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Giannoulias defends failed family bank in new campaign ad

By AP/St. Louis Public Radio

Chicago – Illinois state Treasurer Alexi Giannoulias released his first TV ad for his U.S. Senate campaign today.

It comes as the Democrat tries to contain the political fallout from the collapse of his family's bank.

Regulators shut down Broadway Bank in Chicago Friday after giving Giannoulias' family 90 days to raise $85 million.

Republican candidate Mark Kirk has used the bank's troubles to attack Giannoulias.
But in the spot, Giannoulias blames the economy, and not mismanagement, for Broadway's failure.

"When I left over four years ago, it was in good shape," Giannoulias said in the 60-second spot. "No one could have foreseen these problems."

Giannoulias has been dogged by questions about the bank, including revelations
that it loaned $20 million to two convicted felons.

The campaign says the commercial will run statewide.

Giannoulias and Kirk are both seeking President Obama's old U.S. Senate seat.