Next week the drama will unfold as all eyes inevitably
turn toward the city of Chicago, where it will be decided, once and for
all, who will be the next . . . Illinois state treasurer. At least it’s something to do on a Tuesday night.
Banker Alexi Giannoulias and Knox County State’s
Attorney Paul Mangieri are locking horns to win the only constitutional
office not currently filled by a Democrat. Now that thrice-elected Judy Baar Topinka has
jettisoned the office in favor of a bid for the state’s top job,
their task becomes exponentially less difficult. Mangieri’s only hurdle is defeating banking heir
and former Greek hoops star Giannoulias — who has proved a bigger
obstacle than expected. When the campaigns got under way, Giannoulias appeared
to have the most ground to make up in terms of winning name recognition.
But thanks to TV ads highlighting Giannoulias’ relationship to U.S.
Sen. Barack Obama, Mangieri is the one playing catch-up. In the final Chicago
Tribune poll before next Tuesday’s
primary, Giannoulias enjoyed a 14-point lead over Mangieri, with still more
than half of Democratic voters still undecided. What makes the race interesting is that Mangieri, a
pro-life centrist, has the endorsement of the state party and therefore the
support of just about every major Democratic player in state government. On the other hand, Giannoulias is backed by U.S. Rep.
Jesse Jackson Jr. and Obama, who, as a candidate in 2004, won the party
nomination in a race that included better-financed and party-backed
candidates. Mangieri, nevertheless, is not afraid that history will
repeat itself. Obama, he notes, had a long history of legislative service.
Giannoulias, who just turned 30 this week and is new to
government, will have to overcome the perception that he’s too green
to head a state office, even one as small as the treasury. “I am very confident that downstate will turn out
on my behalf,” Mangieri says. For this reason, he plans to spend the
final week of his campaign, stumping in Chicago, where both candidates have
large bases of support. Mangieri is endorsed by 25 aldermen on Chicago’s
50-member City Council. Giannoulias works as a financial advisor at
Chicago’s Broadway Bank, which his father founded, and has the
support of several Chicago ethnic organizations. Despite his youth, Giannoulias believes that his
banking background makes him better qualified for the office of treasurer
than Mangieri, who has spent 10 years as a prosecutor. “People like the idea of having a financial
advisor in the treasurer’s office,” Giannoulias says. “I
am independent-minded, not just another politician.” The state treasurer’s office requires leadership,
Mangieri says, which he believes he possesses. Giannoulias and Mangieri say that the Legislature does
not give the treasurer the power to cut out existing programs such as
Bright Start College Savings. But Mangieri believes that the state’s
link-deposit program can be revived to spur local economic development.
Through this program, he says, the state makes funds available to banks
that could provides loans to help young doctors open local practices. Giannoulias wants to examine the $1.6 billion Bright
Start program, saying that other states with similar programs have gotten
rates of return better than Illinois’. In the meantime, Mangieri says, he’s not worried
about the polls. “What any poll shows is a particular snapshot on
a particular day,” Mangieri says. “It’s a representation
of a $1 million buy in TV.” He goes on to make a prediction: He’ll win the
nomination, 51 to 49 percent.
This article appears in Mar 16-22, 2006.
