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| image = Alexi Giannoulias 2.jpg
| image = Alexi Giannoulias 2.jpg
| caption = Giannoulias in 2010
| caption = Giannoulias in 2010
| office = 38th [[Illinois Secretary of State| Secretary of State of Illinois]]
| office = 38th [[Illinois Secretary of State|Secretary of State of Illinois]]
| governor = [[J. B. Pritzker]]
| governor = [[J. B. Pritzker]]
| term_start = January 9, 2023
| term_start = January 9, 2023
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'''Alexander Giannoulias''' ({{IPAc-en|ə|ˈ|l|ɛ|k|s|i|_|dʒ|ə|ˈ|n|uː|l|i|ə|s}} {{respell|jə|NOO|lee|əs}}; born March 16, 1976) is an American financier and politician who is the [[Illinois Secretary of State|Secretary of State of Illinois]]. He previously served as the 72nd [[Illinois Treasurer]] from 2007 to 2011.
'''Alexander Giannoulias''' ({{IPAc-en|ə|ˈ|l|ɛ|k|s|i|_|dʒ|ə|ˈ|n|uː|l|i|ə|s}} {{respell|jə|NOO|lee|əs}}; born March 16, 1976) is an American financier and politician who is the [[Illinois Secretary of State|Secretary of State of Illinois]]. He previously served as the 72nd [[Illinois Treasurer]] from 2007 to 2011.


A [[Democratic Party (United States)|Democrat]], Giannoulias defeated [[Republican Party (United States)|Republican]] candidate [[Illinois Senate|State Senator]] [[Christine Radogno]] in [[2006 Illinois elections#Treasurer|November 2006]] with 54 percent of the vote, becoming the first Democrat to hold the office in 12 years, at the age of 30.
A [[Democratic Party (United States)|Democrat]], Giannoulias defeated [[Republican Party (United States)|Republican]] treasurer candidate [[Illinois Senate|State Senator]] [[Christine Radogno]] in [[2006 Illinois elections#Treasurer|November 2006]] with 54 percent of the vote, becoming the first Democrat to hold the office in 12 years, at the age of 30.


Giannoulias was a candidate in the [[2010 United States Senate elections in Illinois|2010 elections]] for the seat in the [[United States Senate]] held by [[Roland Burris]]. Burris, who was appointed by [[Governor of Illinois|Governor]] [[Rod Blagojevich]] to fill the seat vacated by [[Barack Obama]] following Obama's [[2008 United States presidential election|election]] as [[President of the United States]], chose not to seek election. Giannoulias won the Democratic primary in February 2010, and narrowly lost the general elections in November 2010 to [[Republican Party (United States)|Republican]] [[Mark Kirk]].<ref name="gen_elec_results"/>
Giannoulias was a candidate in the [[2010 United States Senate elections in Illinois|2010 elections]] for the seat in the [[United States Senate]] held by [[Roland Burris]]. Burris, who was appointed by [[Governor of Illinois|Governor]] [[Rod Blagojevich]] to fill the seat vacated by [[Barack Obama]] following Obama's [[2008 United States presidential election|election]] as [[President of the United States]], chose not to seek election. Giannoulias won the Democratic primary in February 2010, and narrowly lost the general elections in November 2010 to [[Republican Party (United States)|Republican]] [[Mark Kirk]].<ref name="gen_elec_results"/> Making him the only Illinois Democrat Senate nominee in the 21st century to lose.


After 2010, Giannoulias mostly stepped back from public life, and served as Senior Director of BNY Mellon Wealth Management. On June 26, 2018, he was confirmed to the [[Chicago Public Library]] Board, marking his first return to public service since leaving the Treasurer's office.<ref>{{cite web|url=https://chicago.suntimes.com/news/alexi-giannoulias-takes-library-board-seat-but-wont-promise-not-to-run-again-sposato-lightfoot/|title=Giannoulias takes Library Board seat, but won't promise not to seek office again|last=Spielman|first=Fran|date=June 26, 2018|website=chicago.suntimes.com|publisher=Chicago Sun Times|access-date=November 25, 2018 }}</ref>
After 2010, Giannoulias mostly stepped back from public life, and served as Senior Director of BNY Mellon Wealth Management. On June 26, 2018, he was confirmed to the [[Chicago Public Library]] Board, marking his first return to public service since leaving the Treasurer's office.<ref>{{cite news| url=https://chicago.suntimes.com/news/alexi-giannoulias-takes-library-board-seat-but-wont-promise-not-to-run-again-sposato-lightfoot/| title=Giannoulias takes Library Board seat, but won't promise not to seek office again| last=Spielman| first=Fran| date=June 26, 2018| newspaper=Chicago Sun-Times| access-date=November 25, 2018 }}</ref>


Giannoulias was elected secretary of state in the [[2022 Illinois Secretary of State election|2022 election]], defeating [[Dan Brady (Illinois politician)|Dan Brady]] to succeed longtime incumbent [[Jesse White (politician)|Jesse White]].<ref>{{Cite web |title=Alexi Giannoulias cruises to victory in Democratic race for Illinois Secretary of State, will face Dan Brady in November |url=https://www.msn.com/en-us/news/politics/alexi-giannoulias-cruises-to-victory-in-democratic-race-for-illinois-secretary-of-state-will-face-dan-brady-in-november/ar-AAYYKBy |access-date=2022-06-30 |website=MSN |language=en-US}}</ref><ref>{{Cite web |date=2022-06-29 |title=Giannoulias scores political comeback with Democratic nomination for secretary of state |url=https://chicago.suntimes.com/elections/2022/6/28/23186743/illinois-secretary-of-state-primary-democratic-alexi-giannoulias-anna-valencia-moore-election-result |access-date=2022-06-30 |website=Chicago Sun-Times |language=en}}</ref>
Giannoulias was elected secretary of state in the [[2022 Illinois Secretary of State election|2022 election]], defeating [[Dan Brady (Illinois politician)|Dan Brady]] to succeed longtime incumbent [[Jesse White (politician)|Jesse White]].<ref>{{cite news| title=Alexi Giannoulias cruises to victory in Democratic race for Illinois Secretary of State, will face Dan Brady in November| url=https://www.cbsnews.com/chicago/news/alexi-giannoulias-cruises-to-victory-in-democratic-race-for-illinois-secretary-of-state-will-face-dan-brady-in-november/| first1=Todd| last1=Feurer| first2=Jermont| last2=Terry| first3=Charlie| last3=De Mar| date=June 28, 2022| access-date=2023-12-04| website=[[WBBM-TV|WBBM News]]| language=en-US}}</ref><ref>{{cite news |date=2022-06-29 |title=Giannoulias scores political comeback with Democratic nomination for secretary of state |url=https://chicago.suntimes.com/elections/2022/6/28/23186743/illinois-secretary-of-state-primary-democratic-alexi-giannoulias-anna-valencia-moore-election-result |access-date=2022-06-30 |newspaper=Chicago Sun-Times |language=en}}</ref>


==Background==
==Background==
Giannoulias was born in [[Chicago|Chicago, Illinois]], to [[Greeks|Greek]] immigrants. His mother, Anna, is from [[Chania]], and his late father, Alexis, was from [[Kalavryta]].<ref name="greek-follows"/> He has two older brothers, Demetris and George.<ref name="Profile: Alexi Giannoulias runs for U.S. Senate with President Barack Obama as a mentor"/> Giannoulias attended [[The Latin School of Chicago]] and then the University of Chicago before transferring to [[Boston University]]. Giannoulias graduated ''cum laude'' with a bachelor's degree in [[economics]]. He then moved to Greece to play basketball with [[Panionios B.C.]] for a year (1998–99).<ref name="greek-follows"/>
Giannoulias was born in [[Chicago]], to [[Greeks|Greek]] immigrants. His mother, Anna, is from [[Chania]], and his late father, Alexis, was from [[Kalavryta]].<ref name="greek-follows"/> He has two older brothers, Demetris and George.<ref name="mentor"/> Giannoulias attended [[The Latin School of Chicago]] and then the University of Chicago before transferring to [[Boston University]]. Giannoulias graduated ''cum laude'' with a bachelor's degree in [[economics]]. He then moved to Greece to play basketball with [[Panionios B.C.]] for a year (1998–99).<ref name="greek-follows"/>


Giannoulias had played basketball at [[The Latin School of Chicago]],<ref name="cst"/> and played [[Division III (NCAA)|Division III]] basketball at the University of Chicago. He then played [[Division I (NCAA)|Division I]] basketball at Boston University.
Giannoulias had played basketball at [[The Latin School of Chicago]],<ref name="cst"/> and played [[Division III (NCAA)|Division III]] basketball at the University of Chicago. He then played [[Division I (NCAA)|Division I]] basketball at Boston University.


After returning from Greece, Giannoulias attended [[Tulane University Law School]]. Upon earning his [[Juris Doctor|J.D. degree]], Alexi returned to Chicago to help manage [[Broadway Bank (Illinois)|Broadway Bank]], a community bank in Chicago's Edgewater neighborhood that was founded by his father in 1979.<ref name="greek-follows"/>
After returning from Greece, Giannoulias attended [[Tulane University Law School]]. Upon earning his [[Juris Doctor|J.D. degree]], Alexi returned to Chicago to take a management position with [[Broadway Bank (Illinois)|Broadway Bank]], a community bank in Chicago's Edgewater neighborhood founded by his father in 1979.<ref name="greek-follows"/>


Giannoulias served on the board of directors of the Community Banker's Association of Illinois Legislative Committee, the South Side/Wabash YMCA, and the [[Edgewater, Chicago|Edgewater]] Chamber of Commerce. Giannoulias also founded and chaired the AG Foundation, a not-for-profit charity that donated money to treat child-related illnesses, curb poverty and assist disaster relief organizations.<ref name="meet-treasurer"/>
Giannoulias served on the board of directors of the Community Banker's Association of Illinois Legislative Committee, the South Side/Wabash YMCA, and the [[Edgewater, Chicago|Edgewater]] Chamber of Commerce. Giannoulias also founded and chaired the AG Foundation, a not-for-profit charity that donated money to treat child-related illnesses, curb poverty and assist disaster relief organizations.<ref name="meet-treasurer"/>
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==2006 campaign for Illinois State Treasurer==
==2006 campaign for Illinois State Treasurer==
{{See also|2006 Illinois state elections#Treasurer}}
{{See also|2006 Illinois state elections#Treasurer}}
Although the state Democratic Party led by House Speaker Mike Madigan backed his opponent, Paul Mangieri, in the primary, Giannoulias was endorsed by U.S. Representatives [[Jan Schakowsky]], Jesse Jackson, Jr.,<ref>Chase, John. [http://articles.chicagotribune.com/2006-02-03/news/0602030208_1_house-democratic-caucus-endorsement-tax-cuts Race for treasurer splits Democrats.] ''Chicago Tribune''. February 3, 2006</ref> and by then-Senator [[Barack Obama]].<ref>Kraushaar, Josh. [http://www.politico.com/blogs/scorecard/0609/The_ObamaGiannoulias_relationship.html The Obama-Giannoulias relationship.] ''[[Politico (newspaper)|Politico]].'' 18 June 2009.</ref><ref name="cr-albatross"/>
Although the state Democratic Party led by House Speaker Mike Madigan backed his opponent, Paul Mangieri, in the primary, Giannoulias was endorsed by U.S. Representatives [[Jan Schakowsky]], Jesse Jackson Jr.,<ref>Chase, John (February 3, 2006). [http://articles.chicagotribune.com/2006-02-03/news/0602030208_1_house-democratic-caucus-endorsement-tax-cuts "Race for treasurer splits Democrats"]. ''Chicago Tribune''.</ref> and by then-Senator [[Barack Obama]].<ref>Kraushaar, Josh (June 18, 2009). [http://www.politico.com/blogs/scorecard/0609/The_ObamaGiannoulias_relationship.html The Obama-Giannoulias relationship.] ''[[Politico (newspaper)|Politico]]''.</ref><ref name="cr-albatross"/>


The Chicago Sun-Times news group also endorsed Giannoulias in the general election, arguing that he would "bring valuable private enterprise experience from banking to the job" and praising his "creative" policy proposals like a [[securities lending]] program, improving Bright Start, and promoting green energy.<ref>"Alexi Giannoulias for state treasurer." The Chicago Sun-Times. Editorial. 24 October 2006</ref> Running on a campaign platform that emphasized comprehensive ethics reform for the Treasurer's office,<ref>[http://www.treasurer.il.gov/news/press-releases/2007/PR8aJan2007.htm Alexi Giannoulias - Illinois State Treasurer]</ref> Giannoulias won the March 2006 primary and went on to defeat Republican candidate Christine Radogno in the general election.
The ''Chicago Sun-Times'' news group also endorsed Giannoulias in the general election, arguing that he would "bring valuable private enterprise experience from banking to the job" and praising his "creative" policy proposals like a [[securities lending]] program, improving Bright Start, and promoting green energy.<ref>"Alexi Giannoulias for state treasurer". ''Chicago Sun-Times''. 24 October 2006.</ref> Running on a campaign platform that emphasized comprehensive ethics reform for the Treasurer's office,<ref>[http://www.treasurer.il.gov/news/press-releases/2007/PR8aJan2007.htm "Alexi Giannoulias"]. ''Illinois State Treasurer''. {{dead link|date=December 2023}}</ref> Giannoulias won the March 2006 primary and went on to defeat Republican candidate Christine Radogno in the general election.


