Illinois Treasurer Alexi Giannoulias wants federal prosecutors to look into what he claims is a scheme by a GOP powerbroker to scam millions of dollars from the state of Illinois. According to Giannoulias, Republican lobbyist Bill Cellini crafted a deal in the 1980s with then-governor Jim Thompson to secure a $15 million loan from the state to build and buy the Ramada Renaissance in Springfield, which later became the President Abraham Lincoln Hotel and Conference Center. The loan stipulated that the owners wouldn't have to repay the state-funded mortgage until they turned a profit. more ›

Illinois State Treasurer Alexi Giannoulias announced yesterday that the state is getting out of the loan business. On Monday, Sangamon County Circuit Court Judge Patrick J. Londrigan signed the foreclosure order on the Abraham Lincoln Hotel and Convention Center, the first step in removing ownership from the politically connected powerbroker Bill Cellini. Although the owners quickly fell behind on payments, the loan was restructured in 1990, ensuring that the owners didn't have to repay the loan as long as the hotel didn't turn a profit. As a result, only two payments have been made on the loan in the last ten years. more ›