November 2010: Mark Kirk vs. Alexi Giannoulia for State Senator

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Giannaoulias: “Come November, Congressman [Kirk], your days as a Washington insider are over.”

Republican Mark Kirk and Democrat Alexi Giannoulias will contend in November for the U.S. Senate seat that was once President Barack Obama’s Senate seat.

With former Governor Jim Edgar endorsing Kirk and standing at his side, Mark Kirk makes his victory speech. “A quiet despair has descended on the State Illinois.” [Mark Kirk vidtory speech video.]

A quiet despair has descended on the State Illinois. A governor arrested. A senator’s seat disgraced. Corruption rampant. Unemployment rising and families struggling. The people of Illinois now see the arrogance of a one party state. And this election will show that we will not surrender to their dangerous cynicism of low expectations.

Mark Kirk
Victory Speech for Republican Primary
Feburary 2, 2010

Mark Kirk saw a strong win in the Republican primary with about 57 percent of the votes. Giannoulias won a tighter race with about 39 percent of votes — beating Chicago inspector general David Hoffman, who followed with 34 percent of the vote.

Alexi Giannoulias brought out the old campaign of Hope and Change of President Barack Obama, blaming the Bush Administration for today’s financial woes. He associated Republican Mark Kirk with the policies of George W. Bush, as a Washington insider who thinks unemployment is ‘no big deal.’

Mark Kirk’s plan is to move this country backward — back to the failed and reckless economic policies of the Bush administration that got us into this mess.

Alexi Giannoulias
Victory Speech for Democratic Primary
February 2, 2010

But Giannoulias campaign had to fight criticism of the financial state of Broadway Bank, his family’s bank where he worked before he entered politics. Campaigning in 2006, Giannoulias proclaimed his competency for the job of Illinois State Treasurer, and cited his financial experience as the bank’s chief lending officer.

Giannoulias political opponents in the primary campaign, Cheryle Jackson and David Hoffman called for Giannoulias to withdraw from the race — citing payouts of at least $70 million Broadway Bank made in recent years to members of Giannoulias family and $2.5 million directly to Alexi Giannoulias. He also would not answer direct questions about the loans he approved while chief loan officer at Broadway Bank that have since defaulted.

Less than one week before yesterday’s election, Broadway Bank signed a consent order with federal and state banking regulators to raise millions of dollars in capital, restrict dividends, and hire an outside consultant to assess the bank’s top management. The bank was described as “undercapitalized” in the consent order from the Federal Deposit Insurance Corporation (FDIC). The order requires the bank to raise funds or lower debts to correct the undercapitalization problem.

As of September 30, 2009, Broadway Bank was among more than 30 Chicago-area banks that had seriously delinquent loans and foreclosed real estate on their books that exceed or approach their levels of loan reserves plus core capital.

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