At a press conference yesterday, U.S. Senate candidate Mark Kirk falsely claimed yesterday that an Federal Deposit Insurance Corporation (FDIC) takeover of Broadway Bank would "leave taxpayers ... paying for Alexi [Giannoulias'] reckless loans.” But as the Tribune noted in response:
The Federal Deposit Insurance Corp., which covers individual depositors
up to $250,000, is financed by fees on the banking industry. Though the
FDIC’s finances have been strained by a wave of bank failures in the
recession, agency officials said last month they believed they had
enough cash on hand and would not need to borrow taxpayer dollars from
Kirk was responding to a Sunday Tribune article that reported the Giannoulias family is scrambling to "raise at least $85 million by the end of April to stave off government seizure."