==Tenure as Illinois State Treasurer==
==Tenure as Illinois State Treasurer==
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===Ethics reform===
===Ethics reform===
On his first day as State Treasurer, Giannoulias "signed an executive order to enact the most comprehensive, widest-ranging ethics package of any elected official in the state", according to his official state website. "The order prohibits [the Treasurer] from accepting contributions from banks, Treasurer's Office employees and contractors who do business with the office."<ref name="meet-treasurer"/> He also moved to foreclose on two debt-ridden hotels built in the 1980s by politically connected insiders in [[Springfield, Illinois|Springfield]] and [[Collinsville, Illinois|Collinsville]].<ref>[https://www.usatoday.com/travel/hotels/2007-09-26-hotel-foreclosure_N.htm St. Louis hotel scheduled for judicial sale] Associated Press Suhr, Jim</ref><ref>Mendell, David. [http://www.treasurer.il.gov/news/in-the-news/2008/CT16January2008.htm "State ready to close books on debt-plagued hotel"] ''Chicago Tribune''. January 16, 2008</ref>
On his first day as State Treasurer, Giannoulias "signed an executive order to enact the most comprehensive, widest-ranging ethics package of any elected official in the state", according to his official state website. "The order prohibits [the Treasurer] from accepting contributions from banks, Treasurer's Office employees and contractors who do business with the office."<ref name="meet-treasurer"/> He also moved to foreclose on two debt-ridden hotels built in the 1980s by politically connected insiders in [[Springfield, Illinois|Springfield]] and [[Collinsville, Illinois|Collinsville]].<ref>Suhr, Jim (September 26, 2007). [https://www.usatoday.com/travel/hotels/2007-09-26-hotel-foreclosure_N.htm "St. Louis hotel scheduled for judicial sale"]. Associated Press. ''[[USA Today]]''. {{dead link|date=December 2023}}</ref><ref>Mendell, David (January 16, 2008). [http://www.treasurer.il.gov/news/in-the-news/2008/CT16January2008.htm "State ready to close books on debt-plagued hotel"] ''Chicago Tribune''.</ref>


===Hartmarx===
===Hartmarx===
In 2009, Giannoulias worked to encourage [[Wells Fargo]] to cooperate in the sale of Chicago-based clothing manufacturer [[Hartmarx]] Corp., which was at risk of liquidation and had filed for Chapter 11 protection. The success of this sale with Giannoulias' support saved over 600 jobs at an Illinois Hartmarx factory that otherwise would have been closed.<ref>"Durbin takes the reins of Giannoulias' Senate bid." ''Chicago Sun-Times''. February 7, 2010</ref>
In 2009, Giannoulias worked to encourage [[Wells Fargo]] to cooperate in the sale of Chicago-based clothing manufacturer [[Hartmarx]] Corp., which was at risk of liquidation and had filed for Chapter 11 protection. The success of this sale with Giannoulias' support saved over 600 jobs at an Illinois Hartmarx factory that otherwise would have been closed.<ref>"Durbin takes the reins of Giannoulias' Senate bid". ''Chicago Sun-Times''. February 7, 2010.</ref>


Wells Fargo, a primary lender for Hartmarx, is also "the money custodian for the treasurer's office, holding its cash and other financial assets."<ref name="wsj-hero"/> Giannoulias publicly challenged Wells Fargo's obstruction of the sale, stating that "[Wells Fargo's] intention to liquidate Hartmarx rather than allow a sale to buyers intent on keeping the company running will significantly jeopardize the business relationship between Wells Fargo and the state of Illinois."<ref name="wsj-hero"/>
Wells Fargo, a primary lender for Hartmarx, is also "the money custodian for the treasurer's office, holding its cash and other financial assets." Giannoulias publicly challenged Wells Fargo's obstruction of the sale, stating that "[Wells Fargo's] intention to liquidate Hartmarx rather than allow a sale to buyers intent on keeping the company running will significantly jeopardize the business relationship between Wells Fargo and the state of Illinois."<ref name="wsj-hero"/>


Giannoulias cited the fact Wells Fargo received over $25 billion in federal [[Troubled Asset Relief Program|TARP]] bailout funds as further reason why the bank should have supported the sale of Hartmarx instead of pursuing the company's liquidation. In a public statement, Giannoulias said, ''"We expect companies that get state and federal taxpayer money to invest it in American jobs and American workers, not destroy companies that still have a chance to succeed."''<ref>[http://www.huffingtonpost.com/2009/05/20/hartmarx-bankruptcy-worke_n_205915.html "Hartmarx Bankruptcy: Workers At Obama's Suit Maker Pin Hopes On British Company"] ''Associated Press''.</ref>
Giannoulias cited the fact that Wells Fargo received over $25 billion in federal [[Troubled Asset Relief Program|TARP]] bailout funds as further reason why the bank should have supported the sale of Hartmarx instead of pursuing the company's liquidation. In a public statement, Giannoulias said, ''"We expect companies that get state and federal taxpayer money to invest it in American jobs and American workers, not destroy companies that still have a chance to succeed."''<ref>{{cite news| url=https://helenair.com/news/national/workers-at-obama-suit-maker-pin-hopes-on-new-offer/article_5f1c0fbb-c9ec-5c56-80fc-b05d08f75330.html| title=Hartmarx Bankruptcy: Workers At Obama's Suit Maker Pin Hopes On British Company| agency=[[Associated Press]]| newspaper=Independent Record| location=Helena, Montana| date=May 21, 2009| access-date=December 4, 2023| url-access=subscription}}</ref>


===Green Rewards===
===Green Rewards===
Giannoulias launched the "Green Rewards" program, which gives a $1,000 rebate to Illinois residents who purchase a new [[hybrid vehicle|hybrid]] or other [[Fuel efficiency in transportation|fuel-efficient]] vehicle.<ref>[http://articles.chicagotribune.com/2007-07-16/news/0707150321_1_rebate-program-hybrid-consumers State offers $1,000 rebate to hybrid-vehicle buyers.] ''Chicago Tribune'' Metro section, page 3. July 16, 2007</ref>
Giannoulias launched the "Green Rewards" program, which gives a $1,000 rebate to Illinois residents who purchase a new [[hybrid vehicle|hybrid]] or other [[Fuel efficiency in transportation|fuel-efficient]] vehicle.<ref>[http://articles.chicagotribune.com/2007-07-16/news/0707150321_1_rebate-program-hybrid-consumers State offers $1,000 rebate to hybrid-vehicle buyers.] ''Chicago Tribune''. Page 3. July 16, 2007.</ref>


=== Purchase of Israel Bonds ===
=== Purchase of Israel Bonds ===
In January 2009, the state of [[Illinois]] purchased $10 million worth of [[State of Israel Bonds|Israel Bonds]]. Giannoulias said: ''"This is a good way to safely diversify our portfolio, especially during a time when some of our other investment options aren't generating as much revenue because of the market fluctuations here in the United States."''<ref>[http://www.treasurer.il.gov/news/press-releases/2009/PR28January2009.htm State Purchases $10 million in Israel Bonds] January 28, 2009, Illinois Treasury Press Release.</ref> According to Giannoulias, the Israel Bonds will mature in three years with a 2.43% rate of return, compared to U.S. government bonds yielding a 1.51% return during the same period.<ref>[http://jta.org/news/article/2009/01/28/1002600/illinois-makes-big-israel-bonds-purchase Illinois makes major Israel Bonds purchase] {{webarchive|url=https://web.archive.org/web/20090130035218/http://jta.org/news/article/2009/01/28/1002600/illinois-makes-big-israel-bonds-purchase |date=2009-01-30 }} by Eric Fingerhut, January 28, 2009</ref>
In January 2009, the state of [[Illinois]] purchased $10 million worth of [[State of Israel Bonds|Israel Bonds]]. Giannoulias said: ''"This is a good way to safely diversify our portfolio, especially during a time when some of our other investment options aren't generating as much revenue because of the market fluctuations here in the United States."''<ref>{{cite press release| url=http://www.treasurer.il.gov/news/press-releases/2009/PR28January2009.htm| title=State Purchases $10 million in Israel Bonds| date=January 28, 2009| publisher=Illinois Treasury}}{{dead link|date=December 2023}}</ref> According to Giannoulias, the Israel Bonds will mature in three years with a 2.43% rate of return, compared to U.S. government bonds yielding a 1.51% return during the same period.<ref>{{cite news| url=http://jta.org/news/article/2009/01/28/1002600/illinois-makes-big-israel-bonds-purchase| title=Illinois makes major Israel Bonds purchase| archive-url=https://web.archive.org/web/20090130035218/http://jta.org/news/article/2009/01/28/1002600/illinois-makes-big-israel-bonds-purchase| archive-date=2009-01-30| first=Eric| last=Fingerhut| date=January 28, 2009| website=[[Jewish Telegraphic Agency]]}}</ref>


=== Scholarship programs ===
=== Scholarship programs ===
In addition to revamping the Bright Start savings program, Giannoulias created several new scholarship programs for Illinois college students.
In addition to revamping the Bright Start savings program, Giannoulias created several new scholarship programs for Illinois college students.


The Fallen Heroes Scholarship Program, which Giannoulias designed in a partnership with the [[Illinois Department of Veterans Affairs]], awards an initial investment of $2,500 in college savings to children who have lost a parent in military service since 2001.<ref>"Helping fallen heroes' kids; State officials unveil scholarship program." ''Chicago Tribune'', January 28, 2008</ref>
The Fallen Heroes Scholarship Program, which Giannoulias designed in a partnership with the [[Illinois Department of Veterans Affairs]], awards an initial investment of $2,500 in college savings to children who have lost a parent in military service since 2001.<ref>"Helping fallen heroes' kids; State officials unveil scholarship program." ''Chicago Tribune'', January 28, 2008.</ref>


In 2008, Giannoulias announced the creation of the Bright Start Scholarship Program, which will award $3.5 million in need-based scholarships over 7 years, until 2015.<ref>[http://www.treasurer.il.gov/news/press-releases/2008/PR28April2008.htm Giannoulias commits $3.5 million to Illinois college scholarships.] Illinois State Treasurer website. 28 April 2008.</ref> More than 250 students received scholarships in 2008, the first year of the program.<ref>[http://www.treasurer.il.gov/news/press-releases/2009/PR8January2009.htm Giannoulias congratulates Illinois students selected for Bright Start scholarships.] Illinois State Treasurer website. 8 January 2009.</ref> The scholarships were designed by Giannoulias as a [[public–private partnership]], with the funding for the scholarships donated by a private firm at no cost to the state or taxpayers.<ref>"$3.5 million to help with college costs." Chicago Tribune, April 29, 2008</ref> Giannoulias also developed the Cultivate Illinois Excellence in Agriculture scholarship in 2008. This program awards ten $2,000 scholarships each year to students pursuing degrees in agriculture-related fields.<ref>[http://www.morrisdailyherald.com/articles/2010/03/16/65656149/index.xml Agriculture scholarships available to Illinois students.] ''Morris Daily Herald.'' 16 March 2010.</ref>
In 2008, Giannoulias announced the creation of the Bright Start Scholarship Program, which will award $3.5 million in need-based scholarships over 7 years, until 2015.<ref>{{cite press release| url=http://www.treasurer.il.gov/news/press-releases/2008/PR28April2008.htm| title=Giannoulias commits $3.5 million to Illinois college scholarships| publisher=Illinois State Treasurer| date=April 28, 2008}}{{dead link|date=December 2023}}</ref> More than 250 students received scholarships in 2008, the first year of the program.<ref>{{cite press release| url=http://www.treasurer.il.gov/news/press-releases/2009/PR8January2009.htm| title=Giannoulias congratulates Illinois students selected for Bright Start scholarships| publisher=Illinois State Treasurer| date=January 8, 2009}}{{dead link|date=December 2023}}</ref> The scholarships were designed by Giannoulias as a [[public–private partnership]], with the funding for the scholarships donated by a private firm at no cost to the state or taxpayers.<ref>"$3.5 million to help with college costs." Chicago Tribune, April 29, 2008</ref> Giannoulias also developed the Cultivate Illinois Excellence in Agriculture scholarship in 2008. This program awards ten $2,000 scholarships each year to students pursuing degrees in agriculture-related fields.<ref>[http://www.morrisdailyherald.com/articles/2010/03/16/65656149/index.xml "Agriculture scholarships available to Illinois students"]. ''Morris Daily Herald''. March 16, 2010.</ref>


=== Bright Start ===
=== Bright Start ===
⚫
As Illinois Treasurer, Giannoulias was responsible for overseeing the Illinois' Bright Start college saving program. Bright Start provides parents with the opportunity to invest in a tax-free account to save for their children's college education. Enrollees are eligible for several state tax benefits and can invest in various stock and bond options.<ref>[https://www.brightstartsavings.com/OFI529/PN/generated/en_us/PrimaryNavigation_07-07-08-133023.xml "About Bright Start"]. {{Webarchive|url=https://web.archive.org/web/20110708093733/https://www.brightstartsavings.com/OFI529/PN/generated/en_us/PrimaryNavigation_07-07-08-133023.xml |date=2011-07-08}}. ''Bright Start Savings''.</ref> Before Giannoulias took office, SavingForCollege.com ranked Bright Start 47th out of 48 in the nation.<ref name="galesburg-factcheck"/> Giannoulias helped reform the program,<ref>{{cite news| url=http://www.pantagraph.com/news/article_0f3d3ccc-0fa7-5416-85bc-4ef6be701be0.html| title=Bright Start college savings program under new management| newspaper=[[The Pantagraph]]| location=Bloomington, Illinois| date=March 12, 2007| agency=Associated Press| url-access=subscription}}</ref> and Bright Start went from being one of the worst programs in the country to one of the best. Morningstar called the transformation "a Cinderella story."<ref>{{cite news| url=https://www.morningstar.com/articles/234422/the-best-and-worst-529-college-savings-plans| title=The Best and Worst 529 College-Savings Plans| first=Marta| last=Norton| date=April 16, 2008| website=[[Morningstar, Inc.|Morningstar]]| access-date=December 4, 2023}}</ref>


⚫
In 2008, one of the twenty-one funds in Bright Start, Core Plus, began experiencing excessive losses and eventually lost 38% of its value. In the same year, the overall Bright Start program's benchmark grew by 5.4%. Within the Illinois Bright Start program, 2.5% of investors had invested their entire portfolios in Core Plus and suffered a 38% loss; others experienced smaller losses.<ref name="treas-pr26"/>
⚫
As Illinois Treasurer, Giannoulias was responsible for overseeing the Illinois' Bright Start college saving program. Bright Start provides parents with the opportunity to invest in a tax-free account to save for their children's college education. Enrollees are eligible for several state tax benefits and can invest in various stock and bond options.<ref>[https://www.brightstartsavings.com/OFI529/PN/generated/en_us/PrimaryNavigation_07-07-08-133023.xml About Bright Start] {{Webarchive|url=https://web.archive.org/web/20110708093733/https://www.brightstartsavings.com/OFI529/PN/generated/en_us/PrimaryNavigation_07-07-08-133023.xml |date=2011-07-08 }} Brightstartsavings.com</ref> Before Giannoulias took office, SavingForCollege.com ranked Bright Start 47th out of 48 in the nation.<ref name="galesburg-factcheck"/> Giannoulias helped reform the program,<ref>[http://www.pantagraph.com/news/article_0f3d3ccc-0fa7-5416-85bc-4ef6be701be0.html Bright Start college savings program under new management.] ''[[The Pantagraph]].'' 12 March 2007.</ref> and Bright Start went from being one of the worst programs in the country to one of the best. Morningstar called the transformation "a Cinderella story."<ref>Norton, Marta. [http://news.morningstar.com/articlenet/article.aspx?id=234422 The Best and Worst 529 College-Savings Plans.] ''Morningstar.'' 16 April 2008.</ref>


