Ex-Chicago Bears QB McMahon facing lawsuit

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Ex-Chicago Bears QB McMahon facing lawsuit

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."

Is it time for the White Sox to call up Reynaldo Lopez?

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USA TODAY

Is it time for the White Sox to call up Reynaldo Lopez?

With Yoan Moncada now with the White Sox and making an early impact, White Sox fans may be wondering which highly-touted prospect is next to join the big league roster.

Reynaldo Lopez is certainly making a strong case for himself in Triple-A Charlotte. Lopez, one of the pitchers the Sox received from the Washington Nationals in the Adam Eaton trade, gave up one run in six innings for the Knights on Friday night. That was the latest in a string of five strong starts for the 23-year-old.

In Friday's 2-1 loss against the Scranton/Wilkes-Barre Railriders, Lopez struck out six and allowed just two hits and one walk. That's five straight starts for Lopez in which he has allowed two or fewer runs while pitching six or more innings.

Here's his last five starts:

June 29 vs. Columbus: 6 2/3 innings, 1 run, 11 strikeouts, 1 walk, 6 hits

July 4 at Durham: 6 innings, 1 run, 6 strikeouts, 1 walk, 5 hits

July 9 at Louisville: 6 innings, 2 runs, 4 strikeouts, 1 walk, 7 hits

July 16 vs. Gwinnett: 7 innings, 1 run, 12 strikeouts, 2 walks, 2 hist

Tonight at Scranton/Wilkes-Barre: 6 innings, 1 run, 6 strikeouts, 1 walk, 2 hits

Loepz has a 3.65 ERA on the season with 107 strikeouts in 106 innings against 40 walks and 90 hits. In a short stint in the majors last season, Lopez had a 4.91 ERA in 44 innings in six starts and five relief appearances for the Nationals.

Does Guaranteed Rate Field await the Dominican right-hander?

White Sox minor league trade could signal more big league moves to come

White Sox minor league trade could signal more big league moves to come

KANSAS CITY, Mo. -- What may appear at face value to be a deal for pitching depth could be a precursor of more White Sox trades to come.

The White Sox acquired Triple-A relief pitchers Mark Lowe and Jean Machi from the Tacoma Rainiers (Seattle Mariners) on Friday night. While the move merely could be to add bullpen arms to a system short on them after trades and injuries have depleted their depth, the White Sox could also be preparing themselves for the next wave of moves. David Robertson and Tommy Kahnle may be gone.

But the White Sox still possess a strong rental reliever in veteran Anthony Swarzak and left-hander Dan Jennings could also draw interest even though his 4.05 ERA is the highest he’d had since coming to the White Sox.

“We are still open for business,” general manager Rick Hahn said on Tuesday night. “We’re starting to get a little younger in that clubhouse. A few guys are starting to get opportunities over the next few weeks and months. It will be interesting to see. If we don’t do anything over the next couple weeks we’ll have a better assessment of where we are heading into the off-season, perhaps set some things up for them.”

A free agent in the offseason, Swarzak has a 2.45 ERA and 48 strikeouts in 44 innings this season. Jennings has a career 2.94 ERA in 278 games.

Lowe has spent the entire season at Tacoma. He has a 4.22 ERA in 382 career games in the majors. Machi has a 3.38 ERA in 194 games in the bigs and has pitched for San Francisco, Boston and Seattle. He had a 3.44 ERA in 29 games at Tacoma.

The White Sox intend to have Tyler Clippard work as their closer after the departures of Robertson and Kahnle, manager Rick Renteria said.

Hahn has already been extremely busy this month, making a pair of deals that netted seven prospects and Clippard. He dealt Jose Quintana to the Cubs on July 13 for four prospects and traded Robertson, Kahnle and Todd Frazier to the Yankees on Tuesday.