The Real Truth About Alexi - We Won't Get Fooled Again

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Fact Check

Giannoulias Claim: Alexi Giannoulias claimed that he would not be a rubber stamp for the Democrats in Congress
Fact: According to the Chicago Tribune in an editorial endorsing Mark Kirk: “But neither does [Giannoulias] pretend to be independent of party orthodoxy, from health care regulation to tax hikes to Big Labor’s beloved “card check.” Ask Giannoulias what [...]

Giannoulias Claim: Alexi Giannoulias claimed tonight that he does not take money from special interests
Fact: Alexi Giannoulias has taken over $100,000 from Illinois state lobbyists, with $31,976 of the total coming from lobbyists who lobby Giannoulias’ office.
Fact: Alexi Giannoulias has taken $186,000 from union PACs.
Fact: Alexi Giannoulias secretly travelled to Canada to raise money at a trial [...]

Tribune editorial board, 10/04/2010
Giannoulias: Well I would’ve pushed hard for some requirements that money get lent out [inaudible] given to wall street banks, that we increase access to capital –
Tribune: The congressman voted for TARP. Would you have voted for TARP as it was presented in the House?
Giannoulias: I would’ve pushed hard, if I [...]

“But he also said the bank should never have been involved with those people and would not have done business with them if their criminal records had been known.” – Associated Press, 10/18/10

“Giannoulias did not explain why the bank lent them more money even after learning the two men were linked to gambling and [...]

Giannoulias’ explanation of bank hours changes…again
WLS-AM
October 7, 2010
CHICAGO (WLS) – Democrat Alexi Giannoulias is still having difficulty calculating “how the hours worked out” during his employment at Broadway Bank.
After telling the Chicago Tribune last week that he fully left his position with his family’s failed bank in May 2006, Giannoulias told the State Journal-Register Wednesday [...]

Yesterday, during an appearance before the State Journal-Register editorial board, Alexi Giannoulias changed his story once again as to his departure from Broadway Bank.
The bank was among several closed during the economic downturn. In the wake of recent news that he got a tax break for working at the bank in 2006, despite distancing himself [...]

“Alexi left daily operations of the bank in September of 2005, months before this loan was made,” – Kathleen Strand, Chicago Sun-Times, 8/2/10

“Alexi stopped taking new clients when he announced for (state) treasurer in 2005 and left the bank entirely in 2006.” – Scott Burnham, CNN, 9/29/10
IN CASE YOU MISSED IT

A new headache for Giannoulias? [...]

Misleading Statement: This morning, during an appearance on MSNBC’s Morning Joe, Alexi Giannoulias falsely claimed he has consistently said he worked at Broadway Bank in 2006.
Watch the video here and read the transcript:

Joe Scarborough: The bottom line the Tribune is asking is did you work at the bank in 2006 or not?

Alexi Giannoulias: And the [...]

Then

“We are very fortunate in the State of Illinois to have such exceptional leaders like Lieutenant Governor Pat Quinn, Attorney General Lisa Madigan, Secretary of State Jesse White, Comptroller Dan Hynes and, of course, Governor Rod Blagojevich. I am honored to share the stage with them today, and I look forward to working with them and [...]

False Giannoulias Claim: “‘Alexi left daily operations of the bank in September of 2005, months before this loan was made,’ says Kathleen Strand of his campaign staff.” (Chicago Sun-Times, 8/2/10)

FACT: In March 2006, Giannoulias claimed he was still the senior loan officer of Broadway Bank. “I’m senior loan officer and vice president, so I oversee a $600 million loan department. I’m also chief investment officer and invest about $150 million.” (Alexi Giannoulias, Windy City Times, 3/15/06)

Misleading Giannoulias Claim: In response to the Chicago Sun-Times uncovering a Broadway Bank loan made to Tony Rezko and Nadhmi Auchi while Alexi Giannoulias was Vice President and Senior Loan Officer, the Giannoulias campaign said: “Alexi left daily operation of the bank in September of 2005.”

