Did Illinois US Senate candidate Alexi Giannoulias lie to voters or to the IRS? Those would seem to be the only two possibilities considering the Democratic candidate for President Barack Obama's old seat took a $2.7 million tax deduction for working hundreds of hours at his family's failed Broadway Bank in 2006. But the candidate has been telling voters he left the bank by late 2005.

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In the high stakes game for his political future, the Democratic candidate for US Senate from Illinois is going all in with his strong ties to President Barack Obama. State Treasurer Alexi Giannoulias has released a new ad in which the president states, "Alexi's my friend. I know his character. You can trust him. You can count on him." But as Mr. Obama's popularity wanes even in his home state, the ad may do more harm than good in Mr. Giannoulias' neck-and-neck race against Congressman Mark Kirk (R-Illinois).

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Broadway Bank, owned by the family of Illinois Treasurer, Senate Candidate and Barack Obama ally Alexi Giannoulias (D), was shut down by federal regulators on Friday. While Mr. Giannoulias tried to portray his "father's bank" as a victim of a bad economy, his political opponent sees it differently. A spokeswoman for US Representative Mark Kirk (R) said, "While years of risky lending schemes, hot money investments and loans to organized crime led to today's failure, it's a sad day for Broadway Bank employees who may lose their jobs due to Mr. Giannoulias' reckless business practices." (source)

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The Chicago political machine may have to dig up every cemetary in town to find enough votes to keep the traditionally blue state of Illinois from turning red. According to a new poll, Congressman Mark Kirk (R-Illinois) has a 41% to 37% lead over State Treasurer Alexi Giannoulias in their race to fill the US Senate seat once held by President Barack Obama. Mr. Kirk's support has held steady over the past month while Mr. Giannoulias's has dropped 7 points (from 44%). (source)

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