family’s Broadway Bank and about the bank’s current troubled financial state.”

CATO’s Michael Tanner on the latest version of ObamaCare: “Faced with public opinion polls showing that 58 percent of the public are opposed to his health care proposal, President Obama has gone back to the drawing board and brought forth a new health care plan that looks almost exactly like his old health care bill. Actually that’s not quite true. This proposal is more expensive, pushing its cost up close to $1 trillion in the first 10 years, and raising taxes by some $629 billion.”

Some are in a tizzy: “Critics left and right are accusing Rahm Emanuel of disloyalty-by-proxy after a Dana Milbank column in Sunday’s Washington Post defended the White House chief of staff — while trashing reputed Emanuel rivals Valerie Jarrett and Robert Gibbs. ” Actually, he’s been leaking his opposition to the entire anti-terrorism approach for some time, so this should come as no shock.

Thanks to the teachers’ union, the Los Angeles Unified School District has given up trying to fire bad teachers.

Oh good grief: “Last August, former Iowa Republican congressman Jim Leach took office as the chairman of the National Endowment for the Humanities.  What exactly were his qualifications for this post, other than being an Obamaphile Republican and thus a safely ‘bipartisan’ appointment, was and remains a mystery. Since his appointment, unsurprisingly, Leach has appeared to take little interest in the actual work of the NEH—support for research, publication, and education in the humanities—and instead has been gallivanting around the country on a 50-state ‘civility tour,’ giving mostly forgettable speeches … whose goal seems to be to get Americans to stop criticizing Barack Obama in terms that offend Chairman Leach.”

A good question triggered by the assassination of the Hamas terrorist in Dubai and our decision to send an ambassador to Syria: “Will the safe haven Damascus continues to provide terrorists such as Mabhouh, who would erase Israel from the Middle-Eastern map—to say nothing of the foreign fighters trained by al Qaeda and/or armed by Iran who are still entering Iraq across the Syrian border to kill American soldiers—be a subject of discussion for America’s newly appointed ambassador to Syria once he’s presented his credentials?”

If you thought the Ivy League–educated Oval Office occupier Obama’s populism was fake: “If last year’s bailout of the financial industry caused you to start muttering words like investment banker and robber baron in the same sentence, it may cheer you to know that Timothy Geithner, the man responsible for crafting much of that bailout, agrees with you. ‘I am,’ he says, seated in his Washington, D.C., office, an intimidatingly ornate room worthy of a Hogwarts headmaster, ‘incredibly angry at what happened to our country.'”

A lot of people excited about a potential 2012 run by Indiana Governor Mitch Daniels will be excited to hear this: “During an interview at the winter meeting of the National Governors Association here over the weekend, Daniels said he has now been persuaded to keep open the door to a possible candidacy.”

Is Marco Rubio running away with the GOP Senate primary race? The latest Rasmussen poll has him up by 18 points.

Democrats are on the defensive in Illinois: “Illinois’ Republican Party is keeping up a steady drumbeat of pressure on Democratic U.S. Senate nominee Alexi Giannoulias to answer questions about his family’s Broadway Bank. ‘Why is Alexi hiding?’ the party asked in an e-mail to reporters a week after the election and after news conferences Giannoulias had held in Chicago and Springfield. … In at least 10 e-mails sent out since the election, the party says Giannoulias is ducking questions about loans he authorized four years ago as vice-president of his family’s Broadway Bank and about the bank’s current troubled financial state.”

CATO’s Michael Tanner on the latest version of ObamaCare: “Faced with public opinion polls showing that 58 percent of the public are opposed to his health care proposal, President Obama has gone back to the drawing board and brought forth a new health care plan that looks almost exactly like his old health care bill. Actually that’s not quite true. This proposal is more expensive, pushing its cost up close to $1 trillion in the first 10 years, and raising taxes by some $629 billion.”

Some are in a tizzy: “Critics left and right are accusing Rahm Emanuel of disloyalty-by-proxy after a Dana Milbank column in Sunday’s Washington Post defended the White House chief of staff — while trashing reputed Emanuel rivals Valerie Jarrett and Robert Gibbs. ” Actually, he’s been leaking his opposition to the entire anti-terrorism approach for some time, so this should come as no shock.

