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Greek News Responds to the Trib’s Piece on Giannoulias

Pointing out how far of a reach most of it was and laying it at the feet of Rahm:

I’m reprinting it all because is one of the best attacks on crappy journalism I’ve read in some time:

Illinois State Treasurer Alexi Giannoulias became the target of a dirty campaign as he moves on to his bid for the U.S. Senate. Local Chicago daily “Chicago Tribune” is trying to involve the 33 year old Greek American in a case of intervention in favor of a Greek American student, to be accepted in the University of Illinois.

There has been no communication between Alexi Giannoulias and the University of Illinois, but according to the Chicago Tribune, “internal campus documents released last week, show that Giannoulias’ adviser Endy Zemenides sent information about the student to U. of I. Provost Linda Katehi (also a Greek American) in February 2008. He e-mailed from his law office, but copied his “Alexi for Illinois” campaign address on the exchange.”

Endy Zemenides categorically denied any involvement of Alexi Giannoulias in the issue and in a statement to the Chicago Tribune (the newspaper printed only a small part” he said:

“I am a personal friend of the student’s father and know him through the Greek community, in which I hold several leadership positions. I made a simple inquiry on the student’s admission status while she was on the wait list. I did not, have not, and would not represent that I was inquiring on behalf of the Treasurer for this student or anyone else.”

The Chicago Tribune article is arbitrarily trying to connect Zemenides’ recommendation to Greek Orthodox priest Fr Alex Karloutsos and Greek American billionaire Michael Jaharis, who contributed to the Giannoulias campaign $20,000, during a fundraiser event held in New York last June.

According to the “Tribune”, “the student’s father reached out to Zemenides at the urging of Rev. Alexander Karloutsos, a Greek Orthodox priest who frequently lends his support and extensive Rolodex to political candidates. Karloutsos, who lives in New York, told the Tribune he has known the student her entire life, having introduced her parents, married them and performed her baptism.”

Although the student’s father has not made a personal campaign contribution to Giannoulias, the “Chicago Tribune” is trying to built a case through the relationship between Fr Karloutsos and Michael Jaharis.
“A month after the student’s scheduled admission, the article points out, Karloutsos attended a Giannoulias fundraising event in New York with several other deep-pocketed Greek contributors. The campaign collected at least $120,000 that night, documents show. Karloutsos acknowledges he had introduced Giannoulias to several prominent guests, including billionaire Michael Jaharis who gave him $20,000 at the event, according to campaign records.”


But Jaharis – as he told the audience during his speech at the event – met Alexi Giannoulias in 2006 – two years BEFORE this “inquiry” – and had been a supporter of Alexi’s from the beginning. In addition the fundraiser was neither hosted by Father Alex nor did he contribute money. The main hosts were in fact prominent Greek Americans who have supported virtually every Greek American candidate.
“Greek News” that covered the event, wrote on June 23, 2008:

“Michael Jaharis, a Greek American billionaire and Vice Chairman of the Archdiocesan Council speaks very randomly in public about public figures. Last Thursday he spoke very warmly about a breakfast he had two years ago with a very young man from Illinois, recommended to him by father Alex Karloutsos.
‘All he was talking was about a Senator that I haven’t heard of, Barack Obama. Listening to him I saw his strength and his character. And my instinct told me that Alexi Giannoulias would do a lot and I know that he has already accomplished a lot.’

Jaharis praised the role of the Hellenes and Hellenism in our civilization and the western world and expressed hope that everyone must make sure that Alexi Giannoulias is well supported, because he has a chance to accomplish much more.”

STRANGE COINCIDENCE
Although people close to Alexi Giannoulias see in the story of the “Chicago Tribune” “just a case of bad journalism”, prominent Greek Americans in Washington raise the possibility of the involvement of Rahm Emmanuel, White House Chief of Staff, was behind an effort to clean up the field of the Democratic nominees for the U.S. Senate seat, in favor of the Illinois Attorney General Lisa Madigan.


According to a prominent Greek American, Emmanuel’s subversive tactics against Giannoulias and in favor of Madigan, started immediately after he became Obama’s chief of staff. His efforts were reported to prominent Greek Americans by a member of Congress.

Ten days ago, while Greek American leaders were attending a White House event, they pointed out to Rahm Emmanuel their interest on Giannoulias and they made an issue (along with Cyprus) to President Obama.
The following day, Obama’s senior advisor David Axelrod called Giannoulias on the phone, reassuring him on behalf of the President that the White House will stay neutral in the Illinois senatorial campaign.
Giannoulias’ campaign reported on March 30th one million dollars in contributions, an amount that is expected to be almost doubled in the latest filling, June 30th.

Greek Americans around the country have shown their support to Alexi Giannoulias and discard the “cheap tricks” used against him.

“As a former member of Congress and a Jewish American, Rahm Emmanuel should know better how many similar letters has signed himself for his constituents”, a prominent member of the Greek Lobby said, adding that “there is nothing wrong in trying to help our own people”.

