Friday, April 23, 2010

Death watch at Broadway Bank

There's a death watch underway at Chicago's Broadway Bank, the financial institution owned by the family of Democratic Senate candidate Alexi Giannoulias, who is currently Illinois' state treasurer. I drove past around 3:00pm, there were TV vans from CBS 2, NBC 5, ABC 7, and WGN, the local CW station. Perhaps Fox 32 was on its way.

Even though it's a cloudy day, the blinds were pulled down on every window.

While taking these photographs, a young man walked the neighboring business, Ole St. Andrew's Inn, and said to me, "Today's the big day."

The big day refers to the day federal authorities seize control of the money-losing bank, the platform from which Alexi launched his political career. "We need a banker in the treasurer's office" he would tell anyone who listen.

The smart money (of which there isn't much inside the bank) is that Broadway will fail at the close of business today. I'm going out for a 10 mile run. I will be back in a couple of hours--will Broadway still be around?

UPDATE 7:15pm CDT: Chicago News Bench has its report on the hysteria, Fox 32 Chicago was on the scene.

Related posts:

Obama's "sweetheart" mortgage: Was the competing lender Broadway Bank?
Giannoulias: A bad banker for the Senate
Giannoulias family's Broadway Bank loaned $20 million to felons while Alexi was senior loan officer
Giannoulias' Iranian ties
Another "Blackie" eye for Giannoulias
Giannoulias family could walk away with $15 million if bank fails
Giannoulias' toothless answer on "Jaws"
Senate candidate Giannoulias: Broadway Bank will "quite likely" close
Feds get tough with Giannoulias' Broadway Bank
Thanksgiving news dump: Giannoulias releases tax returns
Hypocrisy: Giannoulias wants banking crackdown--but what about Broadway Bank?
Ill. GOP: Four key questions for Alexi Giannoulias
Republican comptroller candidate confronts Giannoulias on SEIU endorsement
More Blago baggage for Giannoulias: Schakowsky and Creamer
Ill GOP has tough questions for Alexi Giannoulias regarding small businesses
See and hear: Giannoulias caught fibbing on PAC money
Hannity's report on Alexi Giannoulias
Banking headaches for Alexi Giannoulias and kin
Alexi Giannoulias: Not so transparent
Just as with mob loans, Giannoulias quiet about SUV purchased from money losing state investment fund
Obama's Chicago skeletons: Rezko and Broadway Bank
Obama, Alexi, and Broadway Bank
Coincidences and the Las Vegas Rezko arrest warrant
Obama's state treasurer pal needs a memory upgrade

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