Time has run out for Broadway Bank, the troubled family business that threatens to take Alexi Giannoulias’ U.S. Senate campaign down with it.
Federal regulators showed up at closing time on Friday and took over the 30-year-old institution founded by Giannoulias’ late father, Alexis. The family wasn’t able to meet the Federal Deposit Insurance Corp.’s deadline for raising up to $85 million in capital, and the FDIC rejected bank CEO Demetris Giannoulias’ plea for more time to turn things around. It’s over.
But the political fallout won’t fade until the election is past, despite Alexi Giannoulias’ determined attempts to change the subject. Like it or not, he’ll spend the next six months explaining over and over why the 34-year-old scion of a failed family business belongs in the U.S. Senate.