FDIC names former Bear Jim McMahon in Broadway Bank suit

[ScreamingMeemie]

http://www.chicagotribune.com/business/breaking/chi-fdic-names-jim-mcmahon-in-broadway-bank-suit-20120409,0,7803970.story

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The Jim McMahon sued March 7 in connection with the 2010 failure of Chicago-based Broadway Bank is the former Chicago Bears quarterback, a source familiar with the situation said.

The Federal Deposit Insurance Corp., seeking to recover $104 million in losses from 17 bad loans, last month sued former officers and directors of the bank. Among them were former President Demetris Giannoulias. His brother Alexi, who lost a U.S. Senate race amid questions about his role in the bank's troubles, wasn't named as a defendant.

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McMahon, in a statement furnished March 7 by his lawyer, Nancy Temple of Katten & Temple, pointed out that Broadway was one of hundreds of banks to fail in the latest economic downturn.

"With the advantage of 20-20 hindsight, the FDIC now blames Broadway's former officers and directors for not anticipating the same unprecedented market forces that also surprised central bankers, national banks, economists, major Wall Street firms, and the regulators themselves," McMahon said. "The allegations in the complaint are utterly without merit and I expect to be fully vindicated by the court."

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o-o-okay

[BeyondGeography]

1. Ah yes, the punky QB

What a goofy country this can be.

[rurallib]

2. just reading the other day that he is pretty effed up from concussions

suffered while playing football. Really bad short term memory.

[ScreamingMeemie]

3. Which leaves me to wonder if he is going to use that as a line of defense.