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Elected as Illinois’ state treasurer in 2006 at the age of 30, Giannoulias captured the Democratic Senate nod only after Lisa Madigan, the state’s popular attorney general, refused to run and in large part because of his perceived closeness to Barack Obama, with whom he used to regularly play pickup basketball.
From the start, Giannoulias was seen as a shallow, deeply flawed candidate because of controversies surrounding the now-collapsed Broadway Bank that his family owned. Giannoulias was a senior loan officer at the bank from 2002 to 2006 and worked there when the bank gave out millions of dollars in loans to alleged mobsters — most notably more than $20 million to two convicted felons who were about to serve time for prostitution and bookmaking. Facing massive debt, Broadway Bank closed earlier this year. Recent reports that he paid no income taxes last year have only made Giannoulias more unpalatable.

See the full article from “Salon”