Why Alexi Giannoulias Hates Fridays

That's the day regulators announce bank closures. Only 34 Fridays left until the election

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    NEWSLETTERS

    Leader: Alexi Giannoulias enjoys a comfortable, but not insurmountable lead over his Democratic rivals. His name recognition is a big plus.

    Thank God it's not Friday.

    That's the day bank regulators announce which troubled banks they'll be closing -- and "troubled" is an understatement when it comes to  Alexi Giannoulias' Broadway Bank, which needs about $85 million in capital or risks being shut down by the FDIC.

    Giannoulias' response to those concerns has been pretty consistent: the economy has caused problems for several small community banks, including his. Besides, Giannoulias says, I haven't worked there for four years.

    The question making the rounds now, though, is: exactly when were the bank's bad loans made?

    A recent Bloomberg piece says 9 percent of the bank's $240 million in non-performing assets originated while Giannoulias was there.

    Meanwhile, Broadway Bank's options are limited: private equity forms won't dole out the cash, and it's unlikely another bank would purchase the bank before it fails.

    All this dour news has Sen. Mark Kirk salivating. Kirk says Giannoulias is directly responsible for Broadway's bad loans, and that he's passing on that responsibility to voters.

    Even Illinois US Senator Dick Durbin says Giannoulias needs to answer more questions about the whole matter.

    Better hurry up. Only 34 more Fridays until the election.