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Democrat ‘Mob Banker’s’ Bank Loaned $23 Mil to Tony Rezko

-By Warner Todd Huston

Tony Rezko has been at the root of many of Illinois’ worst cases of government corruption and influence peddling with ties that go back decades. He’s been tied to President Obama, indicted Governor Rod Blagojevich, and now Senate Democrat candidate Alexi Giannoulias whose family bank loaned the crook almost $23 million.

Worse, the Giannoulias family bank made the loan to Tony Rezko’s development group long after he’d become “politically radioactive,” as the Chicago Sun-Times puts it.

On Feb. 14, 2006, newly obtained records show, the bank made a $22.75 million loan to a company called Riverside District Development LLC, whose owners, it turns out, included Rezko.

You won’t find Rezko’s name on any documents filed in the public record in connection with the loan.

But Rezko acknowledged his ownership stake in Riverside District Development to a federal judge about a year after the loan was made, according to a transcript of the court hearing.

Granted Alexi was gone from the bank when the loan was made, but this loan combined with the loans made to two mobsters to the tune of $20 million (that was never paid back) and the fact that the bank failed shows a history of bad banking practices, insider activity, and political backscratching by the Giannoulias family.

Let’s face it… one of the big qualifications that Giannoulias used to run for State Treasurer’s office was his wonderful experience in the Broadway Bank. But as each month passes we are finding that his bank was more and more irresponsible and corrupt.

And this guy with such a shady past wants to be our senator?
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“The only end of writing is to enable the reader better to enjoy life, or better to endure it.”
–Samuel Johnson

Warner Todd Huston is a Chicago based freelance writer. He has been writing opinion editorials and social criticism since early 2001 and before that he wrote articles on U.S. history for several small American magazines. His political columns are featured on many websites such as Andrew Breitbart’s BigGovernment.com, BigHollywood.com, and BigJournalism.com, as well as RightWingNews.com, CanadaFreePress.com, StoptheACLU.com, AmericanDaily.com, among many, many others. Mr. Huston is also endlessly amused that one of his articles formed the basis of an article in Germany’s Der Spiegel Magazine in 2008.

For a full bio, please CLICK HERE.