Feds aim to sack former Bears QB Jim McMahon over bad bank loans

By TIM NOVAK, CHRIS FUSCO & DAN MIHALOPOULOS Staff Reporters tnovak@suntimes.com April 9, 2012 12:08AM

The federal government is looking to throw former Chicago Bears Super Bowl quarterback Jim McMahon for a loss.

Long after his football career ended, McMahon quietly spent six years as a board member for Broadway Bank, owned by the family of Alexi Giannoulias, the former Illinois state treasurer who made an unsuccessful run for President Barack Obama’s old U.S. Senate seat two years ago.

The Federal Deposit Insurance Corp. shut down the failed bank in April 2010. And now McMahon is among seven former Broadway Bank board members and two former bank executives who have been personally targeted in a lawsuit the FDIC filed to recover $104 million lost from 17 bad loans the bank made before regulators shut it down.