Marathon Pundit: Giannoulias Broadway Bank lie round-up

Thursday, September 30, 2010

Giannoulias Broadway Bank lie round-up

Try as he might, but Alexi Giannoulias, the Mob Banker, is going to have a very difficult time spinning himself out of his latest mess.

From a Mark Kirk campaign press release:

Alexi Giannoulias seems to be telling voters one thing, and the Internal Revenue Service another" – CBS News

"Just give it to us straight" – Chicago Sun-Times

Just give it to us straight
Chicago Sun-Times Editorial
September 30, 2010
Last summer, Chicago Sun-Times reporters asked U.S. Senate nominee Alexi Giannoulias a direct question: When did you stop working at the Broadway Bank, which folded earlier this year?

At issue was a Feb. 14, 2006, $22.75 million loan to a company called Riverside District Development LLC, whose owners included now-convicted political fixer Tony Rezko.

It was a direct question. We wish we had gotten a direct answer: May, 2006 -- after the loan.

Giannoulias Scandal Coverage
NBC Chicago
September 29, 2010
Remember, previously, Alexi Giannoulias maintained that he was gone from his family's Broadway Bank by the end of 2005. That was long before its collapse, and before a controversial loan in 2006 to convicted influence peddler Tony Rezko.

Giannoulias Scandal Coverage
Fox Business
September 29, 2010
But he told the IRS that he worked 500 hours in 2006, which actually saved him $2.7 million in taxes.

The Politics Fix on Giannoulias Scandal
MSNBC'S Hardball
September 29, 2010
He's been pounded by his Republican opponent Mark Kirk for his tenure at that bank, which lent money to mob figures before collapsing earlier this year. And this latest issue likely won't help his campaign.

Giannoulias defends resume discrepancy
WGN
September 29, 2010
On the campaign trail, Giannoulias says he left his executive job at his family-owned Broadway Bank in 2005; but IRS documents show that he stayed through May, 2006, after the bank made some controversial loans.

By claiming earnings from that year, Giannoulias was able to pocket a $2.7 million personal tax deduction last year, when the bank collapsed.

Bank work meant big tax break for Giannoulias
Associated Press
September 29, 2010
Democrat Alexi Giannoulias qualified for a $2.7 million tax break by telling the IRS he worked at his family's bank in 2006, although he had assured voters he left the troubled bank months earlier.

The candidate for President Barack Obama's former U.S. Senate seat had previously said he left his "day to day" duties at the bank in September 2005 to prepare to run for state treasurer. That put him at arm's length from the bank's decision in 2006 to do business with political insider Antoin "Tony" Rezko.

Questions Persist About Giannoulias, Broadway Bank
CBS
September 29, 2010
A published report says U.S. Senate candidate Alexi Giannoulias seems to be telling voters one thing, and the Internal Revenue Service another about how long he was at his family's troubled Broadway Bank.

In campaign ads, Giannoulias says he was gone from the bank by late 2005. But the Chicago Tribune reports he took a $2.7 million tax deduction last year, after reporting working hundreds of hours at the bank in 2006.

Giannoulias facing new questions about role in family bank
CNN
September 29, 2010
Giannoulias has long insisted that in 2005 he left his senior position at Broadway Bank, which collapsed earlier this year as a result of its troubled loan business. Giannoulias, himself a former loan officer there, has largely sought to avoid culpability for the firm's collapse by arguing he left the bank before its troubled deals were struck.

But, according to Wednesday's Chicago Tribune, Giannoulias' IRS returns last year show the Democrat was permitted to take a $2.7 million deduction as a result of working at least 500 hours for the bank in 2006 – contradicting his repeated claim he had washed his hands of the troubled family business months earlier.

Alexi Giannoulias' ever-changing story changes yet again
Capitol Fax Blog
September 29, 2010
Giannoulias' campaign has been claiming he took a paid leave of absence in September of 2005. But a guy taking a paid leave worked 30 hours a week? That's some raw deal…

…My head is spinning from all these story changes.

Hint to Alexi: Try telling the truth from the beginning and then sticking with it. That's a whole lot easier.

Hey Alexi, Give Us A Tax Break, Too.
NBC Chicago
September 29, 2010
Democrats are always carping about tax breaks for the wealthy. So here's what Alexi Giannoulias should do if he's elected to the Senate: introduce a bill eliminating the loophole he used to avoid paying taxes this year.

According to today’s Chicago Tribune, Giannoulias was able to take a $2.7 million tax deduction from losses on his stake in Broadway Bank because he worked there at least 500 hours for five of the last 10 years. The Tribune article focused on the fact that Giannoulias was still logging hours at the bank in 2006, even though he's always insisted he left his post as senior loan officer in 2005 -- before the bank approved a loan to Tony Rezko.

Family bank good for Giannoulias' taxes, bad for his campaign
Chicago Tribune
September 29, 2010
U.S. Senate candidate Alexi Giannoulias tells voters he was gone from his troubled family bank by late 2005, but that's not what he told the Internal Revenue Service. Giannoulias was able to take a $2.7 million tax deduction last year because he reported working hundreds of hours at Broadway Bank in 2006…

…Most recently, Kirk criticized Giannoulias for trying to claim he wasn't involved in the bank when Broadway approved a controversial loan for a project headed by Rezko, who was convicted in the federal corruption probe of former Gov. Rod Blagojevich's administration. Giannoulias' answer has been that he wasn't involved in the bank when the loan was approved in February 2006.