November 07, 2009

Former Chicago city inspector general David Hoffman today proposed reforms of the financial industry, including creation of a consumer watchdog agency and curbs on interest rates. But he misfired when he used that message to take a shot at a Feb. 2 rival for the Democratic U.S. Senate nomination.

Hoffman vowed to stand up to banking interests fighting regulatory reform and accused first-term state Treasurer Alexi Giannoulias of breaking a pledge not to accept money from corporate political action committees.“Mr. Giannoulias made a campaign promise that he would not accept corporate PAC money. But he’s a banker and apparently made an exception to take PAC money from the banking industry. That is something I won’t do,” Hoffman said in a statement.