19th Ward Chicago: $390,000,000 Loss

Wednesday, December 15, 2021

$390,000,000 Loss

Report blames bank failure on poor business strategies

By ABC11Wednesday, November 17, 2010
November 17, 2010 (CHICAGO)

The Federal Deposit Insurance Corporation report concludes Broadway Bank couldn't absorb the losses during the economic downturn.

The FDIC said Broadway Bank didn't have good credit risk management practices and cites other poor business strategies.

The failure cost the FDIC's insurance fund $390 million.

Broadway Bank's failure was a major issue in Giannoulias' unsuccessful campaign for President Obama's old Senate seat won by Republican Mark Kirk.

3 comments:

Anonymous12/16/2021
The Greeks want a seat at the table...
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Anonymous12/18/2021
Let’s allow the gypsies to run a bank too. What could go wrong?
ReplyDelete
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Anonymous12/19/2021
The Dems claim he was a great banker.
ReplyDelete
Replies

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