Commentary Magazine


Topic: family bank

Flotsam and Jetsam

Not what the Obami were spinning to AIPAC: “Well the Obama administration’s leverage is beginning to sound like ‘hard power’ — brutal even — to get Israel to toe the line. I have no doubt that in President Obama’s eyes, this is the way to promote U.S. interests. As non-objective as I am, I have the impression that it is not only a mistaken policy, but one that isn’t advancing the peace process. In effect, it is making it almost impossible for Palestinian Authority President Mahmoud Abbas to come to the negotiating table, because he has to insist he has no choice but to wait until the conditions that the U.S. is setting are met by Israel before he does,” says Moshe Arens, former Knesset member, defense minister, foreign minister, and ambassador to the United States. (Read the rest of the revealing interview.)

Not what any clear-eyed pro-Israel activist is going to buy from the Obami’s furious spin on their assault on Israel : “‘No crisis. Media reports are wrong. More agreement than disagreement’ inside the administration, regarding how to advance the Middle East peace process. [The administration’s] ‘hand was forced [with regard to] Jerusalem by circumstances during Biden’s trip,’ the source said, referring to the Israeli government’s announcement last month during Vice President Joe Biden’s good-will trip to Israel that it had approved construction of another 1,600 homes to be built in the Ramat Shlomo neighborhood.” This is simply pathetic.

Not what the Democrats were selling us for over a year (from Howard Fineman): “A Democratic senator I can’t name, who reluctantly voted for the health-care bill out of loyalty to his party and his admiration for Barack Obama, privately complained to me that the measure was political folly, in part because of the way it goes into effect: some taxes first, most benefits later, and rate hikes by insurance companies in between.”

Not what the Obami had in mind when they took their victory lap: “President Obama’s overall job approval rating has fallen to an alltime low of 44%, down five points from late March, just before the bill’s passage in the House of Representatives. It is down 24 points since his all-time high last April. 41% now disapprove. . . . When it comes to health care, the President’s approval rating is even lower – and is also a new all-time low. Only 34% approve, while a majority of 55% disapprove.”

Not what you’d expect from the “most transparent administration in history” (unless you didn’t buy the label in the first place): “Rep. Peter King (R-N.Y.), the ranking member of the House Homeland Security Committee, is accusing Deputy National Security Adviser John Brennan of interfering with Congress’s oversight on key intelligence matters. King’s latest frustration came Friday morning when he read news accounts about the new Transportation Security Administration’s (TSA) aviation security measures before being briefed on the program from anyone in the administration.”

Not what “bringing us all together” was supposed to mean: “The perplexing irony of Barack Obama’s presidency is that even as conservatives attack him as a crazed socialist, many on the left are frustrated with what they see as the president’s accommodationist backtracking from campaign promises.”

Not what is going to help the Democrats retain control over the Senate: “The family bank of Democratic Senate candidate Alexi Giannoulias loaned a pair of Chicago crime figures about $20 million during a 14-month period when Giannoulias was a senior loan officer, according to a Tribune examination that provides new details about the bank’s relationship with the convicted felons.”

Not what the Obami and their elite media handmaidens want us to hear (especially from Juan Williams): “There is danger for Democrats in recent attempts to dismiss the tea party movement as violent racists deserving of contempt. Demonizing these folks may energize the Democrats’ left-wing base. But it is a big turnoff to voters who have problems with the Democratic agenda that have nothing to do with racism.”

Not what the Obami were spinning to AIPAC: “Well the Obama administration’s leverage is beginning to sound like ‘hard power’ — brutal even — to get Israel to toe the line. I have no doubt that in President Obama’s eyes, this is the way to promote U.S. interests. As non-objective as I am, I have the impression that it is not only a mistaken policy, but one that isn’t advancing the peace process. In effect, it is making it almost impossible for Palestinian Authority President Mahmoud Abbas to come to the negotiating table, because he has to insist he has no choice but to wait until the conditions that the U.S. is setting are met by Israel before he does,” says Moshe Arens, former Knesset member, defense minister, foreign minister, and ambassador to the United States. (Read the rest of the revealing interview.)

