Giannoulias gets tax refund from family bank losses

Illinois Senate candidate Alexi Giannoulias (D) released tax records Friday showing he's getting a $30,000 refund after suffering losses related to the collapse of his family's bank.

From the Chicago Sun-Times:

Giannoulias says he will donate the $30,000 to charity. He released his tax returns on Friday, as well as a financial disclosure statement that reveals that he lost nearly half of his net worth.

The state treasurer’s fortunes were tied up in his family-owned Broadway Bank, which the federal government seized and sold earlier this year.
Giannoulias’ share in family trust funds plummeted from an estimated "$8 million to $40 million" down to an estimated "$2.5 million to $11.5 million," according to the financial disclosure form he is required to file as a candidate for U.S. Senate.

Other family trusts are doing well enough that his net worth could range from $7 million to $29 million, the report said. That's down from the $13 million to $62 million range he reported last year.

Giannoulias' income tax returns show he earned $119,000 from his job as state treasurer. He reported $414,757 in capital gains.
But he also reported a loss of $2.7 million from his holdings in his family's Broadway Bank.

Republican Senate candidate Mark Kirk's (R) campaign wondered why it took Giannoulias until the Friday before the July 4th long weekend to release the records.

"Alexi Giannoulias wants to raise our taxes but doesn't pay any taxes himself," Kirk spokeswoman Kirsten Kukowski said in a statement. "After costing the FDIC $394 million and wiping out $73 million in college savings, Illinois voters can no longer afford Alexi Giannoulias."