Obama isn’t about to waste political capital on Tony Rezko’s banker. That’s the gist of this report:

Sen. Dick Durbin slipped into the West Wing last week to ask Rahm Emanuel for White House help in saving Barack Obama’s old Senate seat. But he didn’t leave with any ironclad commitments. Durbin told Emanuel that Democratic nominee Alexi Giannoulias could use some serious presidential intervention in his uphill race against Republican Rep. Mark Kirk. At the moment, the White House seems open to the idea of losing Obama’s old seat rather than putting the president’s prestige on the line for Giannoulias, the brash and boyish Illinois state treasurer — and onetime Obama basketball buddy — whose campaign has been rocked by the financial meltdown of his family’s bank.

There are good reasons for Obama’s reticence. For starters, Obama has enough sticky connections to the Illinois corruption racket, so he’s wise to stay away from his former hometown. It seems he might, in fact, have had a conversation with the former governor about that Senate seat and another with a union official to relay his preferences to Blago. (If true, this is at odds with what Obama and his “internal review” related to the public when the Blago story first broke.) Blago’s lawyers are now trying to drag the president in to testify in Blago’s case — which will be going to trial this fall. Yikes!

Moreover, Giannoulias is in deep trouble, and it’s far from certain that Obama can help him. After all, he didn’t help Martha Coakley, Creigh Deeds, or Jon Corzine. Coming up short in his own state would prove embarrassing and tend to confirm that he lacks political mojo. Sometimes it’s better to just stay home.

It’s remarkable that a year and a half after Obama celebrated his victory before a throng in Grant Park, he needs to hide from the Democratic candidate seeking to fill his old Senate seat. That’s as much a comment on the shortcomings of Giannoulias as it is on those of Obama.

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