Not what any clear-eyed pro-Israel activist is going to buy from the Obami’s furious spin on their assault on Israel : “‘No crisis. Media reports are wrong. More agreement than disagreement’ inside the administration, regarding how to advance the Middle East peace process. [The administration’s] ‘hand was forced [with regard to] Jerusalem by circumstances during Biden’s trip,’ the source said, referring to the Israeli government’s announcement last month during Vice President Joe Biden’s good-will trip to Israel that it had approved construction of another 1,600 homes to be built in the Ramat Shlomo neighborhood.” This is simply pathetic.

Not what the Democrats were selling us for over a year (from Howard Fineman): “A Democratic senator I can’t name, who reluctantly voted for the health-care bill out of loyalty to his party and his admiration for Barack Obama, privately complained to me that the measure was political folly, in part because of the way it goes into effect: some taxes first, most benefits later, and rate hikes by insurance companies in between.”

Not what the Obami had in mind when they took their victory lap: “President Obama’s overall job approval rating has fallen to an alltime low of 44%, down five points from late March, just before the bill’s passage in the House of Representatives. It is down 24 points since his all-time high last April. 41% now disapprove. . . . When it comes to health care, the President’s approval rating is even lower – and is also a new all-time low. Only 34% approve, while a majority of 55% disapprove.”

Not what you’d expect from the “most transparent administration in history” (unless you didn’t buy the label in the first place): “Rep. Peter King (R-N.Y.), the ranking member of the House Homeland Security Committee, is accusing Deputy National Security Adviser John Brennan of interfering with Congress’s oversight on key intelligence matters. King’s latest frustration came Friday morning when he read news accounts about the new Transportation Security Administration’s (TSA) aviation security measures before being briefed on the program from anyone in the administration.”

Not what “bringing us all together” was supposed to mean: “The perplexing irony of Barack Obama’s presidency is that even as conservatives attack him as a crazed socialist, many on the left are frustrated with what they see as the president’s accommodationist backtracking from campaign promises.”

Not what is going to help the Democrats retain control over the Senate: “The family bank of Democratic Senate candidate Alexi Giannoulias loaned a pair of Chicago crime figures about $20 million during a 14-month period when Giannoulias was a senior loan officer, according to a Tribune examination that provides new details about the bank’s relationship with the convicted felons.”

Not what the Obami and their elite media handmaidens want us to hear (especially from Juan Williams): “There is danger for Democrats in recent attempts to dismiss the tea party movement as violent racists deserving of contempt. Demonizing these folks may energize the Democrats’ left-wing base. But it is a big turnoff to voters who have problems with the Democratic agenda that have nothing to do with racism.”

Read Less

Flotsam and Jetsam

No (except from the Obami): “Does anyone think that Iran would be shipping arms to terrorists or building nuclear weapons if it was a democracy?” asks Elliott Abrams.

Predictable (when you nominate Tony Rezko’s banker): “It could be a rough few months ahead for Alexi Giannoulias. A federal judge ruled Wednesday that former Gov. Rod Blagojevich’s trial will proceed on June 3, as scheduled. Blagojevich’s team had been seeking a postponement until November, saying they didn’t have enough time to prepare. … But that’s not all Giannoulias will be dealing with. By late April, the Giannoulias family bank must come up with $85 million in order to comply with a federal agreement and keep operating. Giannoulias has already said that he expects the bank to fail.”

Pathetic: “Rounding up the votes for health care has also proven difficult. House Democratic Whip Jim Clyburn told McClatchy Newspapers that final consideration of the bill may not occur until Easter (April 4) or later. He is dealing with dozens of members who refuse to commit to a firm position in hopes their silence will force the leadership to pull the bill and move on to other issues. ‘Just say nothing,’ is how one Democratic staffer explained the strategy being taken by many members. ‘Maybe it will just go away, and we can avoid a tough vote this close to the election.'” Maybe it will just go away? Profiles in courage they aren’t.

Close: According to Byron York, “there are 209 votes against the bill at this moment, leaving opponents seven short of being able to defeat it. By the same count, there are 204 votes for the bill, leaving the Democratic leadership 12 short of being able to pass it. There are 18 votes thought to be undecided.” In other words, seven votes away from Obama’s Waterloo.

