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Friday, April 2, 2010

More Questionable Loans from Broadway Bank

The Chicago Tribune did a serious examination of loans by Broadway Bank when U.S. Senate candidate Alexi Giannoulias was chief loan officer and found millions going to two convicted felons.

he 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.

Alexi Giannoulias took a senior position at the bank at about the same time and used it as a launching pad for his political career. But as he campaigns to step up from state treasurer to the U.S. Senate, he has tried to distance himself from the bank's business with the pair and has been reluctant to detail his role.

The loans included millions to companies owned by one or both. Giannoulias doesn't appear to be the one that approved these specific loans. He was, however, chief loan officer and so the one in charge of the department.

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