Pres. Obama is Returning to Chicago to Support U.S. Senate Candidate Alexi Giannoulias

CHICAGO - The commercials of Pres. Barack Obama calling U.S. Senate candidate Alexi Giannoulias his friend, saying he knows Giannoulias' character and that he's not taking lobbyists' money run regularly on television. Pres. Obama is taking it one step further by returning to Chicago for his sixth visit, and he'll be attending a fundraiser for Giannoulias on Thurs., Oct. 7.

But outside of not taking money from lobbyists, what is it that Giannoulias has done for Chicago citizens? The video of Obama on Giannoulias website gives more direct details.

"He took on credit card companies and banned them from aggressively marketing on college campuses so that our kids don't graduate with credit card debt on top of tuition debt," is one of the reasons Pres. Obama supports Giannoulias. The two have fighting credit card debt in common.

In May 2009, Pres. Obama signed into law a credit card reform bill that supported this cause. The new law prohibits banks from distributing credit cards to people under the age of 21 without their parents' permission or verifying that the bill can be paid. Banks can't charge over-limit fees to consumers who didn't ask for credit increases. If it's the bank's fault that the payment was not credited in a timely manner, consumers can't be charged late fees. Interest rates on credit cards can't increase unless payments are 60 or more days late.

The president also talked about Giannoulias helping the men's clothing store Hartmarx save over 600 jobs. Their stores can be found in several Illinois locations like Nordstrom on 55 E. Grand, in Skokie's Old Orchard Shopping Center and Woodfield Shopping Center in Schaumburg.

Wells Fargo was forced to rethink their decision to liquidate the company when Giannoulias threatened to pull out $8 million that Wells Fargo managed for Illinois taxpayers. The agreement was that if Wells Fargo sold Hartmarx to another buy who could save the jobs, the money would stay. Wells Fargo did just that.

Obama said, "That's the kind of person you want in the United States Senate."

However, Giannoulias' affiliation with banks hasn't always been as a hero. He has been criticized by a bank scandal that happened after he left his family business at Broadway Bank in 2005.

The bank was unable to raise $85 million in capital needed after providing "aggressive real estate and business loans," according to Politico. Republican Congressman Mark Kirk has made that one of the primary points against Giannoulias becoming the next U.S. Senator for Illinois. Cong. Kirk pointed out Broadway Bank's financial relationship with Antoin "Tony" Rezko, who was later found guilty of 16 corruption charges, including fraud, money laundering and abetting bribery.

Rezko was a fundraiser for Pres. Obama up until 2004. The money Rezko raised for Obama was given to charity. Giannoulias pointed out that by the time the financial debt and Rezko affiliation happened to Broadway Bank, he'd already left.

Sources:
"Former Obama fundraiser convicted of corruption" (The Washington Post)
"Giannoulias bank seized" (Politico)
"IL-SEN: With "Hartmarx Heroes" by his side, Giannoulias makes it official" (Progress Illinois)
"Obama signs into law credit card reform" (USA Today)
"President Obama campaigns for Alexi Giannoulias" (Alexi for Illinois)