Cranky Big Labor bosses descend on the White House: “AFL-CIO President Richard Trumka is headed into a meeting with President Obama this afternoon after the White House and Congressional leaders have begun to discuss a higher-than-expected excise tax on some health care plans, in order to maintain their claim that health care legislation will reduce the deficit, a source involved in health care talks said.” Remember that the overwhelming support of core Democrats in midterm elections is what’s supposed to counteract the tsunami of opposition to ObamaCare. But what if that support is only lukewarm?

Obvious who you want making national-security calls. “Gen. Stanley A. McChrystal, the top commander of American and NATO troops in Afghanistan, contradicted the attorney general on Wednesday when he said that actually, the military still wants to capture Osama bin Laden alive. ‘I think that is something that is understood by everyone,’ he said. But perhaps not by Attorney General Eric H. Holder Jr., who on Tuesday told a House subcommittee that the chances of capturing Mr. bin Laden alive were ‘infinitesimal’ and that he would either be killed by the United States or killed by his own people.”

Common, among many observers these days: “Arab world says hopes in Obama are dwindling.”

Picky, picky: “From Maine to Hawaii, Americans send people to Washington, D.C., to be their representatives — to cast votes that represent the will of the people who elected them to do the job. But now, as the House of Representatives moves toward approving one of the most sweeping pieces of domestic legislation in U.S. history, critics are fuming that Speaker Nancy Pelosi plans to usher through a health care bill … without a vote.”

No (except from the Obami): “Does anyone think that Iran would be shipping arms to terrorists or building nuclear weapons if it was a democracy?” asks Elliott Abrams.

Predictable (when you nominate Tony Rezko’s banker): “It could be a rough few months ahead for Alexi Giannoulias. A federal judge ruled Wednesday that former Gov. Rod Blagojevich’s trial will proceed on June 3, as scheduled. Blagojevich’s team had been seeking a postponement until November, saying they didn’t have enough time to prepare. … But that’s not all Giannoulias will be dealing with. By late April, the Giannoulias family bank must come up with $85 million in order to comply with a federal agreement and keep operating. Giannoulias has already said that he expects the bank to fail.”

Pathetic: “Rounding up the votes for health care has also proven difficult. House Democratic Whip Jim Clyburn told McClatchy Newspapers that final consideration of the bill may not occur until Easter (April 4) or later. He is dealing with dozens of members who refuse to commit to a firm position in hopes their silence will force the leadership to pull the bill and move on to other issues. ‘Just say nothing,’ is how one Democratic staffer explained the strategy being taken by many members. ‘Maybe it will just go away, and we can avoid a tough vote this close to the election.'” Maybe it will just go away? Profiles in courage they aren’t.

Close: According to Byron York, “there are 209 votes against the bill at this moment, leaving opponents seven short of being able to defeat it. By the same count, there are 204 votes for the bill, leaving the Democratic leadership 12 short of being able to pass it. There are 18 votes thought to be undecided.” In other words, seven votes away from Obama’s Waterloo.

Cranky Big Labor bosses descend on the White House: “AFL-CIO President Richard Trumka is headed into a meeting with President Obama this afternoon after the White House and Congressional leaders have begun to discuss a higher-than-expected excise tax on some health care plans, in order to maintain their claim that health care legislation will reduce the deficit, a source involved in health care talks said.” Remember that the overwhelming support of core Democrats in midterm elections is what’s supposed to counteract the tsunami of opposition to ObamaCare. But what if that support is only lukewarm?

Obvious who you want making national-security calls. “Gen. Stanley A. McChrystal, the top commander of American and NATO troops in Afghanistan, contradicted the attorney general on Wednesday when he said that actually, the military still wants to capture Osama bin Laden alive. ‘I think that is something that is understood by everyone,’ he said. But perhaps not by Attorney General Eric H. Holder Jr., who on Tuesday told a House subcommittee that the chances of capturing Mr. bin Laden alive were ‘infinitesimal’ and that he would either be killed by the United States or killed by his own people.”

Common, among many observers these days: “Arab world says hopes in Obama are dwindling.”

Picky, picky: “From Maine to Hawaii, Americans send people to Washington, D.C., to be their representatives — to cast votes that represent the will of the people who elected them to do the job. But now, as the House of Representatives moves toward approving one of the most sweeping pieces of domestic legislation in U.S. history, critics are fuming that Speaker Nancy Pelosi plans to usher through a health care bill … without a vote.”

