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Alexi Giannoulias
Quick Hit
by Adam Doster
10:18am
Mon Jun 7, 2010

Roskam's FDIC Ignorance (UPDATED)

Rep. Mark Kirk may have lied repeatedly about the nature of his military service, but according to Rep. Peter Roskam, those fibs aren't comparable to Alexi Giannoulias' Broadway Bank troubles. "I think the nature of what Giannoulias was doing ... of putting the federal taxpayers on the hook for hundreds of millions of dollars, is different then overstating a resume," the Republican congressman said on WFLD's Fox Chicago Sunday this past weekend. Watch it (full video available here.):

There's just one flaw with Roskam's argument: the Federal Deposit Insurance Corp (FDIC), which took over Broadway at a cost of $394 million in April, receives no congressional appropriations. Instead it is financed by investment earnings on U.S. Treasury securities and premiums paid by banks so their deposits can be insured.  In February, FDIC officials told the Tribune that they had enough cash on hand to deal with a Broadway Bank collapse without borrowing from the Treasury.

In other words, the bank's takeover can't be described as putting "taxpayers on the hook."

UPDATE (1:10 p.m.) Roskam repeated the claim on WIND's Big John and Amy this morning. For the full segment, click here. Comments begin at the 25:50.

PI Original
by Josh Kalven
10:02am
Tue Jun 1, 2010

Mark Kirk: Needless Exaggerator Of The Year

While GOP U.S. Senate candidate Mark Kirk is desperately trying to blame the ongoing controversy over the embellishment of his military record on Democratic rival Alexi Giannoulias, the truth is he brought this on himself.