As the Associated Press reported, "It turns out the Oppenheimer team handling Core Plus — a team the company has now fired — was putting money into risky, complicated investments that tanked in 2008 amid the general financial meltdown."<ref name="galesburg-factcheck"/> In 2009, Oregon,<ref>{{cite news| url=https://www.wsj.com/articles/SB123966488425515111| title=Oregon Sues Over Risks Taken In Its '529' Fund| first1=Shefali| last1=Anand| first2=Craig| last2=Karmin| newspaper=[[The Wall Street Journal]]| date=April 14, 2009| url-access=subscription}}</ref> Nebraska,<ref>{{cite news| url=https://siouxcityjournal.com/news/state-and-regional/neb-try-to-recoup-college-savings-losses/article_22c66ee7-cc83-571b-a08f-a5387bcb6ccd.html| title=Neb. try to recoup college-savings losses| first=Nate| last=Jenkins| date=June 16, 2009| agency=Associated Press| newspaper=[[Sioux City Journal]]| access-date=December 4, 2023}}</ref> New Mexico, Texas, Maine and Illinois<ref name="boston.com"/> all investigated OppenheimerFunds' handling of their college savings programs for impermissible investments and misconduct. Oppenheimer was selected to lead the program by Giannoulias' predecessor, former Illinois Treasurer [[Judy Baar Topinka]], in December 2006, a month before Giannoulias took office.<ref>Savage, Terry (December 21, 2006). [http://www.suntimes.com/business/savage/181439,CST-FIN-wwTerry21.article "State's college saving plan is tops, and just got better"]. {{Webarchive|url=https://web.archive.org/web/20070222112229/http://www.suntimes.com/business/savage/181439%2CCST-FIN-wwTerry21.article |date=2007-02-22}}. ''Chicago Sun-Times''.</ref>
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In 2008, one of the twenty-one funds in Bright Start, Core Plus, began experiencing excessive losses and eventually lost 38% of its value. In the same year, the overall Bright Start program's benchmark grew by 5.4%.<ref name="treas-pr26"/> Within the Illinois Bright Start program, 2.5% of investors had invested their entire portfolios in Core Plus and suffered a 38% loss; others experienced smaller losses.<ref name="treas-pr26"/>


As the Associated Press reported, "It turns out the Oppenheimer team handling Core Plus — a team the company has now fired — was putting money into risky, complicated investments that tanked in 2008 amid the general financial meltdown."<ref name="galesburg-factcheck"/> In 2009, Oregon,<ref>[https://www.wsj.com/articles/SB123966488425515111 Oregon Sues Over Risks Taken In Its '529' Fund]</ref> Nebraska,<ref>[http://www.nebraska.tv/Global/story.asp?S=10536294&nav=menu605_2 Neb. try to recoup college-savings losses]{{dead link|date=July 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> New Mexico,<ref name="boston.com"/> Texas,<ref name="boston.com"/> Maine<ref name="boston.com"/> and Illinois<ref name="boston.com"/> all investigated OppenheimerFunds' handling of their college savings programs for impermissible investments and misconduct. Oppenheimer was selected to lead the program by Giannoulias' predecessor, former Illinois Treasurer [[Judy Baar Topinka]], in December 2006, a month before Giannoulias took office.<ref>Savage, Terry. [http://www.suntimes.com/business/savage/181439,CST-FIN-wwTerry21.article State's college saving plan is tops, and just got better.] {{Webarchive|url=https://web.archive.org/web/20070222112229/http://www.suntimes.com/business/savage/181439%2CCST-FIN-wwTerry21.article |date=2007-02-22 }} ''Chicago Sun-Times.'' 21 December 2006.</ref>
After the credit markets collapsed in the fall, new contributions into the fund were halted on December 4, 2008.<ref name="galesburg-factcheck"/> In January 2009, the treasurer's office announced that no further contributions would be made to the Core Plus fund and that the state would be investigating the losses.<ref>Savage, Terry (January 14, 2009). [http://www.suntimes.com/business/savage/1376279,CST-FIN-savage14.savagearticle "Ill. wants Bright Start College Savings program's $85M back"]. {{Webarchive|url=https://web.archive.org/web/20100210155034/http://www.suntimes.com/business/savage/1376279,CST-FIN-savage14.savagearticle |date=2010-02-10 }}. ''Chicago Sun-Times''.</ref>


⚫
According to the Associated Press, Illinois was the first state to take action.<ref name="galesburg-factcheck"/> In January 2009, at the request of Giannoulias, the [[Illinois Attorney General]] initiated its own probe of OppenheimerFunds, issuing subpoenas on the company. At the time, the losses attributable to [[OppenheimerFunds]]' impermissible investments were estimated to be "in excess of $85 million."<ref name="treas-pr26"/>
After the credit markets collapsed in the fall, new contributions into the fund were halted on December 4, 2008.<ref name="galesburg-factcheck"/> In January 2009, the treasurer's office announced that no further contributions would be made to the Core Plus fund and that the state would be investigating the losses.<ref>Savage, Terry. [http://www.suntimes.com/business/savage/1376279,CST-FIN-savage14.savagearticle Ill. wants Bright Start College Savings program's $85M back.] {{Webarchive|url=https://web.archive.org/web/20100210155034/http://www.suntimes.com/business/savage/1376279,CST-FIN-savage14.savagearticle |date=2010-02-10 }} ''Chicago Sun-Times.'' 14 January 2009.</ref>


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Despite the problem associated with OppenheimerFunds' handling of Core Plus, Bright Start remains a highly regarded 529 college savings program. In April 2009, ''Consumer Reports'' studied college savings programs across the country "to see how well they performed during last year's stock-market plunge."<ref name="consumerreports.org"/> ''Consumer Reports'' "found five that are worthy of an A," and ranked Bright Start as one of the top five college savings programs in the nation. In April 2009, [[Money Magazine]] selected Bright Start as one of the "best low-risk 529 plans."<ref>{{cite news |url=https://money.cnn.com/galleries/2009/moneymag/0904/gallery.Money100_529_plans.moneymag/ |title=Best low-risk 529 plans |work=CNN |first=Penelope |last=Wang |access-date=April 3, 2010 |archive-url=https://web.archive.org/web/20110319114526/http://money.cnn.com/galleries/2009/moneymag/0904/gallery.Money100_529_plans.moneymag/ |archive-date=2011-03-19 |url-status=live}}</ref> In December 2009, ''[[Kiplingers]]'' selected Bright Start as one of the best state 529 plans in the country, choosing it as the best plan for "low fees."<ref>[http://www.kiplinger.com/magazine/archives/2009-best-list-college.html "2009 Best List: College"]. ''Kiplingers Personal Finance''. December 2009.{{dead link|date=December 2023}}</ref> [[Morningstar, Inc.]], which had previously ranked Bright Start in its top 5 in 2008, has acknowledged the issues relating to Core Plus but, citing Illinois' swift action in dealing with the issue, reported in 2009 that "the plan still holds plenty of appeal."<ref>Brown, Greg (April 23, 2009). [http://news.morningstar.com/articlenet/article.aspx?id=287783 "The Best and Worst 529 College-Savings Plans"]. ''Morningstar''.</ref>
⚫
According to the Associated Press, Illinois was the first state to take action.<ref name="galesburg-factcheck"/> In January 2009, at the request of Giannoulias, the [[Illinois Attorney General]] initiated its own probe of OppenheimerFunds, issuing subpoenas on the company.<ref name="treas-pr26"/> At the time, the losses attributable to [[OppenheimerFunds]]' impermissible investments were estimated to be "in excess of $85 million."<ref name="treas-pr26"/>


⚫
In December 2009, the Illinois Attorney General's Office and the Office of the State Treasurer announced that Illinois had reached a settlement with OppenheimerFunds.<ref>{{cite press release| url=https://illinoisattorneygeneral.gov/News-Room/2006-2018-Press-Archive/Bright_Start_Settlement_Final.pdf| title=Illinois Reaches $77 Million Bright Start Settlement with Oppenheimer| publisher=Illinois State Treasurer| date=December 22, 2009| access-date=December 4, 2023}}</ref> Eligible accountholders who lost money in Core Plus would receive $77 million from OppenheimerFunds. As the scope of the settlement was expanded during negotiations with OppenheimerFunds to include more accountholders, the total loss addressed by the settlement is $150 million.<ref name="illinoistimes-wouldbe"/> Those families invested in the fund were eligible to receive just over half of their investment back.<ref name="chicagotribune.com">{{cite news |date=2010-01-15 |title=Profile: Alexi Giannoulias runs for U.S. Senate with President Barack Obama as a mentor |url=https://www.chicagotribune.com/nation-world/ct-xpm-2010-01-15-chi-giannoulias-profile-14jan15-story.html |first=John |last=Chase |access-date=2023-09-11 |newspaper=Chicago Tribune}}</ref>
⚫
Despite the problem associated with OppenheimerFunds' handling of Core Plus, Bright Start remains a highly regarded 529 college savings program. In April 2009, Consumer Reports studied college savings programs across the country "to see how well they performed during last year's stock-market plunge."<ref name="consumerreports.org"/> Consumer Reports "found five that are worthy of an A," and ranked Bright Start as one of the top five college savings programs in the nation.<ref name="consumerreports.org"/> In April 2009, [[Money Magazine]] selected Bright Start as one of the "best low-risk 529 plans."<ref>{{cite news|url=https://money.cnn.com/galleries/2009/moneymag/0904/gallery.Money100_529_plans.moneymag/ |title=Best low-risk 529 plans |work=CNN |first=Penelope |last=Wang |access-date=April 3, 2010 |archive-url=https://web.archive.org/web/20110319114526/http://money.cnn.com/galleries/2009/moneymag/0904/gallery.Money100_529_plans.moneymag/ |archive-date=2011-03-19 |url-status=live }}</ref> In December 2009, [[Kiplingers]] selected Bright Start as one of the best state 529 plans in the country, choosing it as the best plan for "low fees."<ref>[http://www.kiplinger.com/magazine/archives/2009-best-list-college.html 2009 Best List: College.] ''Kiplingers Personal Finance.'' December 2009.</ref> [[Morningstar, Inc.]], which had previously ranked Bright Start in its top 5 in 2008, has acknowledged the issues relating to Core Plus but, citing Illinois' swift action in dealing with the issue, reported in 2009 that "the plan still holds plenty of appeal."<ref>Brown, Greg. [http://news.morningstar.com/articlenet/article.aspx?id=287783 The Best and Worst 529 College-Savings Plans.] ''Morningstar.'' 23 April 2009.</ref>


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The Treasurer's Office used some of the investment fees from the Bright Start program to purchase a hybrid vehicle "so Bright Start staff have a way to travel the state and enroll families in the program" and used to promote other Treasurer's Office programs. Giannoulias never used the vehicle for personal business.<ref name="newsblogs.chicagotribune.com"/>
⚫
In December 2009, the Illinois Attorney General's Office and the Office of the State Treasurer announced that Illinois had reached a settlement with OppenheimerFunds.<ref>[http://www.illinoisattorneygeneral.gov/pressroom/2009_12/Bright_Start_Settlement_Final.pdf ILLINOIS REACHES $77 MILLION BRIGHT START SETTLEMENT WITH OPPENHEIMER.] Office of Illinois State Treasurer. 22 December 2009.</ref> Eligible accountholders who lost money in Core Plus would receive $77 million from OppenheimerFunds. As the scope of the settlement was expanded during negotiations with OppenheimerFunds to include more accountholders, the total loss addressed by the settlement is $150 million.<ref name="illinoistimes-wouldbe"/> Those families invested in the fund were eligible to receive just over half of their investment back.<ref>{{Cite web |date=2010-01-15 |title=Profile: Alexi Giannoulias runs for U.S. Senate with President Barack Obama as a mentor |url=https://www.chicagotribune.com/nation-world/ct-xpm-2010-01-15-chi-giannoulias-profile-14jan15-story.html |access-date=2023-09-11 |website=Chicago Tribune}}</ref>

⚫
The Treasurer's Office used some of the investment fees from the Bright Start program to purchase a hybrid vehicle "so Bright Start staff have a way to travel the state and sign families up for the program" and used to promote other Treasurer's Office programs.<ref name="newsblogs.chicagotribune.com"/> The vehicle was never used for personal use by Giannoulias.<ref name="newsblogs.chicagotribune.com"/>


=== Other efforts as Treasurer ===
=== Other efforts as Treasurer ===
Giannoulias started a pilot program in 2007 to sell the abandoned contents of [[safe deposit box]]es on eBay, scrapping the state's annual live auctions.<ref>Eckinger, Helen. [http://archives.chicagotribune.com/2007/aug/14/news/chi-auction14aug14 State plans ‘virtual yard sale’ of unclaimed property] August 14, 2007 {{dead link|date=June 2016|bot=medic}}{{cbignore|bot=medic}}</ref>
Giannoulias started a pilot program in 2007 to sell the abandoned contents of [[safe deposit box]]es on eBay, scrapping the state's annual live auctions.<ref>{{cite news| last=Eckinger| first=Helen| url=https://www.chicagotribune.com/news/ct-xpm-2007-08-14-0708130577-story.html| title=State plans 'virtual yard sale' of unclaimed property| date=August 14, 2007| newspaper=Chicago Tribune}}</ref>