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Flotsam and Jetsam

Christopher Hitchens is out hawking his book with tales of his Oxford escapades. Alas, now “he’s a Dorian-Gray picture of his former self invoking the memory of it all to sell books this time around, and he’s given it—and himself—a very bad name indeed.”

In case there was any confusion about what the enemy is up to: “Al-Qaida’s American-born spokesman on Sunday called on Muslims serving in the U.S. armed forces to emulate the Army major charged with killing 13 people in Fort Hood. In a 25-minute video posted on militant Web sites, Adam Gadahn described Maj. Nidal Hasan as a pioneer who should serve as a role model for other Muslims, especially those serving Western militaries. ‘Brother Nidal is the ideal role-model for every repentant Muslim in the armies of the unbelievers and apostate regimes,’ he said.”

This was televised on C-SPAN: “Former Illinois Governor Rod Blagojevich talked about ethics in politics. Following his remarks he responded to questions from law professors. The panel included Professors Tonja Jacobi, Donald Gordon, and Donna Leff.” (h/t Taegan Goddard) Seems better suited to Comedy Central.

Who better to send on a fool’s errand? “U.S. President Barack Obama dispatches his vice president to the Middle East on Sunday to try to build support for reviving Israeli-Palestinian peace talks despite deep skepticism on both sides.”

Clark Hoyt gets around to discussing the latest plagiarism scandal at the New York Times involving now departed Zachery Kouwe. He wonders: “How did his serial plagiarism happen and go undetected for so long? Why were warning signs overlooked? Was there anything at fault in the culture of DealBook, the hyper-competitive news blog on which Kouwe worked? And, now that the investigation is complete, what about a full accounting to readers?” Well, for starters, the Times let Maureen Dowd get away with plagiarism, so maybe Kouwe got the idea that it wasn’t really a “mortal journalistic sin.”

David Freddoso on the ongoing sanctimony festival: “‘Bankers don’t need another vote in the United States Senate,’ President Obama said as he urged Massachusetts voters to support Attorney General Martha Coakley over Republican Scott Brown. He also railed against ‘the same fat-cats who are getting rewarded for their failure.’ But in Illinois, Democrats have nominated a banker for Obama’s old Senate seat. Not only is Alexi Giannoulias’s family bank on the verge of failing, but he has a golden parachute made of federal tax refunds.”

Like all those Iran deadlines, no real deadline on ObamaCare: “Health and Human Services Secretary Kathleen Sebelius on Sunday dodged a series of questions about the White House’s plans for healthcare reform in the event lawmakers failed to pass it by the Easter recess. When asked on NBC’s ‘Meet the Press’ whether President Barack Obama would still pursue that legislation after the break, Sebelius offered no direct answer, only stressing, ‘I think we’ll have the votes when the leadership decides to call the votes, and I think it will pass.'”

Dana Perino on Fox News Sunday sums up the difficulty in rounding up votes for ObamaCare: “I think that a lot of the details just are now going past people’s heads and that the fundamental problem for the Democrats is that people do not want the big government spending. They don’t want the big program. They don’t understand why they’re pushing so hard on this and not on jobs. And it occurs to me that you can only vote against your constituents so many times before they start to vote against you.”

Robert Zelnick is very upset to learn that the Gray Lady doesn’t report news adverse to Obama. On Obama’s Medicare gimmickry: “The Times should, of course, be over this story like flies at a picnic table.Where will the money come from, Mr. President? Is there any precedent for draining funds like this from one soon-to-be insolvent program to another? Have you computed how the projected cuts in payment to doctors would affect the supply of physicians, the quality of medicine practiced, the health and longevity of the American people? Aren’t we really dealing with a series of misrepresentations — both explicit and implicit — unprecedented in the nation’s history.”

Reason to celebrate: “Defying a sustained barrage of mortars and rockets in Baghdad and other cities, Iraqis went to the polls in numbers on Sunday to choose a new parliament meant to outlast the American military presence here. … Insurgents here vowed to disrupt the election, and the concerted wave of attacks — as many as 100 thunderous blasts in the capital alone starting just before the polls opened — did frighten voters away, but only initially. The shrugging response of voters could signal a fundamental weakening of the insurgency’s potency.” And reason to be so very proud of one of the greatest military forces ever assembled, which, despite the naysayers, freed Iraqis from a brutal dictatorship.

