Who will replace Obama/Burris? | Bleader

Friday, June 5, 2009

Who will replace Obama/Burris?

Posted By on 06.05.09 at 02:57 PM

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Greg Hinz has the rundown; those in the pool look to include state treasurer and Obama ally Alexi Giannoulias. Should that come to pass, you will definitely want to read Ling Ma's cover story about the Museum of Holography and the loan - approved by Giannoulias - that's killing it. Key grafs:

"[Loren Billings] borrowed the money from the local Broadway Bank in 2002 and gave most of it away. When her son, Terrence Kasprzak, discovered—several years later—what she’d done, he sued the bank. In the 2006 suit, he claims that his mother, 83 when she took out the loan, was mentally unfit to understand the financial jeopardy it put her in, and that the bank should have seen from her financial records that she was in no position to repay it.

"Kasprzak, who because of the litigation declined to be interviewed for this story, argues in the suit that the museum building in the gentrifying West Loop was worth well over $1 million when the loan was made and accuses the bank of seeking to acquire the property through foreclosure and resell it at a profit.

"Broadway Bank is owned by the family of Alexi Giannoulias, Illinois state treasurer and a political ally of Barack Obama. Giannoulis was the bank officer who approved the loan to Loren Billings."

It's also just a classic feature story about an odd bit of Chicago culture, so you can read it for that as well.

 

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