Illinois Senate candidate Alexi Giannoulias' family will likely take in over $10 million in federal tax refunds for the closure of its Broadway Bank. The bank lost more than $75 million last year, which may qualify it for $12 to $15 million in tax benefits.
According to Crain's Chicago Business, "The expected tax refund comes on top of $70 million in dividends the family took from Broadway's holding company in 2007 and 2008."
"The possibility of family members pocketing millions in tax refunds as Broadway slides toward insolvency and federal receivership is likely to fuel more controversy for Mr. Giannoulias, who already is under fire for his role in the bank's woes."
To get better press, Giannoulias announced that donating to charity "all campaign contribution" he received from accused bank fraudster Nick Giannis and his family.
Giannoulias's statement: "As my campaign said yesterday, I am shocked and appalled by the news reports of the Giannis family's alleged horrible scheme to defraud banks in Chicago including my family's bank. Upon learning all of this, I instructed my campaign immediately to donate all campaign contributions from these individuals to non-profit organizations.
"While we're on the subject of returning donations, Mark Kirk has yet to answer if he is going to give back the nearly $3 million in contributions from the corporate special interests and Wall Street CEOs that fund his campaign in return for his repeated votes to protect their exorbitant bonuses. Like a typical Washington insider, he lapped up their dollars and then voted their way, whether it's opposing the TARP Reform and Accountability Act or trying to block the creation of a much-needed Consumer Finance Protection Agency. As much as he tries, Mark Kirk can not escape his anti-consumer, pro-corporate special interest record."
U.S. Rep. Mark Kirk: Giannoulias 'reckless' with bank
"U.S. Rep. Mark Kirk said the arrest this week of a Giannoulias family friend and bank customer brings the amount of money Broadway Bank has lent to criminals to $52 million."
