Democrat Senate hopeful Alexi Giannoulias (D-IL) claimed yesterday that he would not have authorized $15.4 million in loans to Michael “Jaws” Giorango – a crime boss that ran prostitution rings and engaged in illegal gambling – if he had known back then what he knows now.
However, in 2006, Giannoulias said that he knew about Giorango’s criminal past, admitting that he knew the mobster had “some legal problems.”
In fact, Giannoulias admitted that he had a conversation with Giorango about his criminal past, and he traveled to Miami, Florida to inspect property that Broadway Bank had financed for Giorango. Giannoulias admitted that he met with Giorango, but refused to disclose details of his meeting with the mobster.
“Instead of ducking questions about these critical ethical issues, Alexi Giannoulias should finally admit what he knew about Giorango’s ‘legal problems’ before he authorized $15.4 million in loans to the known mob-linked pimp,” said National Republican Senatorial Committee (NRSC) spokeswoman Amber Wilkerson Marchand. “Illinois voters have had enough of the culture of corruption surrounding the scandal-ridden Chicago political machine, and Giannoulias should immediately explain everything involving his family bank’s interactions with the mob.”
Today marks 11 days since Giannoulias promised to answer pointed questions about his record and Broadway Bank. On January 28, 2010, Giannoulias assured reporters: “If I’m fortunate enough to make it out of the primary, we can have that conversation.”
Background Information
Yesterday, Giannoulias Said That He Wouldn’t Have Approved Loans To “Jaws” Giorango If He Had Known Back Then What He Knows Now. “Broadway Bank is alleged to have provided loans to Michael ‘Jaws’ Giorango, a crime boss accused of running prostitution rings and engaged in illegal gambling. ‘No bank performs criminal background checks when someone comes in to get a loan,’ Giannoulias said. ‘If I knew now what I knew then, we probably wouldn’t have approved those loans.’” (Rhys Saunders, “Durbin To Chair Giannoulias Campaign,” State Journal Register, 2/7/10)
But In 2006, Giannoulias Said He Knew About Giorango’s Criminal Past:
Giannoulias Admitted That He Knew Giorango Had “Some Legal Problems.” “Giannoulias insisted he only knew that Giorango had ‘some legal problems’ while he was servicing the loans, declining to say whether he knew they were criminal in nature. And even though he said the bank acted completely legally and according to industry standards, Giannoulias said he would recommend against giving the loans today. If elected, he pledged ‘the state treasurer’s office will abide by the highest ethical standards [and] will not do business with criminals.’” (Scott Fornek, “Giannoulias: I Take It Back,” Chicago Sun-Times, 4/27/06)
Giannoulias Admitted That He Had A Conversation With Giorango About His Criminal Past. “Giannoulias often read from prepared notes and adhered closely to talking points as he handed out a 36-page compilation of excerpts from federal and state bank privacy laws. But Giannoulias occasionally strayed across those privacy lines to describe aspects of the loans. On Wednesday, Giannoulias said he once discussed Giorango’s criminal past with him. In that conversation, he said, Giorango ‘may have misrepresented the extent of what took place.’ Giannoulias declined to answer further questions about that conversation.’” (David Jackson, “Giannoulias Speaks Up On Loans,” Chicago Tribune, 4/27/06)
Giannoulias Admitted Traveling To Miami To Meet With Giorango, But Would Not Give Details Of The Meeting. “But on Wednesday, Giannoulias said he traveled to Miami ‘about a year or two ago’ to inspect property the bank had financed for Giorango and met with him there. Giannoulias declined to provide details of that meeting.” (“Giannoulias ‘Embarrassed’ By Remarks About Convicted Felon,” Chicago Tribune, 4/27/06)
