Commentary Magazine


Topic: Tony Rezko’s banker

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

Lynn Sweet on Obama’s home state: “Never ending ethics scandals and the near insolvency of the state government burst the bubble of any post Obama euphoria months ago. On Saturday, Chicagoans awoke to these stories: a suburban mayor sentenced for bribery; a Chicago alderman taking a bribery plea deal, and a former alderman learning he may face prison time for a real estate kickback scheme. Illinois Democrats are splintered and frazzled in the wake of the impeachment of former Gov. Rod Blagojevich, who will be tried this summer on federal public corruption charges for, among other items, trying to auction off Obama’s seat.” Probably doesn’t help that the likely Democratic Senate nominee for state treasurer, Alexi Giannoulias, is Tony Rezko’s banker.

Another precarious Blue State Senate seat: “Sen. Patty Murray (D-Wash.) isn’t yet considered highly vulnerable in 2010. But a new poll, coupled with Scott Brown’s upset win in Massachusetts, has Republicans rethinking their chances against the three-term senator. A poll released Thursday from Moore Insight, an Oregon-based GOP polling firm, showed Dino Rossi, a two-time Republican candidate for governor, leading Murray 45 percent to 43 percent, with 9 percent undecided.”

Not even Chuck Schumer is holding up under the torrent of anti-incumbent anger: “Senator Chuck Schumer’s once rock solid approval rating has taken a slide. For the first time in nearly nine years, Schumer’s approval rating has fallen below 50%. According to the latest Marist Poll in New York, 47% of registered voters statewide report Schumer is doing either an excellent or good job in office. 31% rate the job he is doing as fair, and 17% view him as performing poorly. This is Schumer’s lowest job approval rating since April 2001 when 49% of voters approved of the job he was doing.”

The moment of reckoning: “President Barack Obama’s new $3.83 trillion budget is a chickens-come-home-to-roost moment for Democrats who skipped past the deficit to tackle health care last year and now risk paying a heavy price in November. The great White House political gamble was to act quickly — before the deficits hit home — and institute major changes which proponents say will serve the long-term fiscal health of the country. Instead, a year of wrangling and refusal to consider more incremental steps have brought Obama and Congress to this juncture, where waves of red ink threaten to swamp their boat and drown reform altogether.”

How vulnerable is Obama on the mega-deficit he is proposing? Glenn Reynolds: “One telling indicator is a growing effort by the remaining Obama partisans to paint Bush as an equivalent big spender, even though the Bush deficits were much smaller than Obama’s, and declining throughout most of his second term. Not that Bush was any prize, but Obama’s deficits are of an entirely different magnitude.” This raises another issue — who exactly is still an Obama partisan? Not even Chris Matthews and Jon Stewart are on board.

Shocking as it may be, the Obami are making stuff up. On the number of terrorists they claim to have convicted in the criminal justice system, Andy McCarthy explains: “The DOJ ‘fact sheet’ goes on to tell us there are 300 ‘terrorists’ in custody. But look at what they have to do to get there: (a) gone is the ‘since 9/11′ limitation — the 300 figure represents all terrorists ever convicted who are still in jail; and (b) they have to add in domestic terrorists to goose up the numbers — even though no one is contending that domestic terrorists should be treated as enemy combatants. We are at war with al-Qaeda, not PETA.” Even the lesser figure of 195 is highly suspect. McCarthy has a good idea: have the Justice Department release all the backup data. It would be the transparent thing to do.

Even those who like the idea of civilian trials for terrorists are furious with the Obami. Edward Alden of the Council on Foreign Relations: “There is no question that the Obama administration blundered by failing to ensure that New York’s leaders were fully committed to a civilian trial for KSM in New York City. The result has been a dismal outcome — an embarrassing climb down that leaves the United States looking too scared to mete out justice to the architect of the worst mass murder in U.S. history.”

Unlike Bob McDonnell in Virginia, Rep. Joe Sestak says he’d be “open to the idea” of hosting the KSM trial in his state.