Christopher Hitchens is out hawking his book with tales of his Oxford escapades. Alas, now “he’s a Dorian-Gray picture of his former self invoking the memory of it all to sell books this time around, and he’s given it—and himself—a very bad name indeed.”

In case there was any confusion about what the enemy is up to: “Al-Qaida’s American-born spokesman on Sunday called on Muslims serving in the U.S. armed forces to emulate the Army major charged with killing 13 people in Fort Hood. In a 25-minute video posted on militant Web sites, Adam Gadahn described Maj. Nidal Hasan as a pioneer who should serve as a role model for other Muslims, especially those serving Western militaries. ‘Brother Nidal is the ideal role-model for every repentant Muslim in the armies of the unbelievers and apostate regimes,’ he said.”

This was televised on C-SPAN: “Former Illinois Governor Rod Blagojevich talked about ethics in politics. Following his remarks he responded to questions from law professors. The panel included Professors Tonja Jacobi, Donald Gordon, and Donna Leff.” (h/t Taegan Goddard) Seems better suited to Comedy Central.

Who better to send on a fool’s errand? “U.S. President Barack Obama dispatches his vice president to the Middle East on Sunday to try to build support for reviving Israeli-Palestinian peace talks despite deep skepticism on both sides.”

Clark Hoyt gets around to discussing the latest plagiarism scandal at the New York Times involving now departed Zachery Kouwe. He wonders: “How did his serial plagiarism happen and go undetected for so long? Why were warning signs overlooked? Was there anything at fault in the culture of DealBook, the hyper-competitive news blog on which Kouwe worked? And, now that the investigation is complete, what about a full accounting to readers?” Well, for starters, the Times let Maureen Dowd get away with plagiarism, so maybe Kouwe got the idea that it wasn’t really a “mortal journalistic sin.”

David Freddoso on the ongoing sanctimony festival: “‘Bankers don’t need another vote in the United States Senate,’ President Obama said as he urged Massachusetts voters to support Attorney General Martha Coakley over Republican Scott Brown. He also railed against ‘the same fat-cats who are getting rewarded for their failure.’ But in Illinois, Democrats have nominated a banker for Obama’s old Senate seat. Not only is Alexi Giannoulias’s family bank on the verge of failing, but he has a golden parachute made of federal tax refunds.”

Like all those Iran deadlines, no real deadline on ObamaCare: “Health and Human Services Secretary Kathleen Sebelius on Sunday dodged a series of questions about the White House’s plans for healthcare reform in the event lawmakers failed to pass it by the Easter recess. When asked on NBC’s ‘Meet the Press’ whether President Barack Obama would still pursue that legislation after the break, Sebelius offered no direct answer, only stressing, ‘I think we’ll have the votes when the leadership decides to call the votes, and I think it will pass.'”

Dana Perino on Fox News Sunday sums up the difficulty in rounding up votes for ObamaCare: “I think that a lot of the details just are now going past people’s heads and that the fundamental problem for the Democrats is that people do not want the big government spending. They don’t want the big program. They don’t understand why they’re pushing so hard on this and not on jobs. And it occurs to me that you can only vote against your constituents so many times before they start to vote against you.”

Robert Zelnick is very upset to learn that the Gray Lady doesn’t report news adverse to Obama. On Obama’s Medicare gimmickry: “The Times should, of course, be over this story like flies at a picnic table.Where will the money come from, Mr. President? Is there any precedent for draining funds like this from one soon-to-be insolvent program to another? Have you computed how the projected cuts in payment to doctors would affect the supply of physicians, the quality of medicine practiced, the health and longevity of the American people? Aren’t we really dealing with a series of misrepresentations — both explicit and implicit — unprecedented in the nation’s history.”

Reason to celebrate: “Defying a sustained barrage of mortars and rockets in Baghdad and other cities, Iraqis went to the polls in numbers on Sunday to choose a new parliament meant to outlast the American military presence here. … Insurgents here vowed to disrupt the election, and the concerted wave of attacks — as many as 100 thunderous blasts in the capital alone starting just before the polls opened — did frighten voters away, but only initially. The shrugging response of voters could signal a fundamental weakening of the insurgency’s potency.” And reason to be so very proud of one of the greatest military forces ever assembled, which, despite the naysayers, freed Iraqis from a brutal dictatorship.

Read Less

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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