Thanks to the teachers’ union, the Los Angeles Unified School District has given up trying to fire bad teachers.

Oh good grief: “Last August, former Iowa Republican congressman Jim Leach took office as the chairman of the National Endowment for the Humanities.  What exactly were his qualifications for this post, other than being an Obamaphile Republican and thus a safely ‘bipartisan’ appointment, was and remains a mystery. Since his appointment, unsurprisingly, Leach has appeared to take little interest in the actual work of the NEH—support for research, publication, and education in the humanities—and instead has been gallivanting around the country on a 50-state ‘civility tour,’ giving mostly forgettable speeches … whose goal seems to be to get Americans to stop criticizing Barack Obama in terms that offend Chairman Leach.”

Read Less

Flotsam and Jetsam

What does French President Nicolas Sarakozy really think of Obama? “Obama has been in power for a year, and he has already lost three special elections. Me, I have won two legislative elections and the EU election. What can one say I’ve lost?” And as relayed by an adviser, Sarko seems to think Obama is “a charmer, a conciliator, but I am not sure that he’s a strong leader.”

Jamie Fly reports that his Israeli cabbie similarly told him: “‘With him, everything is opposite’ of what it should be and scoffed about his Nobel Peace Prize (given that he had done nothing actually to achieve peace).”

On the jobs number: “The U.S. unemployment rate unexpectedly declined in January, but the economy continued to shed jobs and revisions painted a bleaker picture for 2009, casting doubt over the labor market’s strength.The unemployment rate, calculated using a household survey, fell to 9.7% last month from an unrevised 10% in December, the Labor Department said Friday. Economists surveyed by Dow Jones Newswires had forecast the jobless rate would edge higher to 10.1%. Meantime, non-farm payrolls fell by 20,000 compared with a revised 150,000 decline in December.”

Here’s one way of looking at it: “‘Things are getting bad less rapidly,’ said Dean Baker, co-director of the liberal Center for Economic and Policy Research in Washington. ‘We’re sort of hitting bottom, but there is no evidence of a robust turnaround.'”

And when the 1.1 million of “discouraged job seekers” return to the workforce? “Many economists expect the jobless rate to creep higher in the months ahead as workers who had given up looking for a job out of frustration return to the labor force.” Bottom line: 15 million Americans are unemployed.

What’s the matter with Harry? “Harry Reid may soon have one more Republican opponent in Nevada’s race for the U.S. Senate, and his numbers remain in troublesome territory for an incumbent. Reid, like a number of Democratic Senate incumbents, appears to be suffering from voter unhappiness over the national health care plan and the continuing bad state of the economy.”

You can’t say Illinois politics isn’t colorful: “The Democratic candidate Alexi Giannoulias is trailing Republican Mark Kirk in opinion polls ahead of November’s election in which Republicans are aiming to erase Democratic majorities in the U.S. Senate and House of Representatives. . . . Republicans are spotlighting the soured real estate portfolio at the Giannoulias family’s Broadway Bank, including loans to Michael ‘Jaws’ Giorango, a convicted prostitution ring operator. Broadway Bank was recently ordered by government regulators to raise additional capital — after Giannoulias received his share of $70 million in proceeds following his father’s death.”

What a difference a year makes: “There were seven states that Barack Obama won where his approval has slipped below 56%. Three of them are pretty darn predictable — North Carolina, Indiana, and Ohio — all of which saw extremely close races in 2008. Another three of them though are Colorado, New Mexico, and Nevada which Obama won by commanding margins of anywhere from 9-15 points. . . . The seventh state Obama won where he’s under 56% is New Hampshire, which may help to explain why Paul Hodes is having so much trouble.”

Speculation is starting already as to whether Obama will dump Joe Biden in 2012.

It seems as though “activists and liberal Mideast policy groups” don’t like the idea of Rep. Mark Kirk getting to the U.S. Senate, given his pro-Israel voting record.” You can understand that these groups wouldn’t want someone who was the “driving force behind a host of legislative efforts to sanction Iran (he’s the founder of of the Iran Working Group),” a vocal critic of the UN, and an opponent of Chas Freeman.

