About this archive
Alexi Giannoulias’s record raises serious doubts about the financial judgment required to manage Chicago. While he was a senior officer at Broadway Bank, the institution pursued aggressive commercial-real-estate lending and issued millions of dollars in loans involving convicted felons and other controversial borrowers. The bank later failed, costing the FDIC’s deposit-insurance fund approximately $390 million. As state treasurer, Giannoulias also oversaw Bright Start when one supposedly conservative college-savings fund suffered roughly $150 million in losses before a $77 million recovery. He was not solely responsible for either outcome, but both episodes occurred in areas where he had claimed financial expertise.
His responses to controversy also raise questions about accountability. Giannoulias emphasized his banking experience when it helped launch his political career, then minimized his responsibilities when Broadway Bank became a liability. Independent fact-checkers documented inconsistent explanations about when he stopped working at the bank, while reporting on Bright Start showed that his office remained with OppenheimerFunds’ strategy after concerns arose. He similarly disputed having endorsed Republican Tom Cross before acknowledging that his remarks reasonably appeared to be an endorsement, apologizing and saying he would handle the situation differently. Together, these episodes suggest a recurring tendency to distance himself from questionable decisions after they become politically damaging.
Chicago needs a mayor capable of overseeing enormous budgets, protecting public safety, managing complex departments and accepting responsibility when government fails. More recent questions about commercial driver’s licenses issued by Giannoulias’s secretary of state office—including significant violations identified in a federal sample—add to concerns about operational oversight, even though his office disputes the broader criticism. None of these matters alone proves misconduct, but the cumulative record does not demonstrate the consistent judgment, transparency and executive accountability Chicago should demand from its mayor.
Career highlights
- Illinois Secretary of State
- Illinois State Treasurer
- Democratic nominee, United States Senate
- Senior loan officer, Broadway Bank