Illinois Republican Party

What Role Did Alexi Giannoulias Play in Authorizing a $1.2 Million Broadway Bank Loan to Nick Giannis?
3/15/2010

The Illinois Republican Party is calling on Broadway Bank and Alexi Giannoulias to clarify what role the Democratic nominee for U.S. Senate played in authorizing a $1.2 million loan to Nick Giannis, a top campaign contributor and long-time family friend who was arrested last week for bank fraud, and why any loans were ever made given Giannis’ prior criminal conviction.

Giannis, the second-highest Giannoulias campaign contributor outside the Giannoulias family, was arrested Thursday as he attempted to flee the country. Giannoulias accepted $114,800 in campaign contributions from Giannis since 2005.

According to the Cook County Record of Deeds, Broadway Bank loaned Giannis $1.2 million in December 2002. On Saturday, a Giannoulias campaign spokeswoman “said she had found no evidence that Giannoulias himself signed off on the $1.2 million loan” but provided no further detail into what records she checked or what other role he may have played in the loan process.

In 1996, Nick Giannis was sentenced to 2 years in prison but given probation for illegal possession of a firearm. (Illinois Court Records, Case Number: 1996C22008201)

During Giannoulias’ 2006 campaign for State Treasurer, Nick Giannis told the media he supported Giannoulias “because he has known him since he was a school chum of Giannis' son.” (Chicago Tribune, “Bank clients beef up campaign war chest,” October 11, 2006)

Key Questions for Alexi Giannoulias

1) Who authorized Broadway Bank’s $1.2 million loan to Nick Giannis in December 2002?

2) If it was not you, what role did you play in the loan process as Chief Loan Officer of the bank?

3) Do you deny Nick Giannis’ 2006 claim that he has known you and your family since you were a school boy?

4) In the past, you have defended loans to criminals by saying, “If I knew then what I know now, I probably wouldn’t have made those loans.” In the case of Nick Giannis, however, you did know he was a criminal since he was also a close family friend. How did he get a loan?

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