The Documented Public Record of Alexi Giannoulias

A record is more than a charge or a press release

The documents show a mixed, traceable record. Broadway Bank failed after regulators identified aggressive commercial-real-estate growth and inadequate risk controls. The cited FDIC review addresses the board and management collectively, and the court’s January 2013 opinion lists nine defendants in the later FDIC case without naming Giannoulias. The allegations described there remained allegations. ^{S039 — source: FDIC Office of Inspector General, Office of Material Loss Reviews (opens in a new tab)S042 — source: U.S. District Court, Northern District of Illinois (opens in a new tab)} Bright Start participants suffered large losses in an Oppenheimer-managed bond option; Illinois later obtained a $77.23 million settlement. PLANADVISER reported Oppenheimer’s position that the settlement contained no admission of wrongdoing; the public Illinois release does not reproduce that term. ^{S049 — source: Illinois Attorney General and Illinois Treasurer (opens in a new tab)S077 — source: PLANADVISER (opens in a new tab)} As Secretary of State, Giannoulias has expanded appointments and digital services while his office has also faced documented, partly repeated audit findings, a preliminary federal CDL compliance determination and complaints about the REAL ID rollout. ^{S059 — source: Illinois Secretary of State (opens in a new tab)S069 — source: Illinois Auditor General (opens in a new tab)S070 — source: WTTW (opens in a new tab)S078 — source: Federal Motor Carrier Safety Administration (opens in a new tab)S079 — source: Illinois Secretary of State (opens in a new tab)}

Each dossier identifies what is established, what was alleged, the response, the outcome and what the available record cannot answer.

Broadway Bank

Regulators closed the family-controlled bank in April 2010. The FDIC inspector general identified institutional lending, concentration, risk-control and funding failures and also criticized aspects of regulatory timing. ^{S039 — source: FDIC Office of Inspector General, Office of Material Loss Reviews (opens in a new tab)S041 — source: FDIC Office of Inspector General, Office of Evaluations (opens in a new tab)} Giannoulias worked there from 2002 to 2006, but the review did not determine his individual responsibility for the failure or say he personally approved every challenged loan. ^{S027 — source: Illinois State Treasurer (opens in a new tab)S039 — source: FDIC Office of Inspector General, Office of Material Loss Reviews (opens in a new tab)S046 — source: FactCheck.org (opens in a new tab)S047 — source: PolitiFact (opens in a new tab)}

Read: Broadway Bank: findings, context and Alexi Giannoulias

Bright Start

One Bright Start fixed-income option experienced severe 2008 losses after its outside manager used a strategy Illinois alleged was inconsistent with a conservative presentation. ^{S049 — source: Illinois Attorney General and Illinois Treasurer (opens in a new tab)} The state redirected new contributions, replaced options and secured a $77.23 million eligible-participant settlement. ^{S049 — source: Illinois Attorney General and Illinois Treasurer (opens in a new tab)S054 — source: PolitiFact (opens in a new tab)} The dossier separates gross loss estimates, settlement relief, oversight criticism, manager conduct and the absence of a personal-liability finding against Giannoulias.

Read: Bright Start: losses, settlement and Giannoulias

Secretary of State

Read: Alexi Giannoulias as Illinois Secretary of State

Record-reading rules

A regulator finding is not rewritten as a campaign slogan.
A complaint or opponent’s allegation is not a finding.
A settlement without admission is not an adjudicated verdict.
A donation is not evidence of a quid pro quo by itself.
“No reviewed source established” is an evidence limit, not a declaration that somebody was cleared.
Current administrative statistics are attributed to the office unless independently audited.

Follow the full career, controversy, response and outcome chronology or browse all 44 external records.

Alexi Giannoulias hub Broadway Bank Bright Start Secretary of State Timeline Source Library