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Kirk camp post "Meet the Press" debate react, statements, fact checks

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below, from the Kirk campaign.....
Click here for Giannoulias campaign post debate react, statements, fact checks


FACT CHECK
Giannoulias Wrong on Broadway Bank, Taxes, Spending and Health Care

GIANNOULIAS CLAIM: He didn't know the extent of his criminal borrowers' pasts.

Fact: As the Chicago Tribune reported on April 1, 2010, the Giannoulias family was made aware of Giorango's past when they read about in the Chicago Tribune in 2004.

"Demetris Giannoulias said the bank learned of Giorango's bookmaking and prostitution promotion convictions from a spring 2004 Tribune report detailing those cases.

The Tribune report that Demetris Giannoulias refers to states:

"In 1989, Giorango pleaded guilty to helping direct a south suburban bookmaking ring that used threats of bombings, beatings and robbery to collect unpaid debts. Nicknamed "Jaws," Giorango managed bookie parlors that moved periodically, as well as monthly floating "smokers," or casino gambling nights.


In 1991, while Giorango was in federal prison for the bookmaking case, he was convicted of additional gambling and tax violations stemming from his role in a separate bookmaking operation overseen by Chicago Heights gambling boss Dominic Barbaro. At Barbaro's several wire rooms, Giorango accepted wagers totaling more than $40,000 a week and settled up with customers, prosecutors said."

On April 27, 2006, the Chicago Tribune reported that Giannoulias had travelled to Miami to meet with convicted mobster Michael Giorango and inspect a hotel that Broadway Bank had loaned him money to purchase:

"But on Wednesday, Giannoulias said he traveled to Miami "about a year or two ago" to inspect property the bank had financed for Giorango and met with him there. Giannoulias declined to provide details of that meeting."

At the time of Giannoulias' trip, the Giannoulias family was well-aware of Michael Giorango's mob connections and criminal past.

GIANNOULIAS CLAIM: There are no inconsistencies.

Fact: Alexi Giannoulias told the State Journal-Register on December 20, 2005 that he "currently serves as vice president and senior loan officer at the four-branch Broadway Bank in Chicago." (Senator announces run for treasurer, State Journal-Register, December 20, 2005)

Fact: Alexi Giannoulias told the Windy City Times in March of 2006 that "I'm senior loan officer and vice president, so I oversee a $600 million loan department. I'm also chief investment officer and invest about $150 million."

Fact: After Broadway Bank was taken over by the FDIC, Giannoulias posted on his campaign blog that "It was because my father instilled in his sons the importance of helping others that I decided to leave the bank in 2005 to pursue public service."

Fact: When the Chicago Sun Times broke a story about a Broadway Bank loan to Tony Rezko that was granted on February 14, 2006, Giannoulias' spokesperson said "Alexi left daily operations of the bank in September of 2005, months before this loan was made."

Fact: When the Chicago Tribune broke a story that if Giannoulias had left the bank in 2005 he would not qualify for a $2.7 million tax write-off that he claimed in 2009, Giannoulias said "Giannoulias said he has been clear that he left the "day-to-day" operations of the bank in September 2005 to prepare his first run for public office, but was on paid leave until May 2006 when he left completely to campaign full time for treasurer."

Fact: A week after the Chicago Tribune story, Giannoulias told the State Journal-Register that "I left day-to-day operations in 2005, and I fully left the bank about April 2006"



GIANNOULIAS: WRONG ON JOB CREATION


SMALL BUSINESSES OPPOSE THE HEALTH CARE BILL, CALLING IT "JOB KILLING"
AND DECRYING ITS $525 BILLION IN TAXES

The Health Care Bill Increases Revenues By $525 Billion Over The Next 10 Years. "The legislation will increase the size of the federal budget by increasing outlays by $411 billion and revenues by $525 billion over the next 10 years . . . ." (Congressional Budget Office, Director's Blog, "The Effects of Health Reform on the Federal Budget," 4/12/10)

"The New Health Care Law Will Impose New Compliance Regulations, Employer Mandate Taxes, Taxes On Business 'Flow-Through' And Investment Income, And Numerous Indirect Costs On Small- And Medium-Size Companies. Altogether, these constraints will dramatically affect companies' per employee costs, firm-level allocation of labor, desire to take on health coverage, and motivation to grow both in terms of income and employment." (John L. Ligon, "Obamacare: Impact on Businesses," Heritage Foundation Web Memo No. 2883, 4/27/10)

