Critics pounce on hedge funds managed by Florida lawmaker

[Freddie Stubbs]

Source: The Hill

A hedge fund run by Democrat Rep. Alan Grayson is under fire from both conservatives and allies of his Democratic rival, as the Florida lawmaker runs for the Senate seat vacated by GOP presidential hopeful Marco Rubio.

Grayson is listed as manager of a trio of interconnected funds created in 2011 after he lost a congressional bid. The funds — two based in the Cayman Islands and another in Delaware — are administered by two U.S. LLCs that he also owns.

A conservative group called the Foundation for Accountability and Civic Trust and a supporter of Grayson’s primary opponent, Rep. Patrick Murphy (D-Fla.), have each lodged complaints with the independent Office of Congressional Ethics (OCE). They claim that Grayson has violated ethics rules by running the investment vehicle, which formerly bore his name.

The wealthy congressman maintains his dealings are above board, and there has been no official finding to the contrary. However, his managerial role with the funds, which have grown in value since Grayson was reelected to Congress three years ago, is seen as uncommon for a sitting lawmaker, experts say.

Read more: http://thehill.com/blogs/ballot-box/senate-races/260344-critics-pounce-on-hedge-funds-managed-by-florida-lawmaker

[fasttense]

1. If it was ok for the Vice president of the United States to run Haliburton

from his VP residence, then it's really open season for running corporations and businesses while in public office.

[Snotcicles]

2. I'm just curious about the offshoring, to the Cayman Islands. I hope it's not so. nt

[valerief]

3. And he's doing something different from other members of Congress how?

It's not like they have to show up for votes. Just ask Rubio.

[Freddie Stubbs]

4. House ethics rules do not allow a sitting member to “permit his name to be used” in

the name or advertising material for entities like law firms, associations and financial entities.

http://www.politico.com/story/2015/06/alan-grayson-hedge-fund-ethics-119553

[valerief]

5. House ethics. That's an oxymoron, isn't it? Ha!

Thanks for the link.

[Maineman]

6. Yes.

[iandhr]

9. He has called for investigations of people who use the Cayman Islands for tax purposes.

It turns out he does the same thing himself.


The issue is hypocrisy.

[valerief]

10. Ah, thanks. nt

[Maineman]

7. I am disappointed. He is a bright guy. But, now is the time to change.

[valerief]

8. But it was one investor, an old friend, who put in money when Grayson

was back in Congress, and then he took the money out, no gain or loss, and then Grayson changed the name. It's not as horrible as the OP makes it sound.

What's horrible is all this money in the Caymans.

As for Grayson, I trust his votes for the 99% over any Republican or DINO.