Senate candidate Alexi Giannoulias lost millions in IL Bright Start Money

http://www.chicagotribune.com/news/local/wire/chi-ap-il-senate-collegesav,0,5906785.story

SPRINGFIELD, Ill. - Senate candidate Alexi Giannoulias is running a campaign ad that tries to blunt criticism over the "Bright Start" college savings program.

He oversees the program as state treasurer, and it lost millions of dollars in 2008. His political opponents accuse him of mismanagement.

The new Giannoulias ad is largely accurate, but it doesn't tell the full story. It says Wall Street lost the money and Giannoulias recovered millions of dollars.

But those anonymous Wall Street figures were the managers that Giannoulias hired to handle the money. His office knew there were problems but stuck with the managers in hopes that the investments would turn around.

Giannoulias did work with the attorney general to recover $77 million. The full loss was $150 million, however -- so investors still lost plenty of money.