“The only mistake Endy Zemenides did, was to copy the wrong e-mail. We are very thankful to someone trying to help young Greek Americans”, he added.

According to the Chicago Tribune article, “more than 800 U. of I. undergraduate applicants received special consideration because of their ties to powerful patrons during the last five years”.

But, they decided just to pinpoint on the case that involved Greek Americans.

George Athanson the late Mayor of Hartford Connecticut was once questioned by a reporter who accusing of “favoring Greeks”.

“So, the reporter asked him, if someone is qualified for the position and he is a Greek American, that means you hire him?”

“That’s lie”, Athanson replied. “If he is Greek, I will hire him anyway”.

 

That Greek-Americans donated to a Greek American candidate is a dog bites man story.  It’s an incredibly close community.  If you recall Vallas raised a lot of money from the Greek American community in 2002–which is the only way he stayed at all competitive given he was a bad fundraiser.

It should be a scandal that Alexi’s campaign got two pages online compared to less than a full page for the far more cases where direct intervention was done by a politician or U of I board member.

Or in easier terms for those who love movies:

You know, the root of the word Miller is a Greek word. Miller come from the Greek word “milo,” which is mean “apple,” so there you go. As many of you know, our name, Portokalos, is come from the Greek word “portokali,” which mean “orange.” So, okay? Here tonight, we have, ah, apple and orange. We all different, but in the end, we all fruit.

Skinner Sued by Northwest Herald

It appears to be pretty much BS, but Rich does a fairly good analysis of the entire situation.

In my somewhat limited interactions with Cal, I generally like him. He’s a right wing nut, but a fairly smart guy who is at worst a true believer.  I cannot speak for his longer term career because my contact has primarily been through blogging so I won’t make any sweeping statements, but he’s a guy who brings up issues regardless of whether they are comfortable for most folks.

I think Rich is right, Cal probably owes them an apology for an overstatement.  Nothing to be too ashamed of there, I do it from time to time and hopefully apologize when it’s pointed out.  However, like Rich, from what I can tell, Cal doesn’t hold blood feud grudges forever. He can be heated, but can discuss other issues later.

That said, that’s a pretty tough case to make for defamation.

The core of the complaint seems to be that Cal said the paper’s editorial board was in the pocket of the local GOP.  While it’s legit to criticize the claim, that’s not a cause for defamation.  It’s a figure of speech that anyone who engages in political discussion is likely to face.  I’m in the pockets of people who hate each other much of the time.  Who knew?

But you don’t sue over it.  You criticize the claim or make an argument that is better reasoned.  Or the Northwest Herald is going to be facing a whole lot of defamation suits whenever it writes a critical editorial.

Politicians Worth Their Salaries: Quigley and Schakowsky

From press releases on the Climate Change bill.  While a bunch of blue dogs defected–I’m looking at you Bill Foster–Quigley points out one of the most important elements of the entire deal–lower income individuals will end up saving money over time.  While this bill is inadequate, change in the United States is incremental and it’s a start.

 

Quigley:

WASHINGTON, DC This evening, Congressman Mike Quigley (D-IL) voted to pass landmark clean energy legislation that will create millions of new American jobs, limit the pollution that causes climate change, and reduce our dangerous dependence on foreign oil. Cong. Quigley issued this statement following spirited debate and bipartisan passage of H.R. 2454, the American Clean Energy and Security Act (ACES):

    This is a great day for all of us, and all of our children, and all of our childrens children. This long-term investment is an investment in our economy, our health, and our future. Going green will save green, because future savings will quickly outpace immediate costs.  This bill will grow our GDP, help clear our air of harmful pollution, create clean energy jobs that will stay in America, and provide us with both environmental and economic hope for tomorrow.”

    With a combination of price spike protections, energy refunds and cost-saving technology, ACES will protect consumers, keep costs low,

    and protect current jobs by helping energy-intensive industries transition to a cleaner, more profitable future. According to the EPA, the legislation would cost a typical American household less than a postage stamp per day, or less than $111 a year. Lower income households will see no new costs; in fact, the Congressional Budget Office found that they would actually save $40 per year with the plan. To maintain the return to fiscal responsibility that has become a hallmark of this Congress, the bill will not increase the deficit.

    “It’s hard to see the road ahead when times are tough; I get that,” said Cong. Quigley.  “But we cant afford not to act. We have to remember, on this issue and others, that the cost of inaction far outweighs today’s price tag. Energy costs are on the rise due to increased demand, and we’re on an unsustainable path that will increase costs much more if we don’t take action now. This is an important legacy, and Im proud to be a part of it.

    Illinois stands to greatly benefit by investments in a clean-energy economy, according to a recent report by the Center for American Progress.  Research finds that Illinois could see a net increase of approximately $6.6 billion in investment revenue and 70,000 jobs based on its share of a total of $150 billion in clean-energy investments annually across the country. Illinois’ unemployment rate is currently more than 10%, a 25-year high for the state and higher than the national average.

