Giannoulias Bank Granted Stay Of Execution

Until after the election. Even the FDIC is politicized under the Obama regime.

A final report on the failed family bank of Democratic Senate candidate Alexi Giannoulias will not be released until after the Nov. 2 election, federal regulators said today.

The release of the report before the election could have been another political headache for Giannoulias in the close contest with Republican Mark Kirk. Giannoulias has been on the defensive over his role in loans Broadway Bank made to convicted felons while he was a senior loan officer, as well as other troubled lending that contributed to the bank’s collapse early this year.

The inspector general of the Federal Deposit Insurance Corp. typically issues a “material loss” report, which details issues in a bank’s failure, about six months after the institution is taken over by the regulators. Broadway, which the FDIC accused of “unsafe banking practices,” was closed on April 23, at a cost to the FDIC of $394.3 million.