Typical customers won’t notice huge differences other than a new name on their accounts. Depositers, unsecured ceditors, subordinated debt, and then stockholders are the order for any assets being distributed. There may not be much lost other than by stockholders in the end given the bank was profitable, just under-capitalized.
All of us in Illinois are paying a price for two reasons. First, our campaign season is far too long with a far too early primary that allowed Mr. Gianoulias to be nominated before the problem came to its natural conclusion. Had this occurred in January does anyone think the primary campaign would have been the same?
Here it is April and we are stuck with a candidate who given this type of conduct should not be on the ballot and perhaps would not be were we having a primary at a time more reasonably related to the general election.
More difficult is the dilemma created by the party solidarity that is now the rule in Washington D.C.
How can I vote for Mark Kirk when I know that he will oppose every idea, thought, and program that Obama proposes for the next 2 years? This is a true dilemma, created by a political system that is rapidly destroying itself. I have no one to vote for come November and I do not know what to do!
Stuart, I’m not sure the conduct by Alexi is that bad. Essentially the bank specialized in commercial real estate because the Dad believed land always had value. True, but a bit quaint given our current economy. They over invested in commercial real estate and essentially when the value of that real estate went in the tank and it all had to be revalued due to the recession, the bank could no longer meet liquidity requirements. It was bad decision making, but there was no fraud involved.
In a lot of ways, Brady’s home building business is similar. It’s all but shuttered temporarily for much the same reason,but he doesn’t have to keep liquidity standards since he’s not a bank. Brady didn’t do anything wrong (well, some of the houses are kind of shoddy, but that’s pretty common anymore), but his business is at pretty dead for the moment.
Now, it’s a completely separate argument over whether the press will look at all of this realistically given they have blown up every story about Alexi and the question is can Alexi survive Bruce Dold or not.
I do not disagree—the problem is that this year we have the largest bunch of flawed candidates that I can remember and I have been voting since 1972.
I wanted the Governor’s election to be a serious debate about spending and taxes, it will not be.
I wanted the Senate debate to be a serious discussion of reforming a legislative body that no longer works.
I know I am naive, but I am getting nothing this campaign other than agita!
I see what you mean and I largely agree. Especially in the Governor’s race, I can’t believe we are facing life with these two morons.
I agree and I would go slightly further. The possibility existed that a Kirk-Gianoulius race could have been an interesting one . Indeed I had hopes that Kirk, who was a moderate and comes from a moderate/ liberal district would have been the type of Republican I could consider supporting. But he quickly sold out and there is no reason why anyone in Illinois who voted for Obama should vote for him. Now the question is will Alexi give those people a reason to vote for him.
Painfully accurate, both the post and the comments.
I’m probably going to hold my nose and vote for Giannoulias, but yeesh. “It wasn’t my fault” is not exactly an inspiring campaign slogan.