Alexi Giannoulias is no stranger to political scandals and mismanagement of his office. 12 years after last being rejected by Illinois voters, Giannoulias is continuing his rehabilitation tour hoping that voters will have forgotten about his shady past.
As State Treasurer, Giannoulias was responsible for safeguarding families’ hard-earned college savings funds, Bright Start. He let them down, and the fund lost millions. According to NBC Chicago from January 6, 2010:
Bright Start was supposed to be Alexi Giannoulias’ shining achievement. Instead, the beleaguered fund, which lost more than $150 million through risky Oppenheimer investments, is radiating trouble for the Illinois State Treasurer and his Senate campaign.
Later Giannoulias tried falling upward by running for Senate. During his 2010 race, it came to light that his family bank loaned money to mobsters while Giannoulias was Senior Loan Officer. According to the Chicago Tribune from April 1, 2010:
The family bank of Democratic Senate candidate Alexi Giannoulias loaned a pair of Chicago crime figures about $20 million during a 14-month period when Giannoulias was a senior loan officer, according to a Tribune examination that provides new details about the bank’s relationship with the convicted felons. Broadway Bank had already lent millions to Michael Giorango when he and a new business partner, Demitri Stavropoulos, came to the bank in mid-2004. Although both men were preparing to serve federal prison terms, the bank embarked on a series of loans to them.
Next, federal regulators seized Giannoulias’ family bank. According to Reuters from April 23, 2010:
Regulators on Friday seized a Chicago bank owned by the family of the Democratic nominee running for the Senate seat once held by President Barack Obama. Broadway Bank was among seven Illinois banks whose failure was announced on Friday. U.S. regulators have seized 15 banks in the past two weeks, as the Federal Deposit Insurance Corp ratchets up efforts to clean up the banking industry.
“Try as he might to sweep it under the rug, Alexi Giannoulias’ past is littered with scandals, fiscal management, and shady behavior unbefitting of the Secretary of State’s office,” said Illinois Republican Party Chairman Don Tracy. “Illinois voters can’t afford to put Alexi and his shady past in charge of Illinois’ largest government office. It’s a recipe for disaster.”
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