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."
Called up on Saturday morning, Ryder Jones will man the hot corner and bat seventh in his MLB debut against the Mets.
New York Mets:
Lineup not posted yet
San Francisco Giants:
1. Denard Span (L) CF
2. Joe Panik (L) 2B
3. Hunter Pence (R) RF
4. Buster Posey (R) C
5. Brandon Belt (L) 1B
6. Brandon Crawford (L) SS
7. Ryder Jones (L) 3B
8. Austin Slater (R) LF
9. Johnny Cueto (R) P
CHICAGO – After nabbing a center in the first round on Friday, the Sharks added four more forwards and one defenseman to conclude the second day of the annual NHL Entry Draft on Saturday, held this year at United Center.
The Sharks weren’t explicitly trying to restock their forward cabinet, according to general manager Doug Wilson and scouting director Tim Burke, although the club did make two separate moves in surrendering some later round picks to move up in the fourth round (to take center Scott Reedy) and sixth round (to take left wing Sasha Chmelevski).
First, though, it was defenseman Mario Ferraro in the second round at 49th overall. The offensive defenseman was a player that the Sharks targeted, using the pick they acquired from New Jersey last Friday as part of the trade for Mirco Mueller.
“He’s got a lot of speed, offensive guy, exciting,” Burke said. “Puck-moving type of guy.”
Wilson said: “We’re very pleased with the d-man. He’s a very dynamic, athletic guy, great skater. He was a guy that we moved up a little bit aggressively to get because that round, you could see people going after who they wanted. He is a guy that we identified.”
After moving up from the fifth round to the fourth round last Friday, again because of the Mueller trade, the Sharks jumped up 21 more spots in the fourth round by obtaining the Rangers pick at 102nd overall for the 123rd and 174th selections.
Center Scott Reedy is a player that Burke has high hopes for, projecting the Minnesota native as a “second line right winger [with] high-end potential.” Burke pointed out that Reedy, who is friends with first round pick Josh Norris, occasionally played on the same line with Norris for each of the last two seasons with the U.S. Under-18 team.
“He’s a big, strong forward that can play both positions (center and right wing),” Burke said.
Right wing Jacob McGrew, an Orange, CA native, went to the Sharks in the fifth round despite missing all of his first season in junior with a lower body injury suffered in training camp with Spokane (WHL).
“We knew about him before he went up there,” Burke said. “He’s a California kid. … If he was healthy he probably would have gone earlier.”
The Sharks again moved up to snag Huntington Beach native and center Chmelevski at 185 overall, and made their sixth and final pick in the 212th position by taking left wing Ivan Chekhovich in the seventh round. Both players look to have some offensive skill, based on their numbers and Youtube highlights.
Burke was surprised that both players were around so late.
“I thought they had pretty good years and they kind of slipped in the draft,” he said. “We weighed that versus some other more project-type guys, and we thought they had more offense and finish to their game. They just kept sliding, so we took a chance on them.”
Wilson said: “We moved up for the guys we wanted, and then there were some skilled guys at the end that we were surprised were still there. … We’ll go back and take a look how it all went, but we feel, I think, really good about where we ended up with this.”