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Saturday, April 24, 2010

Broadway Bank Officially Closes

The final nail in the coffin of Alexi Giannoulias' former employer has been nailed.

Only hours after federal regulators took over the failed bank that his family controlled, an emotional Democratic U.S. Senate candidate Alexi Giannoulias took a big swig of water and labeled his day personally "devastating."

Now Giannoulias must convince the White House and voters that it's not politically devastating as well.

The closing of the doors at Broadway Bank for the final time Friday failed to slam shut ongoing concerns over Giannoulias' relationship with the bank and the impact on Democratic hopes to retain the Senate seat once held by President Barack Obama.

In 2006, Giannoulias portrayed himself to voters as a savvy young executive at a thriving community bank with the experience that qualified him to be state treasurer. Four years later, his role at the bank is being downplayed and the bank is out of business as he tries to persuade voters to send him to Washington.

The Democrats are stuck between the proverbial rock and hard place. Giannoulias is not at all viable. Yet, if he were to drop out, there's no chance that a Democrat would win anyway. Frankly, their primary voters are to blame. His top opponent was David Hoffman. Hoffman was the Chicago Inspector General. Hoffman got the well earned reputation for taking on Chicago corruption. Hoffman was significantly more viable and would have reflected voter anger. Meanwhile, Giannoulias is the consummate insider. Yet, Democrats chose Giannoulias over Hoffman in the primary. All that we know now we knew then as well.

On another note, disgraced former Lieutenant Governor candidate Scott Lee Cohen is considering a run for Governor.

Scott Lee Cohen, the pawnbroker who flamed out of Illinois politics just days after voters nominated him as the Democratic lieutenant governor candidate, is making plans to run for governor.

Cohen last weekend told House Speaker Michael Madigan, who doubles as state Democratic Party chairman, that he intends to mount an independent run for governor, Madigan's spokesman said. In addition, a Cohen adviser confirmed Friday that Cohen plans to announce his candidacy this week and is trying to find a suitable running mate.

This will make for great political theater. I don't know how viable he'd be as a candidate but then again he came out of nowhere to win the primary.

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