"Employees Will Likely Bear Most Of The Burden Since These Costs Will Likely Be Passed On To Them In The Form Of Reduced Wages, Discontinued Hiring, Or Loss Of Employment. Instead of adding more regular full-time employees, some businesses will simply increase hours for current employees, hire low-skilled and low-income labor, or opt for more temporary or seasonal workers." (John L. Ligon, "Obamacare: Impact on Businesses," Heritage Foundation Web Memo No. 2883, 4/27/10)

The National Federation Of Independent Business (NFIB) Called The Health Care Bill "Job Killing" And "Devastating" For Small Business. "The National Federation of Independent Business, which characterized the health care bill as 'devastating' for small business owners, said its members are outraged that members of Congress didn't vote against what it is calling a 'job-killing' bill." (Joshua Rhett Miller, "Health Care Reform Will Hurt Small Businesses, Some Entrepreneurs Say," Fox News, 3/23/10)

· "'This isn't a health care bill, this is a tax bill wrapped up in health care paper,' Susan Eckerly, NFIB's senior vice president, said in a statement. . . . [T]he only thing this bill does is drive costs even higher. It will raise, not lower, insurance costs and it will increase both taxes and the cost of doing business for the very people they said they wanted to help - small business.'" (Joshua Rhett Miller, "Health Care Reform Will Hurt Small Businesses, Some Entrepreneurs Say," Fox News, 3/23/10)



GIANNOULIAS: WRONG ON TAXES

GIANNOULIAS SUPPORTS INCOME TAX INCREASES AT THE STATE LEVEL

Giannoulias Said That Income Tax Increases Were Necessary In Order To Fix The Budget Crisis In Illinois. "Treasurer Alexi Giannoulias hasn't played a leadership role in the tax debate, but he does answer the tax question clearly, arguing an income tax increase must be part of the solution with state government drowning in red ink. . . . Giannoulias, the newest of the statewide officials and a likely candidate for U.S. Senate next year, believes state government must cut waste and trim costs where it can, said spokesman Scott Burnham, but it's simply impossible to cut enough to balance the budget. That makes a tax increase a vital part of any solution. 'If we don't address these issues now, the state's financial health will only get worse,' Burnham said. 'We need to address our long-standing budget deficit rather than using accounting tricks, gimmicks and Band-Aids.'" (Christopher Wills, "Ill. Officials Stay On Sideline For Tax Debate," The Associated Press, 6/9/09)

· Watch Giannoulias Say, "While Politically It Is Not The Smartest Thing To Say, We Need An Income Tax Increase." (www.youtube.com)

Giannoulias: "I Don't See Any Other Way Than New Revenues." "Giannoulias also predicts lawmakers and Gov. Pat Quinn will have to support a tax increase or another way of bringing in new money to deal with a state government budget deficit pinned at more than $10 billion by some, with cuts alone not nearly enough to fix the problem. 'I don't see any other way than new revenues. You're irresponsible if you say that,' Giannoulias said." (Ryan Keith, "Giannoulias Not Always In Lockstep With Obama's Policies," The State Journal-Register, 12/14/09)

· Gov. Quinn's Budget Director Says The Income Tax Rate Will Rise To 5% In January 2011. "Lawmakers probably will increase the individual and corporate income-tax rates by 2 percentage points, generating $6 billion of new revenue, the budget director, David Vaught, said in an interview. The Legislature failed to address the deficit this year because of the November election, he said. 'We're going to pass a tax increase in January,' Vaught said. 'We expect it is going to be substantial.'"(Darrell Preston, "Illinois Will Probably Raise Income-Tax Rate To 5%, Budget Director Says,"Bloomberg,, 7/28/10)

GIANNOULIAS WOULD ALLOW KEY PARTS OF THE CURRENT TAX CUTS TO EXPIRE, DESPITE THE SEVERE ECONOMIC IMPLICATIONS FOR ILLINOIS

Giannoulias Would Allow The Current Tax Cuts To Expire. "The Bush tax cuts for the wealthiest Americans generated some of the largest deficits in U.S. history and contributed nearly $2 trillion to our deficits. Those tax cuts were unnecessary and irresponsible, and Alexi would allow them to expire. Any new tax cuts should be geared toward middle-class Americans and small businesses. This would put more money in the pockets of those most likely to spend it, and would support the businesses that are responsible for most new job growth in America." (Alexi Giannoulias Website, www.alexiforillinois.com, Accessed 10/5/10)

A September, 2010 Study Found That Illinois Could Lose, On Average, 30,083 Jobs A Year Between 2011 And 2020 If The Tax Cuts Are Not Fully Extended. (The Heritage Foundation, "Obama Tax Hikes: The Economic and Fiscal Effects," www.heritage.org, 9/20/10)

