Alexi Giannoulias seeks to explain family bank’s troubles
Trying to blunt a damaging political issue, Democratic Senate nominee Alexi Giannoulias on Wednesday took a media tour to clear the air about his involvement in his family’s struggling bank, which he said he expects will fail in the coming months.
But questions remain about the extent of his role in Broadway Bank’s biggest controversies — from ill-fated lending decisions that put the bank on the brink of insolvency to loans for a convicted bookmaker.
“It’s quite likely that the bank will fail,” said Giannoulias, the first-term state treasurer, whose brothers run the bank. “I hope I’m wrong. I hope they can raise the capital to keep the bank going, and they’re fighting hard to do so, but it’s tough out there for a lot of banks.”