Joel Pollak has more information on the ShoreBank corruption. The following was cross posted from Big Government:
As the August 6th bailout deadline approaches, when the federal government must either give ShoreBank $75 million or take it over entirely, new evidence is emerging about ShoreBank’s connections to Chicago politicians.
The latest revelations raise new questions about the possible role of Illinois State Treasurer Alexi Giannoulias, who is also the Democratic nominee for U.S. Senate in the upcoming November election.
Alexi Giannoulias (D) - Source: Crain's Chicago Business
Shortly after Giannoulias took office in 2007, the Illinois Student Assistance Commission (ISAC), a state-run college fund, invested $12.7 million in ShoreBank. Some of ISAC’s funds came from parents who invested in Bright Start, a program to help them save for their children’s college tuition.