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Article: Control trips up Kelly; How the billionaire banker lost his empire.(NEWS)
- Article from:
- Crain's Chicago Business
- Article date:
- November 9, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: STEVE DANIELS
No fall from grace among local bankers swept up in the industry's convulsions has been more spectacular than Michael Kelly's.
A billionaire on paper just a few years ago, Mr. Kelly controlled the third-largest Chicago-based bank holding company until regulators seized its banks Oct. 30.
What happened?
Mr. Kelly declines to comment, saying through his assistant, "It hurts too much to talk about it at this time. But Mr. Kelly's penchant for absolute control played a central role in his downfall, bankers and people close to the situation say. Over 28 years, he built FBOP Corp. from a small Oak Park lender into a ...