== Broadway Bank ==
== Broadway Bank ==
{{See also|Broadway Bank (Illinois)}}
{{See also|Broadway Bank (Illinois)}}
From 2002 to 2006, Giannoulias worked as a senior loan officer and vice president at [[Broadway Bank (Illinois)|Broadway Bank]], a community bank founded by his father. When he left the bank in 2006, it was one of the most profitable banks in Illinois.{{Citation needed|date=August 2010}} Four years later, on January 26, 2010, Broadway Bank entered into a consent decree with the FDIC that ordered Broadway to increase its capital.<ref name="Regulators clamp down on Giannoulias' Broadway Bank"/> Two dozen small- to medium-sized banks in Illinois and nearly 200 banks nationwide have failed since the October 2008 economic crash.<ref>[http://www.fdic.gov/bank/individual/failed/banklist.html Failed Bank List.] ''[[Federal Deposit Insurance Corporation]].''</ref>
From 2002 to 2006, Giannoulias worked as a senior loan officer and vice president at [[Broadway Bank (Illinois)|Broadway Bank]], a community bank founded by his father. When he left the bank in 2006, it was one of the most profitable banks in Illinois.{{Citation needed|date=August 2010}} Four years later, on January 26, 2010, Broadway Bank entered into a consent decree with the FDIC that ordered Broadway to increase its capital.<ref name="Regulators"/> Two dozen small- to medium-sized banks in Illinois and nearly 200 banks nationwide have failed since the October 2008 economic crash.<ref>{{cite press release| title=MB Financial Bank, National Association, Chicago, Illinois, Assumes All Of The Deposits Of Broadway Bank, Chicago, Illinois| url=https://archive.fdic.gov/view/fdic/4081| date=April 23, 2010| publisher=[[Federal Deposit Insurance Corporation]]| access-date=December 4, 2023}}</ref>


Broadway Bank's struggling financial situation is due to delinquent real estate loans and foreclosed properties. From 2002 to 2006, Broadway's lending in construction and development loans increased sixfold, to $356 million.<ref name="coop-woes"/> During Giannoulias' tenure, Broadway also increased its brokered deposits, which generally command high interest rates. When Giannoulias left the bank in 2006, brokered deposits made up 80% of all deposits at Broadway.<ref name="coop-woes"/> When the housing market crashed in late 2008, commercial real estate loan performance deteriorated and Broadway Bank, which had focused its lending in real estate, suffered.<ref name="trib-biz-0228"/>
Broadway Bank's struggling financial situation is due to delinquent real estate loans and foreclosed properties. From 2002 to 2006, Broadway's lending in construction and development loans increased sixfold, to $356 million. During Giannoulias' tenure, Broadway also increased its brokered deposits, which generally command high interest rates. When Giannoulias left the bank in 2006, brokered deposits made up 80% of all deposits at Broadway.<ref name="coop-woes"/> When the housing market crashed in late 2008, commercial real estate loan performance deteriorated and Broadway Bank, which had focused its lending in real estate, suffered.<ref name="trib-biz-0228"/>


Nine percent of the value of the bad loans originated while Giannoulias was chief loan officer.<ref name="trib-biz-0228"/><sup>:1</sup>
Nine percent of the value of the bad loans originated while Giannoulias was chief loan officer.<ref name="trib-biz-0228"/><sup>:1</sup>


At the end of business on Friday, {{end date|2010|04|23}}, the [[Illinois Department of Financial and Professional Regulation]], Division of Banking, seized Broadway Bank and appointed the [[Federal Deposit Insurance Corporation]] (FDIC) as [[receivership|receiver]]. The FDIC in turn named [[MB Financial Bank]] as the institution receiving Broadway Bank's deposit accounts. The FDIC announced that it and MB Financial Bank would share $878.4 million in losses, for a cost of $394.3 million to the federal [[Deposit Insurance Fund]].<ref name="Information for Broadway Bank, Chicago, IL"/>
At the end of business on Friday, {{end date|2010|04|23}}, the [[Illinois Department of Financial and Professional Regulation]], Division of Banking, seized Broadway Bank and appointed the [[Federal Deposit Insurance Corporation]] (FDIC) as [[receivership|receiver]]. The FDIC in turn named MB Financial Bank as the institution receiving Broadway Bank's deposit accounts. The FDIC announced that it and MB Financial Bank would share $878.4 million in losses, for a cost of $394.3 million to the federal [[Deposit Insurance Fund]].<ref name="Information for Broadway Bank, Chicago, IL"/>


=== Loans made by Broadway Bank ===
=== Loans made by Broadway Bank ===

Broadway Bank made real estate development loans to [[Tony Rezko]], a political fundraiser and real estate developer who was later convicted of fraud and money laundering. Broadway Bank made these loans before Rezko was investigated, indicted, or convicted for any crimes, but not before the criminal conduct took place.<ref name="truth"/> Before his conviction, Rezko also received loans from other Chicago banks, including Bank of Chicago, First Bank and Trust of Illinois, GE Capital, Harris Trust and Savings, LaSalle Bank, and Manufacturers Bank.<ref name="truth"/>
Broadway Bank made real estate development loans to [[Tony Rezko]], a political fundraiser and real estate developer who was later convicted of fraud and money laundering. Broadway Bank made these loans before Rezko was investigated, indicted, or convicted for any crimes, but not before the criminal conduct took place.<ref name="truth"/> Before his conviction, Rezko also received loans from other Chicago banks, including Bank of Chicago, First Bank and Trust of Illinois, GE Capital, Harris Trust and Savings, LaSalle Bank, and Manufacturers Bank.<ref name="truth"/>


Giannoulias himself did not make the Rezko loans.<ref>Sweet, Lynn. [http://www.suntimes.com/news/sweet/1884123,CST-NWS-sweet15.article Dems at risk of losing Obama's old Senate seat.] {{Webarchive|url=https://web.archive.org/web/20100204111245/http://www.suntimes.com/news/sweet/1884123,CST-NWS-sweet15.article |date=2010-02-04 }} ''Chicago Sun-Times.'' 15 November 2009.</ref>
Giannoulias himself did not make the Rezko loans.<ref>Sweet, Lynn (November 15, 2009). [http://www.suntimes.com/news/sweet/1884123,CST-NWS-sweet15.article "Dems at risk of losing Obama's old Senate seat"]. {{Webarchive|url=https://web.archive.org/web/20100204111245/http://www.suntimes.com/news/sweet/1884123,CST-NWS-sweet15.article |date=2010-02-04 }}. ''Chicago Sun-Times''.</ref>


Rezko defaulted on loans made by Broadway, and, in 2006 Broadway was the first bank to foreclose on one of Rezko's delinquent loans, forcing him to declare bankruptcy.<ref>[http://www.chicagobusiness.com/cgi-bin/news.pl?id=20693 Rezko project heads to bankruptcy court]</ref> Broadway Bank also refused to cover nine bad checks written by Rezko for a total of $450,000 in early 2008<ref>Gallun, Alby., Corfman, Thomas A. [https://web.archive.org/web/20080602024208/http://www.suntimes.com/news/metro/rezko/978735,CST-NWS-rezko30.article Rezko project heads to bankruptcy court.] ''Chicago Business.'' 22 May 2006.</ref>
Rezko defaulted on loans made by Broadway, and, in 2006 Broadway was the first bank to foreclose on one of Rezko's delinquent loans, forcing him to declare bankruptcy.<ref>{{cite news| author=Corfman, Gallun and Thomas A.| url=https://www.chicagobusiness.com/article/20060522/NEWS12/200020693/rezko-project-heads-to-bankruptcy-court| title=Rezko project heads to bankruptcy court| date=May 22, 2006| newspaper=Crain's Chicago Business}}</ref> Broadway Bank also refused to cover nine bad checks written by Rezko for a total of $450,000 in early 2008.<ref>{{cite news| last1=Korecki| first1=Natasha| last2=Fusco| first2=Chris| url=http://www.suntimes.com/news/metro/rezko/978735,CST-NWS-rezko30.article| title=Rezko wanted in Vegas for $450,000 in debts| newspaper=Chicago Sun-Times| date=May 30, 2008| archive-url=https://web.archive.org/web/20080602024208/http://www.suntimes.com/news/metro/rezko/978735,CST-NWS-rezko30.article| archive-date=2008-06-02}}</ref>


Giannoulias never accepted campaign contributions from Rezko.<ref name="illinoistimes-wouldbe"/>
Giannoulias never accepted campaign contributions from Rezko.<ref name="illinoistimes-wouldbe"/>


Broadway Bank also loaned money for real estate developments to Michael Giorango, who has been convicted for prostitution and bookmaking.<ref name="cr-albatross"/> Giannoulias has stated that he was not part of the loan committee that approved the loans to Giorango.<ref>Jackson, David., Chase, John., Gibson, Ray. [http://www.chicagobreakingnews.com/2010/04/giannoulias-family-bank-made-20-million-in-loans-to-felons.html Giannoulias family bank made $20 million in loans to felons.] ''Chicago Breaking News.'' 2 April 2010.</ref>
Broadway Bank also loaned money for real estate developments to Michael Giorango, who has been convicted for prostitution and bookmaking.<ref name="cr-albatross"/> Giannoulias has stated that he was not part of the loan committee that approved the loans to Giorango.<ref>{{cite news| last1=Jackson| first1=David| last2=Chase| first2=John| last3=Gibson| first3=Ray| url=http://www.chicagobreakingnews.com/2010/04/giannoulias-family-bank-made-20-million-in-loans-to-felons.html| title=$20 million in loans to felons| newspaper=Chicago Tribune| date=April 1, 2010}}</ref>


== 2010 U.S. Senate campaign ==
== 2010 U.S. Senate campaign ==
{{Main|2010 United States Senate elections in Illinois}}
{{Main|2010 United States Senate elections in Illinois}}


Giannoulias ran against Republican nominee [[Mark Kirk]], Green Party nominee [[LeAlan Jones]], and Libertarian nominee [[Mike Labno]]. As a candidate, Giannoulias pledged to create a "Senate Progressive Caucus", akin to the [[Congressional Progressive Caucus]] (CPC) in the [[United States House of Representatives|House of Representatives]].<ref>{{Cite web|date=2010-08-13|title=Alexi Giannoulias, Illinois Senate Candidate, Pledges To Create Senate Progressive Caucus|url=https://www.huffpost.com/entry/alexi-giannoulias-illinoi_n_681362|access-date=2021-10-25|website=HuffPost|language=en}}</ref>
Giannoulias ran against Republican nominee [[Mark Kirk]], Green Party nominee [[LeAlan Jones]], and Libertarian nominee [[Mike Labno]]. As a candidate, Giannoulias pledged to create a "Senate Progressive Caucus", akin to the [[Congressional Progressive Caucus]] (CPC) in the [[United States House of Representatives|House of Representatives]].<ref>{{cite news| date=2010-08-13| title=Alexi Giannoulias, Illinois Senate Candidate, Pledges To Create Senate Progressive Caucus| url=https://www.huffpost.com/entry/alexi-giannoulias-illinoi_n_681362| access-date=2021-10-25| website=HuffPost| language=en}}</ref>


On March 2, 2009, Giannoulias stated on CNBC that he was forming an [[exploratory committee]] in order to assess a potential candidacy for the US Senate in 2010. On July 26, 2009, he officially announced his candidacy for the United States Senate at the [[Hilton Chicago]], the same place then-Senator Barack Obama endorsed Giannoulias for State Treasurer in 2006. He was introduced to the crowd by Congressman [[Bill Foster (Illinois politician)|Bill Foster]]. He lost to Republican Congressman Mark Kirk.
On March 2, 2009, Giannoulias stated on CNBC that he was forming an [[exploratory committee]] in order to assess a potential candidacy for the US Senate in 2010. On July 26, 2009, he officially announced his candidacy for the United States Senate at the [[Hilton Chicago]], the same place then-Senator Barack Obama endorsed Giannoulias for State Treasurer in 2006. He was introduced to the crowd by Congressman [[Bill Foster (Illinois politician)|Bill Foster]]. He lost to Republican Congressman Mark Kirk.


Even though Giannoulias was not endorsed by President Obama in the primary and the Obama White House attempted to recruit a different candidated for the race,<ref>{{Cite web |date=2010-01-15 |title=Profile: Alexi Giannoulias runs for U.S. Senate with President Barack Obama as a mentor |url=https://www.chicagotribune.com/nation-world/ct-xpm-2010-01-15-chi-giannoulias-profile-14jan15-story.html |access-date=2023-09-11 |website=Chicago Tribune}}</ref> he was elected the Democratic nominee for US Senate in Illinois in the February 2, 2010, primary, with 38.9% of the vote. [[David H. Hoffman]] received 33.7% and [[Cheryle Jackson]] received 19.8%.<ref>{{Cite web |date=2010-07-02 |title=Live primary results • Chicago Tribune Election Center |url=https://web.archive.org/web/20100702010556/http://primaries2010.elections.chicagotribune.com/results/ |access-date=2023-09-11 |website=web.archive.org}}</ref>
Even though Giannoulias was not endorsed by President Obama in the primary and the Obama White House attempted to recruit a different candidated for the race,<ref name="chicagotribune.com"/> he was elected the Democratic nominee for US Senate in Illinois in the February 2, 2010, primary, with 38.9% of the vote. [[David H. Hoffman]] received 33.7% and [[Cheryle Jackson]] received 19.8%.<ref>{{cite news |date=2010-07-02 |title=Live primary results |newspaper=Chicago Tribune |url=http://primaries2010.elections.chicagotribune.com/results/ |access-date=2023-09-11 |archive-url=https://web.archive.org/web/20100702010556/http://primaries2010.elections.chicagotribune.com/results/ |archive-date=2010-07-02 }}</ref>


