Friday, March 05, 2010

Treasurer's Treasury Will Fail

Fox News is reporting that the bank owned by the family of Illinois Treasurer Alexi Giannoulias will fail.

Democratic Senate candidate Alexi Giannoulias says things don't look good for the struggling bank his family owns.

Giannoulias told the Chicago Sun-Times editorial board Wednesday that it's likely the bank his father founded 30 years ago will fail.

Broadway Bank entered into a consent decree with regulators in January and has 90 days to raise about $85 million in new capital. The bank also has to deal with bad assets and improve its management.
Ah. Yes. Most unfortunate. But there is a kicker:
Giannoulias touted his banking experience when he was elected Illinois state treasurer in 2006.
I'll bet he doesn't do that again.

Unfortunately for Giannoulias it looks like it is already too late.
Democratic Illinois Senate candidate Alexi Giannoulias spent 10 hours on Wednesday in eight interviews with Chicago print and broadcast outlets, taking questions about his family owned Broadway Bank. Giannoulias, 33, was a loan officer at the bank before he was elected treasurer in November, 2006.
A loan officer? Aren't those the banking guys who decide who is credit worthy and who is not? Yes they are.

If it is Illinois (and especially Chicago) the boyz at Hill Buzz have the best rumors around. Check this one out:
The rumor today in Chicago is that Alexi Giannoulias is going to be forced to step aside as the Democrats’ nominee for the Senate race to fill Roland Burris’ seat upon retirement. Not to “spend more time with his family”, as slimeballs like this usually say, but because the criminal enterprise his family runs, the mob’s bank, Broadway Bank, is collapsing.

It’s coming out the Giannoulias family siphoned more than $70 million from the bank, to pay their back taxes, and to pretty much recreating the HBO series “The Sopranos”, all around Chicago.

There is absolutely nothing good we can say about Alexi Giannoulias, except that it’s nice he’s not a twin, and great he’s fathered no children. Perhaps, dare we dream, his genes will end with him.

Former Senator John Edwards is going to be indicted soon, for misappropriation of campaign funds. We wonder if an indictment of the Giannoulias Family is all that far away: how can they just take $70 million out of a bank? That has to be illegal.

How can Democrats think they can run this man for the Senate when the mob bank his family runs is going under, and all its secrets will be revealed once the government seizes it?

Things sure will get messy, once taxpayers realize government funds will be going directly to Giannoulias, to bail his family out…with tax dollars also going to mobsters, since those are Giannoulias’ clients…and they will be the ones the government bails out when it takes over Broadway Bank.

Not only will the White House own General Motors, but it could end up running the Chicago mob, too.
Which just emphasizes the substance of a bit I wrote a while back, Government is a Criminal Enterprise.

So other than the mob how is Illinois doing? Not so good.
Illinois Gov. Pat Quinn has proposed cutting spending and raising taxes to deal with one of the biggest state budget crises in the nation, but his plan will likely be unpopular with some voters and lawmakers during a tough election year.

Illinois's deficit through mid-2011 is estimated at $11 billion to $13 billion—close to 50% of the expected $26.7 billion in available revenue for the coming fiscal year, which begins July 1. That is among the worst such percentages among states. Health-care and social-service agencies routinely wait three months or more for the state to pay its bills.

The state pension system also is the worst-funded in the U.S. Illinois borrowed nearly $3.5 billion last year to make its annual pension payment. State auditors estimate that the pension systems are underfunded by $62 billion.
Jeeze. It looks so bad that Illinois may go down before California. And raising taxes on business? Swell. Illinois already has too many businesses. And no doubt too many jobs.
The unemployment rate in Illinois is back over 11 percent. New data released today by the Illinois Department of Employment Security shows that non-farm payroll fell for the 23rd straight month and the jobless rate jumped to 11.1 percent, the highest it's been since 1983.
That report was from late January. I haven't heard of much improvement since then.

Fortunately The Madam who is speaker of the house (see Parliament of Whores) says the Democrats are not in crisis.
- Obama has to buy a Congressman's vote by appointing his brother to the Federal Apellate Court

- Charlie Rangel (D-Ghetto) has to step down from Ways and Means due to bribe taking

- Mary Landrieu (D-Mardi Gras) is the poster child for "Buy My Vote Please" on ObamaCare

- Congressional approval rating (Pelsoi's leadership) is lower than the outside temperature at the North Pole

- One DEM Congressman changed parties

- Congressman Massa (D-Blow Job) is leaving office having sexually harrassed a MALE employee
Not in crisis? OK maybe the crisis is over and we can all attend the burial in November. Sadly the Jefferson/Jackson Day dinners they used to hold will be sparsely attended. But they haven't honored the frugality and limited government of Jefferson and the militancy of Jackson for a very long time.

When Ali Babba is the Treasurer of Illinois and wants to be governor you can see a party that has lost its way. And it is not like we won't have other thieves to contend with. As my grand pappy Max used to say about politicians, "they are all crooks". The question is are they bringing 40 thieves with them or 40,000?

I think this video is an excellent illustration of the errors of the Illinois crooks. "Never underestimate the mark." Or as William Burroughs liked to say: The Marks Are Wising Up.

H/T Instapundit

Cross Posted at Classical Values

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