What does French President Nicolas Sarakozy really think of Obama? “Obama has been in power for a year, and he has already lost three special elections. Me, I have won two legislative elections and the EU election. What can one say I’ve lost?” And as relayed by an adviser, Sarko seems to think Obama is “a charmer, a conciliator, but I am not sure that he’s a strong leader.”

Jamie Fly reports that his Israeli cabbie similarly told him: “‘With him, everything is opposite’ of what it should be and scoffed about his Nobel Peace Prize (given that he had done nothing actually to achieve peace).”

On the jobs number: “The U.S. unemployment rate unexpectedly declined in January, but the economy continued to shed jobs and revisions painted a bleaker picture for 2009, casting doubt over the labor market’s strength.The unemployment rate, calculated using a household survey, fell to 9.7% last month from an unrevised 10% in December, the Labor Department said Friday. Economists surveyed by Dow Jones Newswires had forecast the jobless rate would edge higher to 10.1%. Meantime, non-farm payrolls fell by 20,000 compared with a revised 150,000 decline in December.”

Here’s one way of looking at it: “‘Things are getting bad less rapidly,’ said Dean Baker, co-director of the liberal Center for Economic and Policy Research in Washington. ‘We’re sort of hitting bottom, but there is no evidence of a robust turnaround.'”

And when the 1.1 million of “discouraged job seekers” return to the workforce? “Many economists expect the jobless rate to creep higher in the months ahead as workers who had given up looking for a job out of frustration return to the labor force.” Bottom line: 15 million Americans are unemployed.

What’s the matter with Harry? “Harry Reid may soon have one more Republican opponent in Nevada’s race for the U.S. Senate, and his numbers remain in troublesome territory for an incumbent. Reid, like a number of Democratic Senate incumbents, appears to be suffering from voter unhappiness over the national health care plan and the continuing bad state of the economy.”

You can’t say Illinois politics isn’t colorful: “The Democratic candidate Alexi Giannoulias is trailing Republican Mark Kirk in opinion polls ahead of November’s election in which Republicans are aiming to erase Democratic majorities in the U.S. Senate and House of Representatives. . . . Republicans are spotlighting the soured real estate portfolio at the Giannoulias family’s Broadway Bank, including loans to Michael ‘Jaws’ Giorango, a convicted prostitution ring operator. Broadway Bank was recently ordered by government regulators to raise additional capital — after Giannoulias received his share of $70 million in proceeds following his father’s death.”

What a difference a year makes: “There were seven states that Barack Obama won where his approval has slipped below 56%. Three of them are pretty darn predictable — North Carolina, Indiana, and Ohio — all of which saw extremely close races in 2008. Another three of them though are Colorado, New Mexico, and Nevada which Obama won by commanding margins of anywhere from 9-15 points. . . . The seventh state Obama won where he’s under 56% is New Hampshire, which may help to explain why Paul Hodes is having so much trouble.”

Speculation is starting already as to whether Obama will dump Joe Biden in 2012.

It seems as though “activists and liberal Mideast policy groups” don’t like the idea of Rep. Mark Kirk getting to the U.S. Senate, given his pro-Israel voting record.” You can understand that these groups wouldn’t want someone who was the “driving force behind a host of legislative efforts to sanction Iran (he’s the founder of of the Iran Working Group),” a vocal critic of the UN, and an opponent of Chas Freeman.

Read Less

Democrats Select Tony Rezko’s Banker for Illinois Senate

You almost wonder whether Karl Rove has infiltrated the Democratic Party. How else to explain how the Democrats could nominate to replace Roland Burris, the senator from Blagojevich, the banker for Tony Rezko? As the Chicago Tribune explained, state treasurer Alexi Giannoulias beat back a feisty challenger who made hay out of Giannoulias’s “handling of the state’s college loan program, which lost $150 million; and of loans Giannoulias gave to controversial recipients while working as vice-president of his family’s now-struggling Broadway Bank.” Those controversial recipients include Rezko and some figures of organized crime. The Chicago Sun Times explained:

Among the loans Giannoulias has gotten heat for:

* More than $10 million from 2001 to 2005 to alleged Father & Son Russian mobster team Lev and Boris Stratievsky. Father Lev has passed away. Son Boris is in jail facing money-laundering charges. Broadway funded development projects some on the South Side — that tenants and city attorneys complained were roach motels. Broadway has been unable to collect on the loans.

