Obama the SaintConnections to corrupt bankers revealed in Wall Street Journal. Did you hear about this from your press sources?

Who is Alexi Giannoulias?

On August 5th, Obama is going to Chicago to campaign for Alexi Giannoulias. A fine upstanding 34-year-old running for a US Senate seat. Right? Hardly!

Giannoulias is the “…Illinois state treasurer and heir to a family bank that was seized this spring by the feds.” – WSJ 7-22-2010. He met Obama and supported him through his 2004 Senate Victory. Giannoulias has some other problems. When Giannoulias was senior loan office at Broadway Bank money was disbursed to Michael “Jaws” Giorango, a convicted bookmaker. And Giannoulias has received criticism for mismanaging the state’s college savings program.

The seat is currently occupied by Ronald Burris who’s ethics have been brought into question. He was appointed by former Gov. Rod Balgojevich, who is currently in the middle of his corruption trial.

So if Obama is going to campaign for a banker to fill this closely watched Senate seat in his home state then you would think it would be for someone who has shown good banking ethics. So why is he backing Giannoulias:

The president got his reward when Mr. Giannoulias leveraged his new political clout to raise funds for the Obama presidential campaign. Mr. Obama would also take donations from Giannoulias family members and at least one Broadway Bank manager. A few local papers noted the gap between Mr. Obama’s new-politics rhetoric and his old-politics Giannoulias ties, but most media ignored it. – Wall Street Journal

An Act Of Despiration

In late 2008 Obama began to recognize the problems that could be caused by Giannoulias. He tried to get the Illinois Attorney General, Lisa Madigan, to run for the open Senate seat. She declined. Obama has not been able to find anyone better suited for the position.

The Democrats could loose their Senate  majority. An Obama could loose more clout. Illinois Democrats have shown their aggravation by not donating money to the Giannoulias campaign. He raised $900,000 in the second quarter vs. $2.3 million raised by his opponent.

So our President who is saving us from corrupt banking is going to campaign for a corrupt banker.

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