Bank work meant big tax break for Giannoulias

Alexi Giannoulias tells voters he left his family bank in 2005, but he got a major tax break by telling the IRS he continued working at the bank the next year.

The Democratic candidate for U.S. Senate says there is no inconsistency.

Giannoulias told the Chicago Tribune that he ended day-to-day work in late 2005 to campaign for state treasurer. He says his work the next year was merely closing out his responsibilities.

Giannoulias says he wasn't making loan decisions at the time, so he played no role in the bank doing business with Democratic insider Antoin "Tony" Rezko.

By telling the IRS he worked at least 500 hours at the bank in 2006, Giannoulias qualified for a $2.7 million income tax deduction.