Republican lawmaker wants Broadway Bank answers
The top Republican on the U.S. House Committee on Oversight and Government Reform is demanding answers about the collapse of Chicago's Broadway Bank.
California Rep. Darrell Issa wants FDIC chairwoman Sheila Bair to explain the timing and cost of the agency's takeover of the bank controlled by the family of Illinois Treasurer Alexi Giannoulias', who's running for President Obama's old Senate seat.
Regulators closed the bank last week but Issa claims it clearly was in trouble earlier.
The FDIC gave Broadway 90 days to raise $85 million. The bank was closed after 87 days, costing the FDIC $394 million.
Issa wants to hear back from Bair by Monday. An FDIC spokesman wasn't immediately sure if officials received Issa's letter.
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