The American Clean Energy and Security Act has received broad support from both industry and environmental groups and Members of Congress from across the country. It is backed by a coalition that includes consumer groups, electric utilities, car companies, manufacturers, environmental organizations, agriculture and forestry groups, and labor organizations among many others.

H.R. 2454 passed by a bi-partisan vote of 219-212 earlier this evening. Congressman Quigley voted in support of the bill.

Schakowsky:

Washington, DC (June 26, 2009) – Rep. Jan Schakowsky, D-IL, released the following statement regarding the American Clean Energy and Security Act of 2009:

“For over a century the United States has embraced on energy policy based almost entirely on fossil fuels that have had several dangerous consequences for today. This outdated policy has compromised our national security by making us reliant on foreign oil, has led the United States to lag behind other countries in the research and development of new energy technologies that would have created jobs and has poisoned our planet. Now we have an opportunity to change directions.

“When I was back in my district last recess I could feel the crackling of new innovation. S & C Electric is making our electric grid much smarter and more reliable. Northwestern University is enabling entrepreneurs who are using nanotechnology and applying it to the energy field and using it to the electric window shut down, but those 260 skilled workers were rehired with help from the recovery bill that we passed. These are just a few of the thousands of success stories around the country, and the 1.7 million good jobs that will be created with the passage of this bill.”

Politicians Worth Their Salaries: Giannoulias

Up at Kos:

 

Why I Support Cram-Down Reform.

As a former community banker, I know that there are many good, conscientious lenders who will do whatever they can to make sure families are not kicked out of their homes and onto the street. Good bankers understand that foreclosures don’t help our banks or communities thrive, and they don’t help keep the American dream alive. And frankly, it doesn’t help their bottom line.

Banks renegotiate the terms of mortgages outside of court to give homeowners a second chance all the time. But since the subprime mess, many banks haven’t been as kind. That’s why I supported this amendment; it only applied to lenders that failed to do the right thing by not offering loan modifications outside of court in the first place.

But the power players in the financial industry disagreed, and they certainly didn’t want to cede control of their business decisions to bankruptcy courts. They claimed the amendment would lead to more bankruptcy filings and prompt more homeowners to use bankruptcy as a threat to negotiate lower monthly payments, which would force lenders to raise interest rates.

Those arguments fall short. Homeowners do not want to risk long-term damage to their credit rating. Housing advocates dispute the higher interest rate claim and estimate the amendment would save hundreds of thousands of homeowners from facing foreclosure. In my experience, fewer foreclosures mean fewer bankruptcies.
But the Senate caved to powerful banking lobbyists when it gutted the amendment. And, to make matters even more frustrating, those lobbyists were paid for with money from the same banks that have received billions of dollars in subsidies from taxpayers in order to escape a financial firestorm of their making.
Senator Durbin said it best about banks: “they frankly own the place.”

The debate over the bill and its ultimate failure demonstrate why we need to reduce the influence of corporate interests and their role in shaping policy.

 

Cramdown makes sense for the vast majority of financial institutions.  Foreclosure is expensive and in the short term there are housing gluts in the areas hit hardest by the mortgage finance crisis.  This makes it even hard to sell the properties that are foreclosed upon. Those fighting cramdown legislation are largely institutions that aren’t banks and invested in securitized mortgages and/or made lots of subprime loans.

There are different kinds of borrowers facing problems.  Speculators won’t be helped much by this sort of bill.  They are essentially screwed with a market that evens out or drops.

However, homeowners who bought into bad loan agreements can benefit greatly.  If you look at the Eddy Curry article (not a typical example–just the terms) his variable rate mortgage could go from somewhere around 3 percent to 15 percent.  A millionaire pro-athlete isn’t a problem but a family that bought into a cheap monthly payment and didn’t understand the potential for escalating payments does.  Or a family that might have bought in with a steady two incomes when one has now gone away.

Cramdown still delivers a fair rate of return to the financial insitution and decreases the risk of default to go along with that so that there is compensation for the change in terms.  It keeps people in their homes if there is a reasonable chance for a family to afford the new payments, and it reduces the housing glut in those cities where one exists.

The resistance is there because it will affect the value of those securitized mortgage packages out there and create more accounting problems for some institutions who are staying afloat by largely overvaluing assetts.  That’s probably necessary in the short run, but can also be solved with emergency accounting rules.

The Most Underused Word in Illinois: Cowardice




The House of Representatives is filled with cowards.  Not surprisingly it’s headed by the father of a candidate for something next cycle who can’t be found to take a position on a very basic issue–how to close a huge budget deficit.

[youtube]http://www.youtube.com/watch?v=cjw_jiN7VJ0[/youtube]

Every option the House is offering is inadequate and we are getting more leadership from Cullerton than from anyone in House or the somewhat erratic ramblings of the Gov.  There is a structural deficit in Illinois that has to be dealt with not by one year gimmicks, but by fundamentally changing the tax structure.  Cullerton has put up, the Governor is willing and trying to push the message, but the House continues to run scared.  What good is power if you won’t wield it every once in a while?