Alexi Giannoulias

In recent years, Giannoulias has mostly stepped back from public life, currently serving as Senior Director of BNY Mellon Wealth Management. On June 26, 2018, he was confirmed to the Chicago Public Library Board, marking his first venture back into public service since leaving the Treasurer's office.

As the Associated Press reported, "It turns out the Oppenheimer team handling Core Plus — a team the company has now fired — was putting money into risky, complicated investments that tanked in 2008 amid the general financial meltdown." In 2009, Oregon, Nebraska, New Mexico, Texas, Maine and Illinois all investigated OppenheimerFunds' handling of their college savings programs for impermissible investments and misconduct. Oppenheimer was selected to lead the program by Giannoulias' predecessor, former Illinois Treasurer Judy Baar Topinka, in December 2006, a month before Giannoulias took office.

From 2002 to 2006, Giannoulias worked as a senior loan officer and vice president at Broadway Bank, a community bank founded by his father. When he left the bank in 2006, it was one of the most profitable banks in Illinois. Four years later, on January 26, 2010, Broadway Bank entered into a consent decree with the FDIC that ordered Broadway to increase its capital. Two dozen small- to medium-sized banks in Illinois and nearly 200 banks nationwide have failed since the October 2008 economic crash.

At the end of business on Friday, April 23, 2010 (2010-04-23 ) , the Illinois Department of Financial and Professional Regulation, Division of Banking, seized Broadway Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC in turn named MB Financial Bank as the institution receiving Broadway Bank's deposit accounts. The FDIC announced that it and MB Financial Bank would share $878.4 million in losses, for a cost of $394.3 million to the federal Deposit Insurance Fund.

Giannoulias was elected the Democratic nominee for US Senate in Illinois in the February 2, 2010, primary, with 39.0% of the vote. David H. Hoffman received 33.8% and Cheryle Jackson received 19.7%.

On May 28, 2010, the Human Rights Campaign (HRC) endorsed Giannoulias, calling him "a strident supporter of LGBT equality – including supporting marriage equality, repeal of the Defense of Marriage Act, repeal of "Don't Ask, Don't Tell" and supporting an inclusive Employment Non-Discrimination Act."

On July 26, 2009, Giannoulias announced his candidacy in the 2010 election for the seat in the United States Senate held by Roland Burris. Burris, who was appointed by Governor Rod Blagojevich to fill the seat vacated by Barack Obama following Obama's election as President of the United States, chose not to seek election. Giannoulias won the Democratic primary on February 2, 2010, then faced Republican Mark Kirk as well as Green Party candidate LeAlan Jones and Libertarian Michael Labno in the general election in November 2010. Kirk narrowly won the election.

In 2009, Giannoulias worked to encourage Wells Fargo to cooperate in the sale of Chicago-based clothing manufacturer Hartmarx Corp., which was at risk of liquidation and had filed for Chapter 11 protection. The success of this sale with Giannoulias' support saved over 600 jobs at an Illinois Hartmarx factory that otherwise would have been closed.

In January 2009, the state of Illinois purchased $10 million worth of Israel Bonds. Giannoulias said: "This is a good way to safely diversify our portfolio, especially during a time when some of our other investment options aren't generating as much revenue because of the market fluctuations here in the United States." According to Giannoulias, the Israel Bonds will mature in three years with a 2.43% rate of return, compared to U.S. government bonds yielding a 1.51% return during the same period.

According to the Associated Press, Illinois was the first state to take action. In January 2009, at the request of Giannoulias, the Illinois Attorney General initiated its own probe of OppenheimerFunds, issuing subpoenas on the company. At the time, the losses attributable to OppenheimerFunds' impermissible investments were estimated to be "in excess of $85 million."

Despite the problem associated with OppenheimerFunds' handling of Core Plus, Bright Start remains a highly regarded 529 college savings program. In April 2009, Consumer Reports studied college savings programs across the country "to see how well they performed during last year's stock-market plunge." Consumer Reports "found five that are worthy of an A," and ranked Bright Start as one of the top five college savings programs in the nation. In April 2009, Money Magazine selected Bright Start as one the "best low-risk 529 plans." In December 2009, Kiplingers selected Bright Start as one of the best state 529 plans in the country, choosing it as the best plan for "low fees." Morningstar, Inc., which had previously ranked Bright Start in its top 5 in 2008, has acknowledged the issues relating to Core Plus but, citing Illinois' swift action in dealing with the issue, reported in 2009 that "the plan still holds plenty of appeal."

In December 2009, the Illinois Attorney General's Office and the Office of the State Treasurer announced that Illinois had reached a settlement with OppenheimerFunds. Eligible accountholders who lost money in Core Plus would receive $77 million from OppenheimerFunds. As the scope of the settlement was expanded during negotiations with OppenheimerFunds to include more accountholders, the total loss addressed by the settlement is $150 million. The payout from this settlement brings the losses for the 2.5% of Bright Start investors who were fully invested in Core Plus down to 17%.