Lynn Sweet on Obama’s home state: “Never ending ethics scandals and the near insolvency of the state government burst the bubble of any post Obama euphoria months ago. On Saturday, Chicagoans awoke to these stories: a suburban mayor sentenced for bribery; a Chicago alderman taking a bribery plea deal, and a former alderman learning he may face prison time for a real estate kickback scheme. Illinois Democrats are splintered and frazzled in the wake of the impeachment of former Gov. Rod Blagojevich, who will be tried this summer on federal public corruption charges for, among other items, trying to auction off Obama’s seat.” Probably doesn’t help that the likely Democratic Senate nominee for state treasurer, Alexi Giannoulias, is Tony Rezko’s banker.

Another precarious Blue State Senate seat: “Sen. Patty Murray (D-Wash.) isn’t yet considered highly vulnerable in 2010. But a new poll, coupled with Scott Brown’s upset win in Massachusetts, has Republicans rethinking their chances against the three-term senator. A poll released Thursday from Moore Insight, an Oregon-based GOP polling firm, showed Dino Rossi, a two-time Republican candidate for governor, leading Murray 45 percent to 43 percent, with 9 percent undecided.”

Not even Chuck Schumer is holding up under the torrent of anti-incumbent anger: “Senator Chuck Schumer’s once rock solid approval rating has taken a slide. For the first time in nearly nine years, Schumer’s approval rating has fallen below 50%. According to the latest Marist Poll in New York, 47% of registered voters statewide report Schumer is doing either an excellent or good job in office. 31% rate the job he is doing as fair, and 17% view him as performing poorly. This is Schumer’s lowest job approval rating since April 2001 when 49% of voters approved of the job he was doing.”

The moment of reckoning: “President Barack Obama’s new $3.83 trillion budget is a chickens-come-home-to-roost moment for Democrats who skipped past the deficit to tackle health care last year and now risk paying a heavy price in November. The great White House political gamble was to act quickly — before the deficits hit home — and institute major changes which proponents say will serve the long-term fiscal health of the country. Instead, a year of wrangling and refusal to consider more incremental steps have brought Obama and Congress to this juncture, where waves of red ink threaten to swamp their boat and drown reform altogether.”

How vulnerable is Obama on the mega-deficit he is proposing? Glenn Reynolds: “One telling indicator is a growing effort by the remaining Obama partisans to paint Bush as an equivalent big spender, even though the Bush deficits were much smaller than Obama’s, and declining throughout most of his second term. Not that Bush was any prize, but Obama’s deficits are of an entirely different magnitude.” This raises another issue — who exactly is still an Obama partisan? Not even Chris Matthews and Jon Stewart are on board.

Shocking as it may be, the Obami are making stuff up. On the number of terrorists they claim to have convicted in the criminal justice system, Andy McCarthy explains: “The DOJ ‘fact sheet’ goes on to tell us there are 300 ‘terrorists’ in custody. But look at what they have to do to get there: (a) gone is the ‘since 9/11′ limitation — the 300 figure represents all terrorists ever convicted who are still in jail; and (b) they have to add in domestic terrorists to goose up the numbers — even though no one is contending that domestic terrorists should be treated as enemy combatants. We are at war with al-Qaeda, not PETA.” Even the lesser figure of 195 is highly suspect. McCarthy has a good idea: have the Justice Department release all the backup data. It would be the transparent thing to do.

Even those who like the idea of civilian trials for terrorists are furious with the Obami. Edward Alden of the Council on Foreign Relations: “There is no question that the Obama administration blundered by failing to ensure that New York’s leaders were fully committed to a civilian trial for KSM in New York City. The result has been a dismal outcome — an embarrassing climb down that leaves the United States looking too scared to mete out justice to the architect of the worst mass murder in U.S. history.”

Unlike Bob McDonnell in Virginia, Rep. Joe Sestak says he’d be “open to the idea” of hosting the KSM trial in his state.

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