===Endorsements===
===Endorsements===
Giannoulias was endorsed by [[Planned Parenthood]], the [[Service Employees International Union]] (SEIU), [[AFSCME]], the [[AFL–CIO]], the [[League of Conservation Voters]], the [[Human Rights Campaign]], the [[Chicago Sun-Times]], and the [[Sierra Club]] (Planned Parenthood, the League of Conservation Voters, and the Human Rights Campaign had all supported Congressman Kirk in previous races).<ref>[http://alexiforillinois.com/about/endorsements Endorsements.] {{webarchive|url=https://web.archive.org/web/20091115122619/http://www.alexiforillinois.com/about/endorsements |date=2009-11-15}} Alexi Giannoulias: Democrat for Senate.</ref><ref>[http://www.suntimes.com/news/elections/2366804,CST-NWS-kirk08.article Kirk loses backing of two environmental groups] {{Webarchive|url=https://web.archive.org/web/20100611073320/http://www.suntimes.com/news/elections/2366804,CST-NWS-kirk08.article |date=2010-06-11}}, Abdon M. Pallasch, ''[[Chicago Sun-Times]]'', June 8, 2010</ref>
Giannoulias was endorsed by [[Planned Parenthood]], the [[Service Employees International Union]] (SEIU), [[AFSCME]], the [[AFL–CIO]], the [[League of Conservation Voters]], the [[Human Rights Campaign]], the [[Chicago Sun-Times]], and the [[Sierra Club]] (Planned Parenthood, the League of Conservation Voters, and the Human Rights Campaign had all supported Congressman Kirk in previous races).<ref>[http://alexiforillinois.com/about/endorsements "Endorsements"]. {{webarchive|url=https://web.archive.org/web/20091115122619/http://www.alexiforillinois.com/about/endorsements |date=2009-11-15}}. ''Alexi Giannoulias: Democrat for Senate''.</ref><ref>Pallasch, Abdon M. (June 8, 2010). [http://www.suntimes.com/news/elections/2366804,CST-NWS-kirk08.article "Kirk loses backing of two environmental groups"]. {{Webarchive|url=https://web.archive.org/web/20100611073320/http://www.suntimes.com/news/elections/2366804,CST-NWS-kirk08.article |date=2010-06-11}}. ''[[Chicago Sun-Times]]''.</ref>


On May 28, 2010, the [[Human Rights Campaign]] (HRC) endorsed Giannoulias, calling him "a strident supporter of LGBT equality – including supporting marriage equality, repeal of the Defense of Marriage Act, repeal of "Don't Ask, Don't Tell" and supporting an inclusive Employment Non-Discrimination Act."<ref>Human Rights Campaign. [http://www.hrc.org/news/14498.htm HRC Announces Endorsement of Alexi Giannoulias for Senate] {{webarchive|url=https://web.archive.org/web/20100603074614/http://www.hrc.org/news/14498.htm |date=2010-06-03}} 28 May 2010.</ref>
On May 28, 2010, the [[Human Rights Campaign]] (HRC) endorsed Giannoulias, calling him "a strident supporter of LGBT equality – including supporting marriage equality, repeal of the Defense of Marriage Act, repeal of "Don't Ask, Don't Tell" and supporting an inclusive Employment Non-Discrimination Act."<ref>{{cite press release| publisher=Human Rights Campaign| url=http://www.hrc.org/news/14498.htm| title=HRC Announces Endorsement of Alexi Giannoulias for Senate| archive-url=https://web.archive.org/web/20100603074614/http://www.hrc.org/news/14498.htm| archive-date=2010-06-03| date=May 28, 2010}}</ref>


Among his early endorsers were [[James Houlihan]] and [[Manuel Flores (American politician)|Manny Flores]].<ref>{{cite web |last1=Dumke |first1=Mick |title=Alexi's Albatross |url=https://www.chicagoreader.com/chicago/can-alexi-giannoulias-family-bank-obamas-senate-seat/Content?oid=1245291 |website=Chicago Reader |language=en |date=3 December 2009}}</ref> U.S. Senator [[Dick Durbin]], the Assistant Majority Leader and second-highest ranking Democrat in the Senate, endorsed Giannoulias and served as the chairman of the Giannoulias campaign.<ref>Sweet, Lynn. [http://blogs.suntimes.com/sweet/2010/02/durbin_to_chair_giannoulias_il.html Durbin to chair Giannoulias Illinois Senate campaign.] {{webarchive|url=https://web.archive.org/web/20100419130230/http://blogs.suntimes.com/sweet/2010/02/durbin_to_chair_giannoulias_il.html |date=2010-04-19}} ''Chicago Sun-Times.'' 7 February 2010.</ref> President Obama expressed his support of Giannoulias' Senate bid and joined him on the campaign trail.<ref>{{cite web|url=http://www.alexiforillinois.com/videos/president-obama-rallies-democrats-alexi |title=President Obama Rallies Democrats for Alexi &#124; Alexi Giannoulias &#124; Democrat for U.S. Senate, Illinois |access-date=2010-08-11 |url-status=dead |archive-url=https://web.archive.org/web/20100812171950/http://alexiforillinois.com/videos/president-obama-rallies-democrats-alexi |archive-date=2010-08-12}} "Alexi for Illinois." 5 August 2010.</ref>
Among his early endorsers were [[James Houlihan]] and [[Manuel Flores (American politician)|Manny Flores]].<ref>{{cite news |last1=Dumke |first1=Mick |title=Alexi's Albatross |url=https://www.chicagoreader.com/chicago/can-alexi-giannoulias-family-bank-obamas-senate-seat/Content?oid=1245291 |newspaper=[[Chicago Reader]] |language=en |date=December 3, 2009| df=mdy-all}}</ref> U.S. Senator [[Dick Durbin]], the Assistant Majority Leader and second-highest ranking Democrat in the Senate, endorsed Giannoulias and served as the chairman of the Giannoulias campaign.<ref>Sweet, Lynn (February 7, 2010). [http://blogs.suntimes.com/sweet/2010/02/durbin_to_chair_giannoulias_il.html "Durbin to chair Giannoulias Illinois Senate campaign"]. {{webarchive|url=https://web.archive.org/web/20100419130230/http://blogs.suntimes.com/sweet/2010/02/durbin_to_chair_giannoulias_il.html |date=2010-04-19}}. ''Chicago Sun-Times''.</ref> President Obama expressed his support of Giannoulias' Senate bid and joined him on the campaign trail.<ref>{{cite web |url=http://www.alexiforillinois.com/videos/president-obama-rallies-democrats-alexi |title=President Obama Rallies Democrats for Alexi &#124; Alexi Giannoulias &#124; Democrat for U.S. Senate, Illinois |access-date=2010-08-11 |url-status=dead |archive-url=https://web.archive.org/web/20100812171950/http://alexiforillinois.com/videos/president-obama-rallies-democrats-alexi |archive-date=2010-08-12}} "Alexi for Illinois." 5 August 2010.</ref>


===Controversies===
===Controversies===
During Giannoulias' bid for the senate he faced attacks on his credibility, mostly stemming from his connection to his family owned bank. Broadway bank was shuttered and seized by the federal government and was alleged to have ties to the mafia. However, Giannoulias opponent, Congressman [[Mark Kirk]], faced his own slew of controversies regarding his military service. <ref>{{cite web |last1=Sanchez |first1=Ray |title=Republican Mark Kirk Defeats Alexi Giannoulias in Illinois Senate Race |url=https://abcnews.go.com/Politics/republican-mark-kirk-defeats-alexi-giannoulias-illinois-senate/story?id=12036711|website=ABC News |access-date=4 February 2023 |language=en |date=2 November 2010}}</ref>
During Giannoulias' bid for the senate he faced attacks on his credibility, mostly stemming from his connection to his family owned bank. Broadway bank was shuttered and seized by the federal government and was alleged to have ties to the mafia. However, Giannoulias opponent, Congressman [[Mark Kirk]], faced his own slew of controversies regarding his military service.<ref>{{cite news |last1=Sanchez |first1=Ray |title=Republican Mark Kirk Defeats Alexi Giannoulias in Illinois Senate Race |url=https://abcnews.go.com/Politics/republican-mark-kirk-defeats-alexi-giannoulias-illinois-senate/story?id=12036711|website=ABC News |access-date=4 February 2023 |language=en |date=2 November 2010}}</ref>


===Defeat===
===Defeat===
On November 2nd 2010 Congressman Mark Kirk beat Alexi Giannoulias for Illinois' open United States Senate seat with 48% of the vote, beating former Treasurer Giannoulias by a margin of 2% <ref>{{cite news |last1=Markis |first1=A. |title=RAlexi Giannoulias Lost Senate Seat Previously Held by Barack Obama in IL |url=https://greekreporter.com/2010/11/03/alexi-giannoulias-lost-senate-seat-previously-held-by-barack-obama-in-il/|newspaper=Greekreporter.com |access-date=4 February 2023 |language=en |date=3 November 2010}}</ref>
On November 2, 2010, Congressman Mark Kirk beat Alexi Giannoulias for Illinois' open United States Senate seat with 48% of the vote, beating former Treasurer Giannoulias by a margin of 2% <ref>{{cite news |last1=Markis |first1=A. |title=Alexi Giannoulias Lost Senate Seat Previously Held by Barack Obama in IL |url=https://greekreporter.com/2010/11/03/alexi-giannoulias-lost-senate-seat-previously-held-by-barack-obama-in-il/ |website=[[Greek Reporter]] |access-date=4 February 2023 |language=en |date=3 November 2010}}</ref>


==Illinois Secretary of State==
==Illinois Secretary of State==
{{main|2022 Illinois Secretary of State election}}
{{main|2022 Illinois Secretary of State election}}
Giannoulias announced he would run for [[Illinois Secretary of State]] to succeed retiring incumbent [[Jesse White (politician)|Jesse White]]. During the Democratic primary, his opponent, Chicago City Clerk Anna Valencia, criticized Giannoulias for his past support of a Republican candidate who supported anti-abortion legislation.<ref>{{Cite web |date=2022-05-18 |title=Valencia airs first TV ad in Illinois secretary of state race, taking potshots at Giannoulias |url=https://chicago.suntimes.com/elections/2022/5/17/23109219/anna-valencia-alexi-giannoulias-democratic-secretary-state-david-moore-trump-tom-cross-abortion |access-date=2023-09-11 |website=Chicago Sun-Times |language=en}}</ref> On June 28, 2022, he won the Democratic primary.<ref>{{cite web |last1=Hinton |first1=Rachel |title=State Sen. Michael Hastings to join crowded field seeking to succeed Illinois Secretary of State Jesse White |url=https://chicago.suntimes.com/politics/2021/3/2/22309213/michael-hastings-run-succeed-illinois-secretary-of-state-jesse-white |website=Chicago Sun-Times |access-date=6 March 2021 |language=en |date=2 March 2021}}</ref><ref>{{Cite web |title=Illinois statewide races: Alexi Giannoulias the Democratic winner for secretary of state, while Thomas DeVore wins GOP nod for attorney general |url=https://www.msn.com/en-us/news/politics/illinois-statewide-races-alexi-giannoulias-the-democratic-winner-for-secretary-of-state-while-thomas-devore-wins-gop-nod-for-attorney-general/ar-AAYYL92 |access-date=2022-06-30 |website=MSN |language=en-US}}</ref> On November 8, 2022, Giannoulias won the general election, defeating Republican [[Dan Brady (Illinois politician)|Dan Brady]].
Giannoulias announced he would run for [[Illinois Secretary of State]] to succeed retiring incumbent [[Jesse White (politician)|Jesse White]]. During the Democratic primary, his opponent, Chicago City Clerk Anna Valencia, criticized Giannoulias for his past support of a Republican candidate who supported anti-abortion legislation.<ref>{{cite news |date=2022-05-18 |title=Valencia airs first TV ad in Illinois secretary of state race, taking potshots at Giannoulias |url=https://chicago.suntimes.com/elections/2022/5/17/23109219/anna-valencia-alexi-giannoulias-democratic-secretary-state-david-moore-trump-tom-cross-abortion |access-date=2023-09-11 |newspaper=Chicago Sun-Times |language=en |df=mdy-all}}</ref> On June 28, 2022, he won the Democratic primary.<ref>{{cite news |last1=Hinton |first1=Rachel |title=State Sen. Michael Hastings to join crowded field seeking to succeed Illinois Secretary of State Jesse White |url=https://chicago.suntimes.com/politics/2021/3/2/22309213/michael-hastings-run-succeed-illinois-secretary-of-state-jesse-white |newspaper=Chicago Sun-Times |access-date=6 March 2021 |language=en |date=2 March 2021}}</ref><ref>{{cite news |title=Illinois statewide races: Alexi Giannoulias the Democratic winner for secretary of state, while Thomas DeVore wins GOP nod for attorney general |url=https://www.chicagotribune.com/politics/elections/ct-illinois-primary-statewide-races-20220629-lxvjyiiwkfh3dcdtmwiwa6ntby-story.html |access-date=2023-12-04 |first1=Dan |last1=Petrella |first2=Jeremy |last2=Gorner |newspaper=Chicago Tribune |date=June 28, 2022 |language=en-US}}</ref> On November 8, 2022, Giannoulias won the general election, defeating Republican [[Dan Brady (Illinois politician)|Dan Brady]].


==Personal life==
==Personal life==
He is married to Jo Terlato.<ref>{{cite web |date=February 18, 2014 |title=Alexi Giannoulias ties the knot with Jo Terlato |url=https://www.chicagobusiness.com/article/20140218/BLOGS03/140219801/banker-alexi-giannoulias-marries-jo-terlato-of-terlato-wines-international |accessdate=June 17, 2020 |website=Crain's Chicago Business|language=en}}</ref><ref>{{cite web |date=August 31, 2017 |title=Alexi Giannoulias gains wisdom |url=https://shiakapos.com/alexi-giannoulias-gains-wisdom |accessdate=June 17, 2020 |website=shiakapos.com |language=en-US}}</ref><ref>{{cite web |date=April 23, 2015 |title=Who to Watch: Jo Terlato Giannoulias |url=http://www.chicagosplash.com/2015/04/23/who-to-watch-jo-terlato-giannoulias |access-date=2020-06-17 |website=SPLASH |language=en-US |archive-date=2020-06-17 |archive-url=https://web.archive.org/web/20200617024353/http://www.chicagosplash.com/2015/04/23/who-to-watch-jo-terlato-giannoulias |url-status=dead }}</ref> Giannoulias is [[Greek Orthodox Archdiocese of America|Greek Orthodox]].<ref>{{Cite web |date=2014-02-17 |title=Alexi Giannoulias ties the knot with Jo Terlato |url=https://www.chicagobusiness.com/article/20140218/BLOGS03/140219801/banker-alexi-giannoulias-marries-jo-terlato-of-terlato-wines-international |access-date=2023-04-19 |website=Crain's Chicago Business |language=en-US}}</ref><ref>{{Cite web |date=March 8, 2014 |title=Alexi Giannoulias Ties the Knot |url=https://www.thenationalherald.com/alexi-giannoulias-ties-the-knot/ |website=The National Herald}}</ref>
He is married to Jo Terlato.<ref name=marriage>{{cite news |date=February 18, 2014 |title=Alexi Giannoulias ties the knot with Jo Terlato |url=https://www.chicagobusiness.com/article/20140218/BLOGS03/140219801/banker-alexi-giannoulias-marries-jo-terlato-of-terlato-wines-international |first=Shia |last=Kapos |accessdate=June 17, 2020 |newspaper=Crain's Chicago Business |language=en |url-access=subscription}}</ref><ref>{{cite web |date=August 31, 2017 |title=Alexi Giannoulias gains wisdom |url=https://shiakapos.com/alexi-giannoulias-gains-wisdom |accessdate=June 17, 2020 |website=shiakapos.com |language=en-US}}{{dead link|date=December 2023}}</ref><ref>{{cite web |date=April 23, 2015 |title=Who to Watch: Jo Terlato Giannoulias |url=http://www.chicagosplash.com/2015/04/23/who-to-watch-jo-terlato-giannoulias |access-date=2020-06-17 |website=SPLASH |language=en-US |archive-date=2020-06-17 |archive-url=https://web.archive.org/web/20200617024353/http://www.chicagosplash.com/2015/04/23/who-to-watch-jo-terlato-giannoulias |url-status=dead }}</ref> Giannoulias is [[Greek Orthodox Archdiocese of America|Greek Orthodox]].<ref name=marriage/><ref>{{Cite web |date=March 8, 2014 |title=Alexi Giannoulias Ties the Knot |url=https://www.thenationalherald.com/alexi-giannoulias-ties-the-knot/ |newspaper=[[The National Herald]] |location=New York City}}</ref>