* About $12.9 million to convicted bookmaker Michael Giorango for a Miami Beach hotel and a Hollywood, Fla., restaurant, among other ventures, according to Crain’s Chicago Business. Broadway has sued Giorango and his partner, Demitri Stavropoulos, convicted of running a betting operation in Chicago, seeking to get the money back. Giannoulias initially downplayed his relationship with Giorango, noting the loans to him started before he joined the bank. Later he said he went to Miami to meet Giorango and inspect the property, and that another $3 million loan to Giorango was for a South Carolina casino.

It’s hard to believe this is the candidate whom the Democrats wanted as their nominee. As Ben Smith dryly noted, Giannoulias “is about as un-changey as you get.” The Republicans are obviously delighted to have such a target-rich opponent. I suspect this will be another seat added to the political gurus’ “leans Republican” lists.

And if all that weren’t enough to worry the Democrats, Tom Jensen of Public Policy Polling notes:

Based on the current numbers 885,268 voters were cast in the Democratic primary for Senate compared to 736,137 on the Republican side. Those numbers are awfully close to each other for a state that’s overwhelmingly Democratic.

For sake of comparison the last time there were competitive Senate primaries on both sides in Illinois, in 2004 when Barack Obama was nominated, there were nearly twice as many votes cast in the Democratic primary as the Republican one. 1,242,996 voted in the Democratic race to 661, 804 for the Republicans. Last night’s turnout is yet another data point on the enthusiasm gap, showing that Republicans are much more excited about this year’s elections than Democrats, even in a deep blue state.

It’s a long way to November, but Republicans will soon seize on this as a highly gettable seat with symbolic value. Had it not been for Massachusetts, one could say that the flip in the Illinois seat previously held by the president would be a political tsunami. But it seems as though in this election season, it might simply be par for the course.

You almost wonder whether Karl Rove has infiltrated the Democratic Party. How else to explain how the Democrats could nominate to replace Roland Burris, the senator from Blagojevich, the banker for Tony Rezko? As the Chicago Tribune explained, state treasurer Alexi Giannoulias beat back a feisty challenger who made hay out of Giannoulias’s “handling of the state’s college loan program, which lost $150 million; and of loans Giannoulias gave to controversial recipients while working as vice-president of his family’s now-struggling Broadway Bank.” Those controversial recipients include Rezko and some figures of organized crime. The Chicago Sun Times explained:

Among the loans Giannoulias has gotten heat for:

* More than $10 million from 2001 to 2005 to alleged Father & Son Russian mobster team Lev and Boris Stratievsky. Father Lev has passed away. Son Boris is in jail facing money-laundering charges. Broadway funded development projects some on the South Side — that tenants and city attorneys complained were roach motels. Broadway has been unable to collect on the loans.

* About $12.9 million to convicted bookmaker Michael Giorango for a Miami Beach hotel and a Hollywood, Fla., restaurant, among other ventures, according to Crain’s Chicago Business. Broadway has sued Giorango and his partner, Demitri Stavropoulos, convicted of running a betting operation in Chicago, seeking to get the money back. Giannoulias initially downplayed his relationship with Giorango, noting the loans to him started before he joined the bank. Later he said he went to Miami to meet Giorango and inspect the property, and that another $3 million loan to Giorango was for a South Carolina casino.

It’s hard to believe this is the candidate whom the Democrats wanted as their nominee. As Ben Smith dryly noted, Giannoulias “is about as un-changey as you get.” The Republicans are obviously delighted to have such a target-rich opponent. I suspect this will be another seat added to the political gurus’ “leans Republican” lists.

And if all that weren’t enough to worry the Democrats, Tom Jensen of Public Policy Polling notes:

Based on the current numbers 885,268 voters were cast in the Democratic primary for Senate compared to 736,137 on the Republican side. Those numbers are awfully close to each other for a state that’s overwhelmingly Democratic.

For sake of comparison the last time there were competitive Senate primaries on both sides in Illinois, in 2004 when Barack Obama was nominated, there were nearly twice as many votes cast in the Democratic primary as the Republican one. 1,242,996 voted in the Democratic race to 661, 804 for the Republicans. Last night’s turnout is yet another data point on the enthusiasm gap, showing that Republicans are much more excited about this year’s elections than Democrats, even in a deep blue state.