· The State Of Illinois Could Lose $13,097 In Total Disposable Personal Income Per Household. (The Heritage Foundation, "Obama Tax Hikes: The Economic and Fiscal Effects,"www.heritage.org, 9/20/10)

· The State Of Illinois Could See Total Individual Income Taxes Increase By $25.4 Billion.(The Heritage Foundation, "Obama Tax Hikes: The Economic and Fiscal Effects," www.heritage.org, 9/20/10)

"Small-Business Owners Say Unease About Tax Policy, Along With The Economy, Has Led Them To Hold Off On Hiring And Investment. And many advisers are encouraging well-to-do clients to sell appreciated assets to avoid higher capital-gains taxes." (John D. McKinnon, Ben Levisohn, and Justin Lahart, "Worries Over Tax Hikes Coloring Business Decisions," The Wall Street Journal, 9/13/10)

GIANNOULIAS SUPPORTS KEEPING THE "DEATH TAX"

"Giannoulias Told Illinois Agriculture Leaders Wednesday That He Supports Keeping The Estate Tax -- Or 'Death Tax,' As Critics Call It." ("Giannoulias: Shield Family Farms From Estate Tax," The Associated Press, 8/25/10)

Although, Giannoulias Said He Would Exempt Family Farms Worth Less Than $10 Million From The Death Tax, Inexplicably Exempting Some Businesses But Not Others."But Giannoulias says he would exempt family farms worth less than $10 million from the tax. The Chicago Democrat says people should not be forced to pay a tax bill by selling property that has been in their family for generations." ("Giannoulias: Shield Family Farms From Estate Tax," The Associated Press, 8/25/10)

· Giannoulias Didn't Explain Why Family Farms Deserve That Break And Other Family Businesses Don't. ("Giannoulias: Shield Family Farms From Estate Tax," The Associated Press, 8/25/10)

A July, 2010 Study Argued That Extending The Estate Tax Would Be Economically Harmful. "The death tax slows economic growth, destroys jobs, and suppresses wages because it is a tax on capital and on entrepreneurship." (The Heritage Foundation, "The Economic Case Against The Death Tax,"www.heritage.org, 10/4/10)

A February, 2009 Study Found That A Full Repeal Of The Estate Tax Could Create Roughly 1.5 Million New Small Business Jobs, While Hiking The Estate Tax Could Result In The Loss Of 500,000 Jobs. "Eliminating the estate tax would raise the probability of hiring by 8.6 percent, increase payrolls by 2.6 percent and expand investment by 3 percent. . . . If small business payrolls were to rise by as much as 2.6 percent strictly through additional hiring, this translates to roughly 1.5 million additional small business jobs. Alternatively, a higher estate tax that lowers payrolls by 0.9 percent would translate into a reduction of over 500,000 jobs." (Douglas Holtz-Eakin and Cameron T. Smith, "Changing Views Of The Estate Tax: Implications For Legislative Options," The American Family Business Foundation, February 2009)

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Didn't Know the Extent? Give Us a Break


During an appearance today on Meet the Press, Alexi Giannoulias was asked whether he knew about the criminal backgrounds of mobsters who received loans from Broadway Bank when Giannoulias was the Senior Loan Officer. Giannoulias said he didn't know the extent of their criminal activities.

Didn't Know the Extent?

FACT: The Chicago Tribune reported on April 1, 2010, the Giannoulias family was made aware of Giorango's past when they read about in the Chicago Tribune in 2004. That 2004 Tribune report read in part:

"Michael Giorango has been convicted twice of federal bookmaking charges and was found guilty in January of promoting a prostitution operation, according to a Justice Department press release and court records."

"In 1989, Giorango pleaded guilty to helping direct a south suburban bookmaking ring that used threats of bombings, beatings and robbery to collect unpaid debts. Nicknamed "Jaws," Giorango managed bookie parlors that moved periodically, as well as monthly floating "smokers," or casino gambling nights.

In 1991, while Giorango was in federal prison for the bookmaking case, he was convicted of additional gambling and tax violations stemming from his role in a separate bookmaking operation overseen by Chicago Heights gambling boss Dominic Barbaro. At Barbaro's several wire rooms, Giorango accepted wagers totaling more than $40,000 a week and settled up with customers, prosecutors said."

So Giannoulias knew that Giorango had convictions for promoting a prostitution ring, bookmaking, gambling and tax violations?

FACT: On April 27, 2006, the Chicago Tribune reported that Giannoulias had traveled to Miami to meet with convicted mobster Michael Giorango and inspect a hotel that Broadway Bank had loaned him money to purchase:

"But on Wednesday, Giannoulias said he traveled to Miami "about a year or two ago" to inspect property the bank had financed for Giorango and met with him there. Giannoulias declined to provide details of that meeting."

