Bank failure a metaphor for Dem Ill. Senate campaign

Chicago Tribune:

Only hours after federal regulators took over the failed bank that his family controlled, an emotional Democratic U.S. Senate candidate Alexi Giannoulias took a big swig of water and labeled his day personally "devastating."

Now Giannoulias must convince the White House and voters that it's not politically devastating as well.

The closing of the doors at Broadway Bank for the final time Friday failed to slam shut ongoing concerns over Giannoulias' relationship with the bank and the impact on Democratic hopes to retain the Senate seat once held by President Barack Obama.

In 2006, Giannoulias portrayed himself to voters as a savvy young executive at a thriving community bank with the experience that qualified him to be state treasurer. Four years later, his role at the bank is being downplayed and the bank is out of business as he tries to persuade voters to send him to Washington.

That contrast has become the dominant early story line of Giannoulias' general election contest against Republican Mark Kirk, with political overtones that stretch to the White House.

What this story suggest is just how shallow the Democrat bench is in what was supposed to be a safe Democrat senate race. My speculation is that the Chicago boys in either Washington or the Mayor's office will explain alternatives to the candidate and he will drop out to be replaced by someone who borrowed money from the bank.


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