The Chicago Sun Times is reporting:
On Feb. 14, 2006, newly obtained records show, the bank [Democrat Senate hopeful Alexi Giannoulias' Broadway Bank] made a $22.75 million loan to a company called Riverside District Development LLC, whose owners, it turns out, included Rezko.
Antoin Rezko, of a Syrian Catholic family, was convicted of fraud and bribery charges in 2008 and once had close ties to Illinois Governor Rod Blagojevich, now on trial, and to President Barack Obama.
The Sun Times also reports:
According to Giannoulias . . . Riverside District Development paid off the Broadway Bank loan with money it obtained from a $27 million loan from another financial institution: Mutual Bank.
The president of Mutual, Amrish Mahajan, was also a fundraiser, like Rezko, for Blagojevich.
Mutual Bank, Harvey, IL, failed on July 31, 2009, costing the FDIC $696 million. Its assets of $1.6 billion were overvalued by $696 million, or 77%.
Broadway Bank failed April 23, 2010, costing the FDIC $394.3 million. Its assets of $1.2 billion were overstated by $494.3 million, or 70%.