What "extent" of Michael "Jaws" Giorango's criminal activities did Giannoulias learn about in Miami?

FACT: According to the Chicago Tribune, Broadway Bank loaned money to Giorgano's partner, Demitri Stavropolous, even though Stavropoulos was in federal prison at the time of the loan.

"Co-signing those Broadway loans with Giorango was Demitri Stavropoulos of Oak Brook, who was convicted in 2004 for his role as ringleader of a multistate sports bookmaking operation that grossed about $1 million a year. Stavropoulos also was convicted of explosives possession charges in 1994. Stavropoulos was in federal prison in June 2005 when the $3.6 million Myrtle Beach loan was made. The inmate's wife signed the loan papers as his 'attorney in fact,' land records show. Stavropoulos remains in federal custody and could not be reached for comment. Giorango declined to comment through an attorney."

Alexi didn't know the extent? Give us a break.

###



6 Comments

w
WOW WOW DID WE JUST WIN ONE for the jipper?

The words "Fact" and "Mark Kirk" should never be used in the same sentence. Kirk is a pathological serial liar and fraud.

For those of you who are having trouble keeping track of Mark Kirk's lies, here's a list (so far):

As of about a week ago, the list was up to twelve separate incidents: Kirk (1) falsely claimed he served "in" Operation Iraqi Freedom; (2) falsely claimed to "command the war room in the Pentagon"; (3) falsely claimed to have won the U.S. Navy's Intelligence Officer of the Year award; (4) falsely claimed to have been shot at by the Iraqi Air Defense network; (5) falsely claimed to be a veteran of Desert Storm; (6) falsely claimed to be the only lawmaker to serve during Operation Iraqi Freedom; and (7) falsely claimed to have been shot at in Kosovo; and (8) falsely claimed to have been shot at in Kandahar. (9) the deployment debunking, in which Kirk repeatedly claims his annual training missions are deployments. The Navy begs to differ. (10), we now have confirmation from the DOD that Kirk had violated Pentagon policy by conducting partisan political activity while on active duty, which Kirk has strenuously denied, even to the point of claiming that the Obama administration altered his record. (11) the nursery school where he didn't teach. (12) and where he didn't have students bringing guns to class.

And now we can add #13 to Kirk's long list of lies.

IL-Sen: Republican Mark Kirk Lies About His Own Lake Michigan/Coast Guard Rescue Story:

http://www.chicagotribune.com/news/elections/ct-met-kirk-coast-guard-20100722,0,7637895.story
.

Who cares about loans from a bank that is CLOSED????????? I am so tired of the same dumb argument!!! I don't care, it doesn't affect me and it made no difference in anyones life that is voting!!! Also, why does Mark Kirk think it is ok to ask about personal bank loans??? I wouldn't want my private home loan information broadcasted, it is private no matter who you are.
I want to know how I will find a job and how I can get health insurance for my family of 5 since my husband and I are unemployed thanks to down-sizing. Those are the issues, not stupid loans made 4-6 years ago to 3 individuals.


You know what You guys should stop complaining because, one the health care we have now isnt as good as it was supposed to be. also the law has just been signed so give it some time. so if u want to say u have the right to choose tell that to ur congress men or state official. If you do not have insurance and need one You can find full medical coverage at the lowest price by calling 877-882-4740 or check http://bit.ly/9EwL4G If you have health insurance and do not care about cost just be happy it and trust me you are not going to loose anything!

Kirk blindly supported one of the most fiscally irresponsible administrations in US history.
The fiscal crimes of the Bush administration dwarfed anything Broadway Bank ever did. And Kirk
is criticizing Alexi about economics?
GIVE ME A BREAK.

How can we trust these 'facts' when Kirk refers to the estate tax as a "death tax" and uses the partisan Heritage Foundation as refutation?

No family farm has been lost due to estate taxes in decades. Republicans are always looking for examples to prove Paris Hilton deserves tax-free millions, but family farms have been protected by law since Clinton.

Or that Kirk released his press release claiming he won the MTP debate *before* it happened?

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Lynn Sweet

Lynn Sweet is a columnist and the Washington Bureau Chief for the Chicago Sun-Times.

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This page contains a single entry by Lynn Sweet published on October 10, 2010 10:57 AM.

Giannoulias camp post "Meet the Press" debate react, statements, fact checks was the previous entry in this blog.

Giannoulias, Kirk "Meet the Press" debate. Transcript, video is the next entry in this blog.

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