Broadway Bank, the family-owned lender that helped launch U.S. Senate candidate Alexi Giannoulias' political career, was seized by government regulators Friday night, one of seven Illinois institutions taken over and sold to healthier companies.
The failure of Chicago-based Broadway, which was unable to raise the $85 million it needed to remain independent, was anticipated, and its worsening health has weighed on Giannoulias' Democratic bid for President Barack Obama's old Senate seat. The bank had been struggling in recent years with real estate loans gone bad, losing $75 million last year.
It would be amusing if it weren't so sickening -- can you imagine someone whose family ran a corrupt bank that was taken over by federal regulators would fancy himself worthy of a seat the United States Senate? Ah, who am I kidding? He'll fit right in.
One other minor detail worth savoring:
The Tribune reported this month that the $1.15 billion-asset bank, founded in 1979, lent a pair of Chicago crime figures about $20 million during a 14-month period when Giannoulias was a senior loan officer.
Sure, why not? Tell you what -- if the good citizens of Illinois see fit to elect Mr. Giannoulias to the Senate, he should immediately become chairman of the Banking Committee. Or maybe in charge of the stimulus money or something.