March, 02, 2010

Republican U.S. Senate candidate Mark Kirk said Monday the fate of his Democratic rival's family bank should be an issue of concern for voters."I think there's no question that Alexi Giannoulias bears direct personal responsibility for reckless loans that could bankrupt the Broadway Bank," Kirk said of the Democratic U.S. Senate nominee. "I also worry that the possible collapse of the Broadway Bank will leave taxpayers left paying for Alexi's reckless loans."

Kirk's comments came after the Tribune reported Sunday that the bank's chief executive, Demetris Giannoulias, said the family must raise at least $85 million by the end of April to prevent a government seizure of the financial institution. Demetris Giannoulias is the older brother of Alexi Giannoulias.The Federal Deposit Insurance Corp., which covers individual depositors up to $250,000, is financed by fees on the banking industry. Though the FDIC's finances have been strained by a wave of bank failures in the recession, agency officials said last month they believed they would not need to borrow taxpayer dollars from the Treasury.

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