==References==
==References==
{{reflist|30em|refs=
{{reflist|30em|refs=


<ref name="Information for Broadway Bank, Chicago, IL">{{cite web|url=http://www.fdic.gov/bank/individual/failed/broadway.html |title=Information for Broadway Bank, Chicago, IL |publisher=[[Federal Deposit Insurance Corporation]] |date=2010-04-23 |access-date=2010-04-24 |archive-url=https://web.archive.org/web/20101214233224/http://fdic.gov/bank/individual/failed/broadway.html |archive-date=2010-12-14 |url-status=live }}</ref>
<ref name="Information for Broadway Bank, Chicago, IL">{{cite web |url=http://www.fdic.gov/bank/individual/failed/broadway.html |title=Information for Broadway Bank, Chicago, IL |website=[[Federal Deposit Insurance Corporation]] |date=2010-04-23 |access-date=2010-04-24 |archive-url=https://web.archive.org/web/20101214233224/http://fdic.gov/bank/individual/failed/broadway.html |archive-date=2010-12-14 |url-status=live}}</ref>


<ref name="Profile: Alexi Giannoulias runs for U.S. Senate with President Barack Obama as a mentor">{{cite news |first=John |last=Chase |title=Profile: Alexi Giannoulias runs for U.S. Senate with President Barack Obama as a mentor |date=January 15, 2010 |url=http://www.chicagotribune.com/news/elections/chi-giannoulias-profile-14jan15,0,3653104.story |agency=Chicago Tribune |access-date=March 27, 2010 |archive-url=https://web.archive.org/web/20101008013508/http://www.chicagotribune.com/news/elections/chi-giannoulias-profile-14jan15,0,3653104.story |archive-date=October 8, 2010 |url-status=dead }}</ref>
<ref name="mentor">{{cite news |first=John |last=Chase |title=Profile: Alexi Giannoulias runs for U.S. Senate with President Barack Obama as a mentor |date=January 15, 2010 |url=http://www.chicagotribune.com/news/elections/chi-giannoulias-profile-14jan15,0,3653104.story |newspaper=Chicago Tribune |access-date=March 27, 2010 |archive-url=https://web.archive.org/web/20101008013508/http://www.chicagotribune.com/news/elections/chi-giannoulias-profile-14jan15,0,3653104.story |archive-date=October 8, 2010 |url-status=dead }}</ref>


<ref name="Regulators clamp down on Giannoulias' Broadway Bank">{{cite news | url = http://www.chicagobusiness.com/cgi-bin/news.pl?id=36887&ba=1 | title = Regulators clamp down on Giannoulias' Broadway Bank | first = Steve | last = Daniels | work = [[Crain's Chicago Business]] | publisher = [[Crain Communications]] | access-date = 2010-04-24 }}</ref>
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<ref name="boston.com">{{cite news| title=States Investigate OppenheimerFunds On College Plan Losses| url=https://www.huffpost.com/entry/states-investigate-oppenh_n_184119| website=Huff Post| first=Julie| last=Satow| date=May 8, 2009}}</ref>
<ref name="boston.com">[http://www.boston.com/business/articles/2009/04/08/oppenheimerfunds_under_scrutiny/ OppenheimerFunds under scrutiny.] ''Bloomberg News.'' 8 April 2009.</ref>


<ref name="consumerreports.org">[http://www.consumerreports.org/cro/money/personal-investing/college-savings-plans/overview/college-savings-plans.htm Savings plans that make the grade.] ''Consumer Reports.'' April 2009.</ref>
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<ref name="coop-woes">Greising, David. [http://www.chicagonewscoop.org/as-lender-giannoulias-impacted-bank-woes As Lender, Giannoulias Impacted Bank Woes.] {{webarchive|url=https://web.archive.org/web/20100203133928/http://www.chicagonewscoop.org/as-lender-giannoulias-impacted-bank-woes/ |date=2010-02-03 }} ''[[Chicago News Cooperative]].'' 31 January 2010.</ref>
<ref name="coop-woes">Greising, David (January 31, 2010). [http://www.chicagonewscoop.org/as-lender-giannoulias-impacted-bank-woes As Lender, Giannoulias Impacted Bank Woes.] {{webarchive|url=https://web.archive.org/web/20100203133928/http://www.chicagonewscoop.org/as-lender-giannoulias-impacted-bank-woes/ |date=2010-02-03 }} ''[[Chicago News Cooperative]]''.</ref>


<ref name="cr-albatross">{{cite news|url=http://www.chicagoreader.com/chicago/can-alexi-giannoulias-family-bank-obamas-senate-seat/Content?oid=1245291 |title=Alexi's Albatross: Can Alexi Giannoulias shake off the problems plaguing his family's bank to win Obama's old Senate seat? |date=2009-12-03 |first=Mick |last=Dumke |work=[[Chicago Reader]] |location=Chicago |publisher=Creative Loafing |access-date=2010-04-24 |archive-url=https://web.archive.org/web/20100612184736/http://www.chicagoreader.com/chicago/can-alexi-giannoulias-family-bank-obamas-senate-seat/Content?oid=1245291 |archive-date=2010-06-12 |url-status=live }}</ref>
<ref name="cr-albatross">{{cite news |url=http://www.chicagoreader.com/chicago/can-alexi-giannoulias-family-bank-obamas-senate-seat/Content?oid=1245291 |title=Alexi's Albatross: Can Alexi Giannoulias shake off the problems plaguing his family's bank to win Obama's old Senate seat? |date=2009-12-03 |first=Mick |last=Dumke |newspaper=[[Chicago Reader]] |access-date=2010-04-24 |archive-url=https://web.archive.org/web/20100612184736/http://www.chicagoreader.com/chicago/can-alexi-giannoulias-family-bank-obamas-senate-seat/Content?oid=1245291 |archive-date=2010-06-12 |url-status=live }}</ref>


<ref name="cst">[http://www.suntimes.com/news/elections/1319056,CST-NWS-gov08.article Obama's basketball pal for governor?] {{Webarchive|url=https://web.archive.org/web/20081211055642/http://www.suntimes.com/news/elections/1319056,CST-NWS-gov08.article |date=2008-12-11 }} December 8, 2008, Chicago Sun Times</ref>
<ref name="cst">[http://www.suntimes.com/news/elections/1319056,CST-NWS-gov08.article Obama's basketball pal for governor?] {{Webarchive|url=https://web.archive.org/web/20081211055642/http://www.suntimes.com/news/elections/1319056,CST-NWS-gov08.article |date=2008-12-11 }} December 8, 2008, Chicago Sun Times</ref>


<ref name="galesburg-factcheck">Wills, Christopher. [http://www.galesburg.com/news/x1689200066/Fact-Check-Giannoulias-faces-trouble-over-Bright-Start Fact Check: Giannoulias faces trouble over Bright Start.] {{webarchive|url=https://web.archive.org/web/20110716184908/http://www.galesburg.com/news/x1689200066/Fact-Check-Giannoulias-faces-trouble-over-Bright-Start |date=2011-07-16 }} ''[[Associated Press]].'' 11 January 2010.</ref>
<ref name="galesburg-factcheck">{{cite news| last=Wills| first=Christopher| url=http://www.galesburg.com/news/x1689200066/Fact-Check-Giannoulias-faces-trouble-over-Bright-Start| title=Fact Check: Giannoulias faces trouble over Bright Start| archive-url=https://web.archive.org/web/20110716184908/http://www.galesburg.com/news/x1689200066/Fact-Check-Giannoulias-faces-trouble-over-Bright-Start| archive-date=2011-07-16| newspaper=[[The Register-Mail]]| location=Galesburg| agency=[[Associated Press]]| date=January 11, 2010}}</ref>


<ref name="gen_elec_results">{{cite web|url=http://elections.chicagotribune.com/results/ |title=Live election results |work=Chicago Tribune |date=November 3, 2010 |access-date=November 3, 2010 |archive-url=https://web.archive.org/web/20101118191318/http://elections.chicagotribune.com/results/ |archive-date=2010-11-18 |url-status=dead }}</ref>
<ref name="gen_elec_results">{{cite web|url=http://elections.chicagotribune.com/results/ |title=Live election results |newspaper=Chicago Tribune |date=November 3, 2010 |access-date=November 3, 2010 |archive-url=https://web.archive.org/web/20101118191318/http://elections.chicagotribune.com/results/ |archive-date=2010-11-18 |url-status=dead}}</ref>


<ref name="greek-follows">{{cite news|title=Giannoulias follows Obama's steps |date=February 8, 2010 |url=http://www.greeknewsonline.com/?p=11921 |work=Greek News |access-date=March 27, 2010 |archive-url=https://web.archive.org/web/20110724154546/http://www.greeknewsonline.com/?p=11921 |archive-date=2011-07-24 |url-status=live }}</ref>
<ref name="greek-follows">{{cite news|title=Giannoulias follows Obama's steps |date=February 8, 2010 |url=http://www.greeknewsonline.com/?p=11921 |work=Greek News |access-date=March 27, 2010 |archive-url=https://web.archive.org/web/20110724154546/http://www.greeknewsonline.com/?p=11921 |archive-date=2011-07-24 |url-status=live}}</ref>


<ref name="illinoistimes-wouldbe">{{cite news|url=http://www.illinoistimes.com/Springfield/article-6860-the-man-who-would-be-senator.html |title=The man who would be senator |first=Patrick |last=Yeagle |date=2010-01-21 |work=[[Illinois Times]] |location=[[Springfield, Illinois]] |archive-url=https://web.archive.org/web/20110717182235/http://www.illinoistimes.com/Springfield/article-6860-the-man-who-would-be-senator.html |archive-date=2011-07-17 |url-status=live }}</ref>
<ref name="illinoistimes-wouldbe">{{cite news|url=http://www.illinoistimes.com/Springfield/article-6860-the-man-who-would-be-senator.html |title=The man who would be senator |first=Patrick |last=Yeagle |date=2010-01-21 |work=[[Illinois Times]] |location=[[Springfield, Illinois]] |archive-url=https://web.archive.org/web/20110717182235/http://www.illinoistimes.com/Springfield/article-6860-the-man-who-would-be-senator.html |archive-date=2011-07-17 |url-status=live}}</ref>


<ref name="meet-treasurer">[http://www.treasurer.il.gov/about-us/meet-treasurer-giannoulias.aspx Meet Treasurer Giannoulias] Official Website</ref>
<ref name="meet-treasurer">[http://www.treasurer.il.gov/about-us/meet-treasurer-giannoulias.aspx "Meet Treasurer Giannoulias"]. ''Illinois Treasurer''.</ref>


<ref name="newsblogs.chicagotribune.com">Garcia, Monique. [http://newsblogs.chicagotribune.com/clout_st/2009/05/treasurer-defends-suv-purchase-from-college-savings-program.html Treasurer defends SUV purchase from college savings program.] ''Chicago Tribune.'' 4 May 2009.</ref>
<ref name="newsblogs.chicagotribune.com">Garcia, Monique (May 4, 2009). [http://newsblogs.chicagotribune.com/clout_st/2009/05/treasurer-defends-suv-purchase-from-college-savings-program.html "Treasurer defends SUV purchase from college savings program".] ''Chicago Tribune''.</ref>


<ref name="treas-pr26">[http://www.treasurer.il.gov/news/press-releases/2009/PR26January2009.htm State initiates probe of OppenheimerFunds.] Illinois State Treasurer website. 26 January 2009.</ref>
<ref name="treas-pr26">{{cite press release| url=http://www.treasurer.il.gov/news/press-releases/2009/PR26January2009.htm| title=State initiates probe of OppenheimerFunds| publisher=Illinois State Treasurer| date=January 26, 2009}}</ref>


<ref name="trib-biz-0228">Yerak, Becky. [http://articles.chicagotribune.com/2010-02-28/business/ct-biz-0228-broadway--20100228_1_bank-s-problems-family-owned-bank-capital-raising/2 As Senate campaign heats up, Giannoulias family races to avoid collapse of its bank.] ''Chicago Tribune.'' 28 February 2010.</ref>
<ref name="trib-biz-0228">Yerak, Becky (February 28, 2010). [http://articles.chicagotribune.com/2010-02-28/business/ct-biz-0228-broadway--20100228_1_bank-s-problems-family-owned-bank-capital-raising/2 "As Senate campaign heats up, Giannoulias family races to avoid collapse of its bank".] ''Chicago Tribune''.</ref>


<ref name="truth">[http://www.truthaboutalexi.com/the-bank/ The Truth About The Bank.] ''The Truth About Alexi.''</ref>
<ref name="truth">[http://www.truthaboutalexi.com/the-bank/ The Truth About The Bank.] ''The Truth About Alexi''.</ref>


<ref name="wsj-hero">Palank, Jacqueline. [https://blogs.wsj.com/bankruptcy/2010/02/03/hartmarx-hero-wins-senate-primary/tab/article/ Hartmarx Hero Wins Senate Primary.] ''[[The Wall Street Journal]]''. February 3, 2010.</ref>
<ref name="wsj-hero">Palank, Jacqueline (February 3, 2010). [https://blogs.wsj.com/bankruptcy/2010/02/03/hartmarx-hero-wins-senate-primary/tab/article/ Hartmarx Hero Wins Senate Primary.] ''[[The Wall Street Journal]]''.</ref>
}}
}}


Latest revision as of 15:16, 25 February 2024

Alexi Giannoulias
Giannoulias in 2010
38th Secretary of State of Illinois
Assumed office
January 9, 2023
GovernorJ. B. Pritzker
Preceded byJesse White
72nd Treasurer of Illinois
In office
January 8, 2007 – January 10, 2011
GovernorRod Blagojevich
Pat Quinn
Preceded byJudy Baar Topinka
Succeeded byDan Rutherford
Personal details
Born
Alexander Giannoulias

(1976-03-16) March 16, 1976 (age 48)
Chicago, Illinois, U.S.
Political partyDemocratic
SpouseJo Terlato
EducationUniversity of Chicago
Boston University (BA)
Tulane University (JD)

Alexander Giannoulias (/əˈlɛksi dʒəˈnuːliəs/ jə-NOO-lee-əs; born March 16, 1976) is an American financier and politician who is the Secretary of State of Illinois. He previously served as the 72nd Illinois Treasurer from 2007 to 2011.

