From Comcast SportsNetCHICAGO (AP) -- In an attempt to recover 104 million, federal authorities have sued former Chicago Bears quarterback Jim McMahon and eight others involved in a now-failed bank that was at the center of the campaign for President Obama's old U.S. Senate seat.Seven former directors -- including McMahon -- and two officers of Broadway Bank ignored federal warnings about just how risky some of the bank's loans were, according to the Federal Deposit Insurance Corp. lawsuit filed last month. Two loans were approved in 2008 on the very day regulators "specifically warned" about "the risks that these types of loans posed to the Bank."In all, 104 million in losses from 17 loans "were caused by gross negligence" and breaches of fiduciary duty by the defendants, the lawsuit says.McMahon's involvement was confirmed Monday by a person close to the case who spoke on condition of anonymity because he was not authorized to speak publicly about the details. It was first reported by the Chicago Sun-Times.McMahon, the brash leader of the Bears, led the team to the 1986 Super Bowl victory over New England. He is now among dozens of retired players who have sued the NFL, blaming the league for concussion-related dementia and brain trauma.Also named in the FDIC lawsuit are relatives of former Illinois treasurer and Senate candidate Alexi Giannoulias. Giannoulias, who was an officer at the bank that was founded by his father before being elected state treasurer in 2006, is not named in the lawsuit. But the allegations of shady loans at the bank that was shutdown in 2010 dogged him throughout his unsuccessful Senate bid against Mark Kirk that year.In a statement released through his attorneys, McMahon said Broadway Bank's failure stemmed from the bank's inability to "withstand the greatest market decline since the Great Depression" and not any wrongdoing."With the advantage of 20-20 hindsight, the FDIC now blames Broadway's former officers and directors for not anticipating the same unprecedented market forces that also surprised central bankers, national banks, economists, major Wall Street firms, and the regulators themselves," he said. "I am proud to have served as an outside independent director for a brief part of the bank's history. The allegations in the complaint are utterly without merit and I expect to be fully vindicated."McMahon was on the board of directors from 2003 through late December 2008. The FDIC says McMahon played a role in only one of the 17 bad loans, when the board approved a 28 million loan that resulted in a loss of 19 million."Despite his board responsibilities," the lawsuit also says, "McMahon repeatedly missed critical board meetings."
Coming to you from Washington DC, we speak with Dylan Cease who competed in the MLB Futures Game along with his Birmingham Barons teammate Luis Basabe.
Cease talks about the White Sox loaded farm system, what players have impressed him the most, where he gets his composure on the mound and more.
Check out the entire podcast here:
WASHINGTON, D.C. — Fernando Tatis, Jr. is one of the brightest future stars in the game. MLB Pipeline ranks him as the No. 3 prospect in all of baseball, one spot behind Eloy Jimenez.
He’s a five-tool shortstop slashing .289/.359/.509 at Double-A San Antonio with 15 home runs, 42 RBIs and 15 stolen bases in 85 games. He’s bilingual, charismatic, the kind of guy who could be a face of a franchise.
And two years ago, he was property of the White Sox.
That was until they traded Tatis, who was only 17 at the time, to the Padres for James Shields. Tatis had yet to play a single game in the White Sox farm system, so it was tough to predict his future. However, speaking with Tatis before he competed in the MLB Futures Game on Sunday, the trade was definitely a shock to him.
“I was surprised. It was weird. For a kid that young to get traded, I had never heard of it. When they told me that, I couldn’t believe it. I was like, ‘What’s going on?’” Tatis said in an interview with NBC Sports Chicago.
No front office is going to bat 1.000, and when it comes to Tatis, this is a trade the White Sox would love to have back.
But first, more perspective.
In June of 2016, six months before the White Sox started their rebuild, they were 29-26, a game and a half out of first place. With Chris Sale, Jose Quintana and a healthy Carlos Rodon anchoring their rotation, they felt that with the addition of Shields, they could compete for the division.
Unfortunately, perception didn’t meet reality. Shields struggled on the mound with the White Sox in 2016 and 2017. His numbers have improved considerably, and he could return the White Sox another prospect if he’s dealt before the trade deadline. However, it’s unlikely they’ll receive a player with the potential that Tatis has right now.
“(The trade) was about getting a good starter so they could get to the playoffs. I understood. I know this game is a business,” Tatis said.
Before the trade occurred, Tatis looked into his future and saw a day when he’d be the White Sox starting shortstop.
“Yeah, that was my goal when (White Sox director of international scouting) Marco Paddy signed me,” Tatis said. “We talked about it when I started and that was the goal.”
His goal now is to make it to the major leagues with the Padres.
“I’m pretty close. I want to keep working. When they decide to call me up, I’ll be ready.”
As for his former team, he’s impressed with the talent the White Sox have assembled.
“They’re building something special. They have really good prospects. I wish the best for them.”
You can’t help but wonder what the rebuild would look like if Tatis was along for the ride. He’s the one who got away.