FACT: As late as December 20, 2005, Alexi Giannoulias told reporters that he was still vice president and senior loan officer at Broadway Bank. “Giannoulias noted that he currently serves as vice president and senior loan officer at the four-branch Broadway Bank in Chicago.” (State Journal-Register, “Senator announces run for treasurer,” 12/20/05)

False Giannoulias Claim: “Like the millions of Americans who overpay their income taxes each year, the family is owed tax refunds.” (Giannoulias Press Release, 3/6/10)

Get the Facts: According to the FDIC’s Consolidated Reports of Condition and Income for A Bank with Domestic Offices Only (CALL Reports) filed by the Giannoulias Broadway Bank:

Statement by Kirk for Senate Campaign Spokesperson Kirsten Kukowski: “This is nothing more than a desperate political tactic to divert attention from Alexi Giannoulias’ reckless business decisions that drove his bank into the ground – decisions that will cost the Federal Deposit Insurance Corporation $394.3 million as the fourth most expensive Illinois bank failure in the last 10 years.

While Giannoulias attempts to blame the bank takeover on everyone but himself, Illinois citizens will not be fooled again. Broadway Bank failed because Giannoulias was engaged in years of risky lending schemes and hot money investments coupled with nearly $100 million in loans to convicted felons and organized crime figures. Instead of misleading voters, there are a lot of questions about Broadway Bank and how it got to this point that Giannoulias should start answering.”

Contradiction #1: Alexi Giannoulias now says that “in retrospect, I think the added security of a background check would have been good.” But his brother told the Chicago Tribune that the family did know about the criminal convictions based on a 2004 news report – and still moved forward with millions in loans anyway. Furthermore, in 2006, Giannoulias admitted he knew Giorango had “some legal problems.”

After taking $100 million in dividends since 2006 and pushing risky loans and investments that brought down their family bank, the Giannoulias family wants a tax refund – Watch the NBC Clip
False Giannoulias Claim: “Like the millions of Americans who overpay their income taxes each year, the family is owed tax refunds.” (Giannoulias [...]

False Giannoulias Claim: “They are actively pursuing a refund of this money as a way to help save the bank.” (Giannoulias Press Release, 3/6/10)
Get the Facts: According to the FDIC’s Consolidated Reports of Condition and Income for A Bank with Domestic Offices Only (CALL Reports) filed by Broadway Bank, the Bank reported [...]

False Giannoulias Claim: “The bank has always been well-capitalized.” (Chicago Sun-Times, “Giannoulias ‘clears air,’ denies risky loan-making, 3/3/10)
Get the Facts:

From 2006 through 2009, the Giannoulias family took over $100 million in dividend payments out of the bank – money that [...]

Get the Facts:

In 2005, Alexi Giannoulias authorized $15.4 million in loans to a convicted mob bookmaker and pimp named Michael “Jaws” Giorango. (“Boulis kin, 2 felons own Martha’s site,” Miami Herald, June 18, 2006; “Loans cast pall over candidate; Treasurer nominee oversees mortgages to crime figures,” Chicago Tribune, April 9, 2006)

Get the Facts: According to the FDIC’s Consolidated Reports of Condition and Income for A Bank with Domestic Offices Only (CALL Reports) filed by Broadway Bank, the Bank reported losses of $13 million in 2008. Beyond the tax refund that Giannoulias family members would get from their $75 million loss in 2009, what about a [...]

“For [Mark Kirk] to say that the bank should have known that Tony Rezko’s company, or that Tony Rezko would have this certain thing 5 or 6 years later, it’s a tough argument for him to make.” – Alexi Giannoulias, Chicago Tribune Editorial Board, March 3, 2010
Chicago Sun-Times reveals Broadway Bank loaned Tony Rezko $22.75 million in 2006, when “Rezko was already politically radioactive”

False Giannoulias Claim: “I would vehemently disagree that these are reckless or risky loans,” he said. The only reason Broadway Bank appears ready to collapse is because the bottom fell out of the real estate market, he said. (Chicago Sun-Times, “Giannoulias ‘clears air,’ denies risky loan-making, 3/3/10)

Get The Facts: