The Federal Deposit Insurance Corporation said in a lawsuit that the alleged improprieties — including spending $250,000 on a wedding and $300,000 on a Monte Carlo board meeting — helped plunge the bank into its 2009 failure.[snip]
Newsalert reminds us it's a mob-friendly bank.Mutual was the same bank that financed the loan involving a piece of land abutting Barack Obama’s Kenwood home that was purchased by Rita Rezko, the wife of convicted businessman Tony Rezko.The lawsuit targets directors as well as the family that owned the bank — the Veluchamys.The bank failed in 2009 with assets of $1.7 billion, leaving the FDIC with a $775 million loss, according to the lawsuit filed last week.
Related post. 8/09:
The Mahajans also have ties to former Blagojevich fund-raiser Antoin "Tony'' Rezko, who was indicted last year on federal charges stemming from an alleged fraud scheme involving state pension money. Mutual Bank, records show, has lent money to Rezko.Rita has since sold the side yard, uh lot. The Obamas still own theirs.
In 2005, Mutual Bank held the mortgage on a lot that Rezko's wife, Rita, bought next to then-U.S. Sen. Barack Obama's South Side house.