On March 2, 2009, Giannoulias stated on CNBC that he was forming an exploratory committee in order to assess a potential candidacy for the US Senate in 2010. On July 26, 2009, he officially announced his candidacy for the United States Senate at the Hilton Chicago, the same place then-Senator Barack Obama endorsed Giannoulias for State Treasurer in 2006. He was introduced to the crowd by Congressman Bill Foster.

In 2008, Giannoulias announced the creation of the Bright Start Scholarship Program, which will award $3.5 million in need-based scholarships over 7 years, until 2015. More than 250 students received scholarships in 2008, the first year of the program. The scholarships were designed by Giannoulias as a public–private partnership, with the funding for the scholarships donated by a private firm at no cost to the state or taxpayers. Giannoulias also developed the Cultivate Illinois Excellence in Agriculture scholarship in 2008. This program awards ten $2,000 scholarships each year to students pursuing degrees in agriculture-related fields.

In 2008, one of the twenty-one funds in Bright Start, Core Plus, began experiencing excessive losses and eventually lost 38% of its value. In the same year, the overall Bright Start program's benchmark grew by 5.4%. Within the Illinois Bright Start program, 2.5% of investors had invested their entire portfolios in Core Plus and suffered a 38% loss; others experienced smaller losses.

After the credit markets collapsed in the fall, new contributions into the fund were halted on December 4, 2008. In January 2009, the treasurer's office announced that no further contributions would be made to the Core Plus fund and that the state would be investigating the losses.

Giannoulias started a pilot program in 2007 to sell the abandoned contents of safe deposit boxes on eBay, scrapping the state's annual live auctions.

The Chicago Sun-Times news group also endorsed Giannoulias in the general election, arguing that he would "bring valuable private enterprise experience from banking to the job" and praising his "creative" policy proposals like a securities lending program, improving Bright Start, and promoting green energy. Running on a campaign platform that emphasized comprehensive ethics reform for the Treasurer's office, Giannoulias won the March 2006 primary and went on to defeat Republican candidate Christine Radogno in the general election.

Rezko defaulted on loans made by Broadway, and, in 2006 Broadway was the first bank to foreclose on one of Rezko's delinquent loans, forcing him to declare bankruptcy. Broadway Bank also refused to cover nine bad checks written by Rezko for a total of $450,000 in early 2008

Broadway Bank's struggling financial situation is due to delinquent real estate loans and foreclosed properties. From 2002 to 2006, Broadway's lending in construction and development loans increased sixfold, to $356 million. During Giannoulias' tenure, Broadway also increased its brokered deposits, which generally command high interest rates. When Giannoulias left the bank in 2006, brokered deposits made up 80% of all deposits at Broadway. When the housing market crashed in late 2008, commercial real estate loan performance deteriorated and Broadway Bank, which had focused its lending in real estate, suffered.

The Fallen Heroes Scholarship Program, which Giannoulias designed in a partnership with the Illinois Department of Veterans Affairs, awards an initial investment of $2,500 in college savings to children who have lost a parent in military service since 2001.

Giannoulias was born in Chicago, to Greek immigrants. His mother, Anna, is from Chania, and his late father, Alexis, was from Kalavryta. He has two older brothers, Demetris and George. Giannoulias attended The Latin School of Chicago and then the University of Chicago before transferring to Boston University. Giannoulias graduated cum laude with a bachelor's degree in economics. He then moved to Greece to play basketball with Panionios B.C. for a year (1998–99).

On his first day as State Treasurer, Giannoulias "signed an executive order to enact the most comprehensive, widest-ranging ethics package of any elected official in the state", according to his official state website. "The order prohibits [the Treasurer] from accepting contributions from banks, Treasurer's Office employees and contractors who do business with the office." He also moved to foreclose on two debt-ridden hotels built in the 1980s by politically connected insiders in Springfield and Collinsville.

After returning from Greece, Giannoulias attended Tulane University Law School. Upon earning his J.D. degree, Alexi returned to Chicago to help manage Broadway Bank, a community bank in Chicago's Edgewater neighborhood that was founded by his father in 1979.

Alexander "Alexi" Giannoulias (/ə ˈ l ɛ k s i dʒ ə ˈ n uː l i ə s / jə-NOO -lee-əs; born March 16, 1976) is an American financier and politician who served as Illinois Treasurer from 2007 to 2011. A Democrat, Giannoulias defeated Republican candidate State Senator Christine Radogno in November 2006 with 54 percent of the vote, becoming the first Democrat to hold the office in 12 years and, at the age of 30, the youngest state treasurer in the nation.

As Illinois Treasurer, Giannoulias is responsible for overseeing the Illinois' Bright Start college saving program. Bright Start provides parents with the opportunity to invest in a tax-free account to save for their children's college education. Enrollees are eligible for several state tax benefits and can invest in various stock and bond options. Before Giannoulias took office, SavingForCollege.com ranked Bright Start 47th out of 48 in the nation. Giannoulias helped reform the program, and Bright Start went from being one of the worst programs in the country to one of the best. Morningstar called the transformation "a Cinderella story."