A Democrat, Giannoulias defeated Republican treasurer candidate State Senator Christine Radogno in November 2006 with 54 percent of the vote, becoming the first Democrat to hold the office in 12 years, at the age of 30.

Giannoulias was a candidate in the 2010 elections for the seat in the United States Senate held by Roland Burris. Burris, who was appointed by Governor Rod Blagojevich to fill the seat vacated by Barack Obama following Obama's election as President of the United States, chose not to seek election. Giannoulias won the Democratic primary in February 2010, and narrowly lost the general elections in November 2010 to Republican Mark Kirk.[1] Making him the only Illinois Democrat Senate nominee in the 21st century to lose.

After 2010, Giannoulias mostly stepped back from public life, and served as Senior Director of BNY Mellon Wealth Management. On June 26, 2018, he was confirmed to the Chicago Public Library Board, marking his first return to public service since leaving the Treasurer's office.[2]

Giannoulias was elected secretary of state in the 2022 election, defeating Dan Brady to succeed longtime incumbent Jesse White.[3][4]

Background[edit]

Giannoulias was born in Chicago, to Greek immigrants. His mother, Anna, is from Chania, and his late father, Alexis, was from Kalavryta.[5] He has two older brothers, Demetris and George.[6] Giannoulias attended The Latin School of Chicago and then the University of Chicago before transferring to Boston University. Giannoulias graduated cum laude with a bachelor's degree in economics. He then moved to Greece to play basketball with Panionios B.C. for a year (1998–99).[5]

Giannoulias had played basketball at The Latin School of Chicago,[7] and played Division III basketball at the University of Chicago. He then played Division I basketball at Boston University.

After returning from Greece, Giannoulias attended Tulane University Law School. Upon earning his J.D. degree, Alexi returned to Chicago to take a management position with Broadway Bank, a community bank in Chicago's Edgewater neighborhood founded by his father in 1979.[5]

Giannoulias served on the board of directors of the Community Banker's Association of Illinois Legislative Committee, the South Side/Wabash YMCA, and the Edgewater Chamber of Commerce. Giannoulias also founded and chaired the AG Foundation, a not-for-profit charity that donated money to treat child-related illnesses, curb poverty and assist disaster relief organizations.[8]

2006 campaign for Illinois State Treasurer[edit]

See also: 2006 Illinois state elections § Treasurer

Although the state Democratic Party led by House Speaker Mike Madigan backed his opponent, Paul Mangieri, in the primary, Giannoulias was endorsed by U.S. Representatives Jan Schakowsky, Jesse Jackson Jr.,[9] and by then-Senator Barack Obama.[10][11]

The Chicago Sun-Times news group also endorsed Giannoulias in the general election, arguing that he would "bring valuable private enterprise experience from banking to the job" and praising his "creative" policy proposals like a securities lending program, improving Bright Start, and promoting green energy.[12] Running on a campaign platform that emphasized comprehensive ethics reform for the Treasurer's office,[13] Giannoulias won the March 2006 primary and went on to defeat Republican candidate Christine Radogno in the general election.

Tenure as Illinois State Treasurer[edit]

Alexi Giannoulias Official Portrait As State Treasurer

Ethics reform[edit]

On his first day as State Treasurer, Giannoulias "signed an executive order to enact the most comprehensive, widest-ranging ethics package of any elected official in the state", according to his official state website. "The order prohibits [the Treasurer] from accepting contributions from banks, Treasurer's Office employees and contractors who do business with the office."[8] He also moved to foreclose on two debt-ridden hotels built in the 1980s by politically connected insiders in Springfield and Collinsville.[14][15]

Hartmarx[edit]

In 2009, Giannoulias worked to encourage Wells Fargo to cooperate in the sale of Chicago-based clothing manufacturer Hartmarx Corp., which was at risk of liquidation and had filed for Chapter 11 protection. The success of this sale with Giannoulias' support saved over 600 jobs at an Illinois Hartmarx factory that otherwise would have been closed.[16]

Wells Fargo, a primary lender for Hartmarx, is also "the money custodian for the treasurer's office, holding its cash and other financial assets." Giannoulias publicly challenged Wells Fargo's obstruction of the sale, stating that "[Wells Fargo's] intention to liquidate Hartmarx rather than allow a sale to buyers intent on keeping the company running will significantly jeopardize the business relationship between Wells Fargo and the state of Illinois."[17]

Giannoulias cited the fact that Wells Fargo received over $25 billion in federal TARP bailout funds as further reason why the bank should have supported the sale of Hartmarx instead of pursuing the company's liquidation. In a public statement, Giannoulias said, "We expect companies that get state and federal taxpayer money to invest it in American jobs and American workers, not destroy companies that still have a chance to succeed."[18]

Green Rewards[edit]

Giannoulias launched the "Green Rewards" program, which gives a $1,000 rebate to Illinois residents who purchase a new hybrid or other fuel-efficient vehicle.[19]

Purchase of Israel Bonds[edit]

In January 2009, the state of Illinois purchased $10 million worth of Israel Bonds. Giannoulias said: "This is a good way to safely diversify our portfolio, especially during a time when some of our other investment options aren't generating as much revenue because of the market fluctuations here in the United States."[20] According to Giannoulias, the Israel Bonds will mature in three years with a 2.43% rate of return, compared to U.S. government bonds yielding a 1.51% return during the same period.[21]

Scholarship programs[edit]

In addition to revamping the Bright Start savings program, Giannoulias created several new scholarship programs for Illinois college students.

The Fallen Heroes Scholarship Program, which Giannoulias designed in a partnership with the Illinois Department of Veterans Affairs, awards an initial investment of $2,500 in college savings to children who have lost a parent in military service since 2001.[22]

In 2008, Giannoulias announced the creation of the Bright Start Scholarship Program, which will award $3.5 million in need-based scholarships over 7 years, until 2015.[23] More than 250 students received scholarships in 2008, the first year of the program.[24] The scholarships were designed by Giannoulias as a public–private partnership, with the funding for the scholarships donated by a private firm at no cost to the state or taxpayers.[25] Giannoulias also developed the Cultivate Illinois Excellence in Agriculture scholarship in 2008. This program awards ten $2,000 scholarships each year to students pursuing degrees in agriculture-related fields.[26]

Bright Start[edit]

As Illinois Treasurer, Giannoulias was responsible for overseeing the Illinois' Bright Start college saving program. Bright Start provides parents with the opportunity to invest in a tax-free account to save for their children's college education. Enrollees are eligible for several state tax benefits and can invest in various stock and bond options.[27] Before Giannoulias took office, SavingForCollege.com ranked Bright Start 47th out of 48 in the nation.[28] Giannoulias helped reform the program,[29] and Bright Start went from being one of the worst programs in the country to one of the best. Morningstar called the transformation "a Cinderella story."[30]

In 2008, one of the twenty-one funds in Bright Start, Core Plus, began experiencing excessive losses and eventually lost 38% of its value. In the same year, the overall Bright Start program's benchmark grew by 5.4%. Within the Illinois Bright Start program, 2.5% of investors had invested their entire portfolios in Core Plus and suffered a 38% loss; others experienced smaller losses.[31]

As the Associated Press reported, "It turns out the Oppenheimer team handling Core Plus — a team the company has now fired — was putting money into risky, complicated investments that tanked in 2008 amid the general financial meltdown."[28] In 2009, Oregon,[32] Nebraska,[33] New Mexico, Texas, Maine and Illinois[34] all investigated OppenheimerFunds' handling of their college savings programs for impermissible investments and misconduct. Oppenheimer was selected to lead the program by Giannoulias' predecessor, former Illinois Treasurer Judy Baar Topinka, in December 2006, a month before Giannoulias took office.[35]

After the credit markets collapsed in the fall, new contributions into the fund were halted on December 4, 2008.[28] In January 2009, the treasurer's office announced that no further contributions would be made to the Core Plus fund and that the state would be investigating the losses.[36]

According to the Associated Press, Illinois was the first state to take action.[28] In January 2009, at the request of Giannoulias, the Illinois Attorney General initiated its own probe of OppenheimerFunds, issuing subpoenas on the company. At the time, the losses attributable to OppenheimerFunds' impermissible investments were estimated to be "in excess of $85 million."[31]

Despite the problem associated with OppenheimerFunds' handling of Core Plus, Bright Start remains a highly regarded 529 college savings program. In April 2009, Consumer Reports studied college savings programs across the country "to see how well they performed during last year's stock-market plunge."[37] Consumer Reports "found five that are worthy of an A," and ranked Bright Start as one of the top five college savings programs in the nation. In April 2009, Money Magazine selected Bright Start as one of the "best low-risk 529 plans."[38] In December 2009, Kiplingers selected Bright Start as one of the best state 529 plans in the country, choosing it as the best plan for "low fees."[39] Morningstar, Inc., which had previously ranked Bright Start in its top 5 in 2008, has acknowledged the issues relating to Core Plus but, citing Illinois' swift action in dealing with the issue, reported in 2009 that "the plan still holds plenty of appeal."[40]

In December 2009, the Illinois Attorney General's Office and the Office of the State Treasurer announced that Illinois had reached a settlement with OppenheimerFunds.[41] Eligible accountholders who lost money in Core Plus would receive $77 million from OppenheimerFunds. As the scope of the settlement was expanded during negotiations with OppenheimerFunds to include more accountholders, the total loss addressed by the settlement is $150 million.[42] Those families invested in the fund were eligible to receive just over half of their investment back.[43]

The Treasurer's Office used some of the investment fees from the Bright Start program to purchase a hybrid vehicle "so Bright Start staff have a way to travel the state and enroll families in the program" and used to promote other Treasurer's Office programs. Giannoulias never used the vehicle for personal business.[44]

Other efforts as Treasurer[edit]

Giannoulias started a pilot program in 2007 to sell the abandoned contents of safe deposit boxes on eBay, scrapping the state's annual live auctions.[45]

Broadway Bank[edit]

See also: Broadway Bank (Illinois)

From 2002 to 2006, Giannoulias worked as a senior loan officer and vice president at Broadway Bank, a community bank founded by his father. When he left the bank in 2006, it was one of the most profitable banks in Illinois.[citation needed] Four years later, on January 26, 2010, Broadway Bank entered into a consent decree with the FDIC that ordered Broadway to increase its capital.[46] Two dozen small- to medium-sized banks in Illinois and nearly 200 banks nationwide have failed since the October 2008 economic crash.[47]

Broadway Bank's struggling financial situation is due to delinquent real estate loans and foreclosed properties. From 2002 to 2006, Broadway's lending in construction and development loans increased sixfold, to $356 million. During Giannoulias' tenure, Broadway also increased its brokered deposits, which generally command high interest rates. When Giannoulias left the bank in 2006, brokered deposits made up 80% of all deposits at Broadway.[48] When the housing market crashed in late 2008, commercial real estate loan performance deteriorated and Broadway Bank, which had focused its lending in real estate, suffered.[49]

Nine percent of the value of the bad loans originated while Giannoulias was chief loan officer.[49]:1

At the end of business on Friday, April 23, 2010 (2010-04-23), the Illinois Department of Financial and Professional Regulation, Division of Banking, seized Broadway Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC in turn named MB Financial Bank as the institution receiving Broadway Bank's deposit accounts. The FDIC announced that it and MB Financial Bank would share $878.4 million in losses, for a cost of $394.3 million to the federal Deposit Insurance Fund.[50]

Loans made by Broadway Bank[edit]

Broadway Bank made real estate development loans to Tony Rezko, a political fundraiser and real estate developer who was later convicted of fraud and money laundering. Broadway Bank made these loans before Rezko was investigated, indicted, or convicted for any crimes, but not before the criminal conduct took place.[51] Before his conviction, Rezko also received loans from other Chicago banks, including Bank of Chicago, First Bank and Trust of Illinois, GE Capital, Harris Trust and Savings, LaSalle Bank, and Manufacturers Bank.[51]

Giannoulias himself did not make the Rezko loans.[52]

Rezko defaulted on loans made by Broadway, and, in 2006 Broadway was the first bank to foreclose on one of Rezko's delinquent loans, forcing him to declare bankruptcy.[53] Broadway Bank also refused to cover nine bad checks written by Rezko for a total of $450,000 in early 2008.[54]

Giannoulias never accepted campaign contributions from Rezko.[42]

Broadway Bank also loaned money for real estate developments to Michael Giorango, who has been convicted for prostitution and bookmaking.[11] Giannoulias has stated that he was not part of the loan committee that approved the loans to Giorango.[55]

2010 U.S. Senate campaign[edit]

Main article: 2010 United States Senate elections in Illinois

Giannoulias ran against Republican nominee Mark Kirk, Green Party nominee LeAlan Jones, and Libertarian nominee Mike Labno. As a candidate, Giannoulias pledged to create a "Senate Progressive Caucus", akin to the Congressional Progressive Caucus (CPC) in the House of Representatives.[56]

On March 2, 2009, Giannoulias stated on CNBC that he was forming an exploratory committee in order to assess a potential candidacy for the US Senate in 2010. On July 26, 2009, he officially announced his candidacy for the United States Senate at the Hilton Chicago, the same place then-Senator Barack Obama endorsed Giannoulias for State Treasurer in 2006. He was introduced to the crowd by Congressman Bill Foster. He lost to Republican Congressman Mark Kirk.