It’s a long way to November, but Republicans will soon seize on this as a highly gettable seat with symbolic value. Had it not been for Massachusetts, one could say that the flip in the Illinois seat previously held by the president would be a political tsunami. But it seems as though in this election season, it might simply be par for the course.

Read Less

Flotsam and Jetsam

Sometimes you get the sense that it won’t be the Democrats’ year: “Broadway Bank, the troubled Chicago lender owned by the family of Illinois Treasurer and U.S. Senate candidate Alexi Giannoulias, has entered into a consent order with banking regulators requiring it to raise tens of millions in capital, stop paying dividends to the family without regulatory approval, and hire an outside party to evaluate the bank’s senior management.”

There’s no one to blame when you control both branches of government: “Twenty-nine percent (29%) of U.S. voters now say the country is heading in the right direction, according to the latest Rasmussen Reports national telephone survey. This is the lowest level of voter confidence in the nation’s current course so far this year – and ties the findings for two weeks in December.”

I suspect he’ll be the first major adviser to go: “Treasury Secretary Timothy Geithner came under fierce bipartisan criticism on Wednesday, with some House Republicans calling on him to resign. Democrats and Republicans on the House Committee on Oversight and Government Reform grilled Geithner about his role in the bailout of American International Group (AIG) and whether he was involved in decisions about the lack of public disclosure about complicated derivatives payments. Geithner faced repeated criticisms about his role in the government paying out $62 billion to AIG’s financial counterparties that represented the full value they were owed.” Remember, we had to have the tax cheat as treasury secretary because he was such a genius.

But in the list of awful appointees, Eric Holder is certainly near the top. “Top Senate Republicans want answers from the man they believe decided the FBI should read the suspected Christmas Day bomber his Miranda rights: Attorney General Eric Holder. ‘It appears that the decision not to thoroughly interrogate Abdulmutallab was made by you or other senior officials in the Department of Justice,’ Senate Minority Leader Mitch McConnell (Ky.) wrote in a letter to Holder Wednesday. ‘We remain deeply troubled that this paramount requirement of national security was ignored — or worse yet, not recognized — due to the administration’s preoccupation with reading the Christmas Day bomber his Miranda rights.'” Sens. Kit Bond of Missouri, the ranking member on the Intelligence Committee; Susan Collins of  Maine, the ranking member on Homeland Security; Jeff Sessions, of Alabama, the top Republican on the Judiciary Committee; and John McCain of Arizona, ranking member of the Armed Services Committee, also signed.

Jeffrey Goldberg rips the Beagle Blogger for praising the “bravery” of Daniel Larison’s Israel-bashing. Says Goldberg: “How brave it is to stand athwart the Jews and yell ‘Stop!’ We are a dangerous group of people. Just look at what has happened to other critics who have gone where angels fear to tread and criticized Israel. Take, for example, Stephen Walt and John Mearsheimer, the authors of ‘The Israel Lobby.’  Walt, as many of you know, is in hiding in Holland, under round-the-clock protection of the Dutch police, after the chief rabbi of Wellesley, Mass., issued a fatwa calling for his assassination. Mearsheimer, of course, lost his job at the University of Chicago and was physically assaulted by a group of Hadassah ladies in what became known as the ‘Grapefruit Spoon Attack of 2009.'” Read the whole thing.

PETA wants an animatronic Punxsutawney Phil for Groundhog’s Day. The response from the Punxsutawney club president: “I mean, come on, this is just crazy. … Phil is probably treated better than the average child in Pennsylvania. … He’s got air conditioning in the summer, his pen is heated in winter. … He has everything but a TV in there. What more do you want?” Maybe the TV.

Mayor Bloomberg wakes up and finally opposes the KSM trial in New York. Robert Gibbs is noncommittal. Is this the beginning of a walk-back potentially more dramatic than not closing Guantanamo? Let’s hope.

Seems they’re now in the business of trying to win elections: “Members of a committee of state party chairmen voted unanimously today to oppose a so-called ‘purity test’ for GOP candidates, according to a source in the closed-press meeting.”