Even though Giannoulias was not endorsed by President Obama in the primary and the Obama White House attempted to recruit a different candidated for the race,[43] he was elected the Democratic nominee for US Senate in Illinois in the February 2, 2010, primary, with 38.9% of the vote. David H. Hoffman received 33.7% and Cheryle Jackson received 19.8%.[57]

Endorsements[edit]

Giannoulias was endorsed by Planned Parenthood, the Service Employees International Union (SEIU), AFSCME, the AFL–CIO, the League of Conservation Voters, the Human Rights Campaign, the Chicago Sun-Times, and the Sierra Club (Planned Parenthood, the League of Conservation Voters, and the Human Rights Campaign had all supported Congressman Kirk in previous races).[58][59]

On May 28, 2010, the Human Rights Campaign (HRC) endorsed Giannoulias, calling him "a strident supporter of LGBT equality – including supporting marriage equality, repeal of the Defense of Marriage Act, repeal of "Don't Ask, Don't Tell" and supporting an inclusive Employment Non-Discrimination Act."[60]

Among his early endorsers were James Houlihan and Manny Flores.[61] U.S. Senator Dick Durbin, the Assistant Majority Leader and second-highest ranking Democrat in the Senate, endorsed Giannoulias and served as the chairman of the Giannoulias campaign.[62] President Obama expressed his support of Giannoulias' Senate bid and joined him on the campaign trail.[63]

Controversies[edit]

During Giannoulias' bid for the senate he faced attacks on his credibility, mostly stemming from his connection to his family owned bank. Broadway bank was shuttered and seized by the federal government and was alleged to have ties to the mafia. However, Giannoulias opponent, Congressman Mark Kirk, faced his own slew of controversies regarding his military service.[64]

Defeat[edit]

On November 2, 2010, Congressman Mark Kirk beat Alexi Giannoulias for Illinois' open United States Senate seat with 48% of the vote, beating former Treasurer Giannoulias by a margin of 2% [65]

Illinois Secretary of State[edit]

Main article: 2022 Illinois Secretary of State election

Giannoulias announced he would run for Illinois Secretary of State to succeed retiring incumbent Jesse White. During the Democratic primary, his opponent, Chicago City Clerk Anna Valencia, criticized Giannoulias for his past support of a Republican candidate who supported anti-abortion legislation.[66] On June 28, 2022, he won the Democratic primary.[67][68] On November 8, 2022, Giannoulias won the general election, defeating Republican Dan Brady.

Personal life[edit]

He is married to Jo Terlato.[69][70][71] Giannoulias is Greek Orthodox.[69][72]

References[edit]

  1. ^ "Live election results". Chicago Tribune. November 3, 2010. Archived from the original on 2010-11-18. Retrieved November 3, 2010.
  2. ^ Spielman, Fran (June 26, 2018). "Giannoulias takes Library Board seat, but won't promise not to seek office again". Chicago Sun-Times. Retrieved November 25, 2018.
  3. ^ Feurer, Todd; Terry, Jermont; De Mar, Charlie (June 28, 2022). "Alexi Giannoulias cruises to victory in Democratic race for Illinois Secretary of State, will face Dan Brady in November". WBBM News. Retrieved 2023-12-04.
  4. ^ "Giannoulias scores political comeback with Democratic nomination for secretary of state". Chicago Sun-Times. 2022-06-29. Retrieved 2022-06-30.
  5. ^ a b c "Giannoulias follows Obama's steps". Greek News. February 8, 2010. Archived from the original on 2011-07-24. Retrieved March 27, 2010.
  6. ^ Chase, John (January 15, 2010). "Profile: Alexi Giannoulias runs for U.S. Senate with President Barack Obama as a mentor". Chicago Tribune. Archived from the original on October 8, 2010. Retrieved March 27, 2010.
  7. ^ Obama's basketball pal for governor? Archived 2008-12-11 at the Wayback Machine December 8, 2008, Chicago Sun Times
  8. ^ a b "Meet Treasurer Giannoulias". Illinois Treasurer.
  9. ^ Chase, John (February 3, 2006). "Race for treasurer splits Democrats". Chicago Tribune.
  10. ^ Kraushaar, Josh (June 18, 2009). The Obama-Giannoulias relationship. Politico.
  11. ^ a b Dumke, Mick (2009-12-03). "Alexi's Albatross: Can Alexi Giannoulias shake off the problems plaguing his family's bank to win Obama's old Senate seat?". Chicago Reader. Archived from the original on 2010-06-12. Retrieved 2010-04-24.
  12. ^ "Alexi Giannoulias for state treasurer". Chicago Sun-Times. 24 October 2006.
  13. ^ "Alexi Giannoulias". Illinois State Treasurer. [dead link]
  14. ^ Suhr, Jim (September 26, 2007). "St. Louis hotel scheduled for judicial sale". Associated Press. USA Today. [dead link]
  15. ^ Mendell, David (January 16, 2008). "State ready to close books on debt-plagued hotel" Chicago Tribune.
  16. ^ "Durbin takes the reins of Giannoulias' Senate bid". Chicago Sun-Times. February 7, 2010.
  17. ^ Palank, Jacqueline (February 3, 2010). Hartmarx Hero Wins Senate Primary. The Wall Street Journal.
  18. ^ "Hartmarx Bankruptcy: Workers At Obama's Suit Maker Pin Hopes On British Company". Independent Record. Helena, Montana. Associated Press. May 21, 2009. Retrieved December 4, 2023.
  19. ^ State offers $1,000 rebate to hybrid-vehicle buyers. Chicago Tribune. Page 3. July 16, 2007.
  20. ^ "State Purchases $10 million in Israel Bonds" (Press release). Illinois Treasury. January 28, 2009.[dead link]
  21. ^ Fingerhut, Eric (January 28, 2009). "Illinois makes major Israel Bonds purchase". Jewish Telegraphic Agency. Archived from the original on 2009-01-30.
  22. ^ "Helping fallen heroes' kids; State officials unveil scholarship program." Chicago Tribune, January 28, 2008.
  23. ^ "Giannoulias commits $3.5 million to Illinois college scholarships" (Press release). Illinois State Treasurer. April 28, 2008.[dead link]
  24. ^ "Giannoulias congratulates Illinois students selected for Bright Start scholarships" (Press release). Illinois State Treasurer. January 8, 2009.[dead link]
  25. ^ "$3.5 million to help with college costs." Chicago Tribune, April 29, 2008
  26. ^ "Agriculture scholarships available to Illinois students". Morris Daily Herald. March 16, 2010.
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  28. ^ a b c d Wills, Christopher (January 11, 2010). "Fact Check: Giannoulias faces trouble over Bright Start". The Register-Mail. Galesburg. Associated Press. Archived from the original on 2011-07-16.
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  30. ^ Norton, Marta (April 16, 2008). "The Best and Worst 529 College-Savings Plans". Morningstar. Retrieved December 4, 2023.
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  32. ^ Anand, Shefali; Karmin, Craig (April 14, 2009). "Oregon Sues Over Risks Taken In Its '529' Fund". The Wall Street Journal.
  33. ^ Jenkins, Nate (June 16, 2009). "Neb. try to recoup college-savings losses". Sioux City Journal. Associated Press. Retrieved December 4, 2023.
  34. ^ Satow, Julie (May 8, 2009). "States Investigate OppenheimerFunds On College Plan Losses". Huff Post.
  35. ^ Savage, Terry (December 21, 2006). "State's college saving plan is tops, and just got better". Archived 2007-02-22 at the Wayback Machine. Chicago Sun-Times.
  36. ^ Savage, Terry (January 14, 2009). "Ill. wants Bright Start College Savings program's $85M back". Archived 2010-02-10 at the Wayback Machine. Chicago Sun-Times.
  37. ^ Savings plans that make the grade. Consumer Reports. April 2009.[dead link]
  38. ^ Wang, Penelope. "Best low-risk 529 plans". CNN. Archived from the original on 2011-03-19. Retrieved April 3, 2010.
  39. ^ "2009 Best List: College". Kiplingers Personal Finance. December 2009.[dead link]
  40. ^ Brown, Greg (April 23, 2009). "The Best and Worst 529 College-Savings Plans". Morningstar.
  41. ^ "Illinois Reaches $77 Million Bright Start Settlement with Oppenheimer" (PDF) (Press release). Illinois State Treasurer. December 22, 2009. Retrieved December 4, 2023.
  42. ^ a b Yeagle, Patrick (2010-01-21). "The man who would be senator". Illinois Times. Springfield, Illinois. Archived from the original on 2011-07-17.
  43. ^ a b Chase, John (2010-01-15). "Profile: Alexi Giannoulias runs for U.S. Senate with President Barack Obama as a mentor". Chicago Tribune. Retrieved 2023-09-11.
  44. ^ Garcia, Monique (May 4, 2009). "Treasurer defends SUV purchase from college savings program". Chicago Tribune.
  45. ^ Eckinger, Helen (August 14, 2007). "State plans 'virtual yard sale' of unclaimed property". Chicago Tribune.
  46. ^ Daniels, Steve (January 27, 2010). "Regulators clamp down on Giannoulias' Broadway Bank". Crain's Chicago Business. Retrieved 2023-12-04.
  47. ^ "MB Financial Bank, National Association, Chicago, Illinois, Assumes All Of The Deposits Of Broadway Bank, Chicago, Illinois" (Press release). Federal Deposit Insurance Corporation. April 23, 2010. Retrieved December 4, 2023.
  48. ^ Greising, David (January 31, 2010). As Lender, Giannoulias Impacted Bank Woes. Archived 2010-02-03 at the Wayback Machine Chicago News Cooperative.
  49. ^ a b Yerak, Becky (February 28, 2010). "As Senate campaign heats up, Giannoulias family races to avoid collapse of its bank". Chicago Tribune.
  50. ^ "Information for Broadway Bank, Chicago, IL". Federal Deposit Insurance Corporation. 2010-04-23. Archived from the original on 2010-12-14. Retrieved 2010-04-24.
  51. ^ a b The Truth About The Bank. The Truth About Alexi.
  52. ^ Sweet, Lynn (November 15, 2009). "Dems at risk of losing Obama's old Senate seat". Archived 2010-02-04 at the Wayback Machine. Chicago Sun-Times.
  53. ^ Corfman, Gallun and Thomas A. (May 22, 2006). "Rezko project heads to bankruptcy court". Crain's Chicago Business.
  54. ^ Korecki, Natasha; Fusco, Chris (May 30, 2008). "Rezko wanted in Vegas for $450,000 in debts". Chicago Sun-Times. Archived from the original on 2008-06-02.
  55. ^ Jackson, David; Chase, John; Gibson, Ray (April 1, 2010). "$20 million in loans to felons". Chicago Tribune.
  56. ^ "Alexi Giannoulias, Illinois Senate Candidate, Pledges To Create Senate Progressive Caucus". HuffPost. 2010-08-13. Retrieved 2021-10-25.
  57. ^ "Live primary results". Chicago Tribune. 2010-07-02. Archived from the original on 2010-07-02. Retrieved 2023-09-11.
  58. ^ "Endorsements". Archived 2009-11-15 at the Wayback Machine. Alexi Giannoulias: Democrat for Senate.
  59. ^ Pallasch, Abdon M. (June 8, 2010). "Kirk loses backing of two environmental groups". Archived 2010-06-11 at the Wayback Machine. Chicago Sun-Times.
  60. ^ "HRC Announces Endorsement of Alexi Giannoulias for Senate" (Press release). Human Rights Campaign. May 28, 2010. Archived from the original on 2010-06-03.
  61. ^ Dumke, Mick (December 3, 2009). "Alexi's Albatross". Chicago Reader.
  62. ^ Sweet, Lynn (February 7, 2010). "Durbin to chair Giannoulias Illinois Senate campaign". Archived 2010-04-19 at the Wayback Machine. Chicago Sun-Times.
  63. ^ "President Obama Rallies Democrats for Alexi | Alexi Giannoulias | Democrat for U.S. Senate, Illinois". Archived from the original on 2010-08-12. Retrieved 2010-08-11. "Alexi for Illinois." 5 August 2010.
  64. ^ Sanchez, Ray (2 November 2010). "Republican Mark Kirk Defeats Alexi Giannoulias in Illinois Senate Race". ABC News. Retrieved 4 February 2023.
  65. ^ Markis, A. (3 November 2010). "Alexi Giannoulias Lost Senate Seat Previously Held by Barack Obama in IL". Greek Reporter. Retrieved 4 February 2023.
  66. ^ "Valencia airs first TV ad in Illinois secretary of state race, taking potshots at Giannoulias". Chicago Sun-Times. May 18, 2022. Retrieved September 11, 2023.
  67. ^ Hinton, Rachel (2 March 2021). "State Sen. Michael Hastings to join crowded field seeking to succeed Illinois Secretary of State Jesse White". Chicago Sun-Times. Retrieved 6 March 2021.
  68. ^ Petrella, Dan; Gorner, Jeremy (June 28, 2022). "Illinois statewide races: Alexi Giannoulias the Democratic winner for secretary of state, while Thomas DeVore wins GOP nod for attorney general". Chicago Tribune. Retrieved 2023-12-04.
  69. ^ a b Kapos, Shia (February 18, 2014). "Alexi Giannoulias ties the knot with Jo Terlato". Crain's Chicago Business. Retrieved June 17, 2020.
  70. ^ "Alexi Giannoulias gains wisdom". shiakapos.com. August 31, 2017. Retrieved June 17, 2020.[dead link]
  71. ^ "Who to Watch: Jo Terlato Giannoulias". SPLASH. April 23, 2015. Archived from the original on 2020-06-17. Retrieved 2020-06-17.
  72. ^ "Alexi Giannoulias Ties the Knot". The National Herald. New York City. March 8, 2014.

External links[edit]

Party political offices
Preceded by Democratic nominee for Treasurer of Illinois
2006 		Succeeded by
Preceded by Democratic nominee for U.S. Senator from Illinois
(Class 3)
2010 		Succeeded by
Preceded by Democratic nominee for Secretary of State of Illinois
2022 		Most recent
Political offices
Preceded by Treasurer of Illinois
2007–2011 		Succeeded by
Preceded by Secretary of State of Illinois
2023–present 		Incumbent
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