Chris Matthews is hooted down by the Left after putting his foot in his mouth once again. (“I forgot he was black tonight for an hour.”) Well, if the MSNBC gig doesn’t work out, he can write speeches for Harry Reid.

Sometimes you get the sense that it won’t be the Democrats’ year: “Broadway Bank, the troubled Chicago lender owned by the family of Illinois Treasurer and U.S. Senate candidate Alexi Giannoulias, has entered into a consent order with banking regulators requiring it to raise tens of millions in capital, stop paying dividends to the family without regulatory approval, and hire an outside party to evaluate the bank’s senior management.”

There’s no one to blame when you control both branches of government: “Twenty-nine percent (29%) of U.S. voters now say the country is heading in the right direction, according to the latest Rasmussen Reports national telephone survey. This is the lowest level of voter confidence in the nation’s current course so far this year – and ties the findings for two weeks in December.”

I suspect he’ll be the first major adviser to go: “Treasury Secretary Timothy Geithner came under fierce bipartisan criticism on Wednesday, with some House Republicans calling on him to resign. Democrats and Republicans on the House Committee on Oversight and Government Reform grilled Geithner about his role in the bailout of American International Group (AIG) and whether he was involved in decisions about the lack of public disclosure about complicated derivatives payments. Geithner faced repeated criticisms about his role in the government paying out $62 billion to AIG’s financial counterparties that represented the full value they were owed.” Remember, we had to have the tax cheat as treasury secretary because he was such a genius.

But in the list of awful appointees, Eric Holder is certainly near the top. “Top Senate Republicans want answers from the man they believe decided the FBI should read the suspected Christmas Day bomber his Miranda rights: Attorney General Eric Holder. ‘It appears that the decision not to thoroughly interrogate Abdulmutallab was made by you or other senior officials in the Department of Justice,’ Senate Minority Leader Mitch McConnell (Ky.) wrote in a letter to Holder Wednesday. ‘We remain deeply troubled that this paramount requirement of national security was ignored — or worse yet, not recognized — due to the administration’s preoccupation with reading the Christmas Day bomber his Miranda rights.'” Sens. Kit Bond of Missouri, the ranking member on the Intelligence Committee; Susan Collins of  Maine, the ranking member on Homeland Security; Jeff Sessions, of Alabama, the top Republican on the Judiciary Committee; and John McCain of Arizona, ranking member of the Armed Services Committee, also signed.

Jeffrey Goldberg rips the Beagle Blogger for praising the “bravery” of Daniel Larison’s Israel-bashing. Says Goldberg: “How brave it is to stand athwart the Jews and yell ‘Stop!’ We are a dangerous group of people. Just look at what has happened to other critics who have gone where angels fear to tread and criticized Israel. Take, for example, Stephen Walt and John Mearsheimer, the authors of ‘The Israel Lobby.’  Walt, as many of you know, is in hiding in Holland, under round-the-clock protection of the Dutch police, after the chief rabbi of Wellesley, Mass., issued a fatwa calling for his assassination. Mearsheimer, of course, lost his job at the University of Chicago and was physically assaulted by a group of Hadassah ladies in what became known as the ‘Grapefruit Spoon Attack of 2009.'” Read the whole thing.

PETA wants an animatronic Punxsutawney Phil for Groundhog’s Day. The response from the Punxsutawney club president: “I mean, come on, this is just crazy. … Phil is probably treated better than the average child in Pennsylvania. … He’s got air conditioning in the summer, his pen is heated in winter. … He has everything but a TV in there. What more do you want?” Maybe the TV.

Mayor Bloomberg wakes up and finally opposes the KSM trial in New York. Robert Gibbs is noncommittal. Is this the beginning of a walk-back potentially more dramatic than not closing Guantanamo? Let’s hope.

Seems they’re now in the business of trying to win elections: “Members of a committee of state party chairmen voted unanimously today to oppose a so-called ‘purity test’ for GOP candidates, according to a source in the closed-press meeting.”

Chris Matthews is hooted down by the Left after putting his foot in his mouth once again. (“I forgot he was black tonight for an hour.”) Well, if the MSNBC gig doesn’t work out, he can write speeches for Harry Reid.

Read Less




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