Alan Grayson hedge funds skirt ethics rule

[Freddie Stubbs]

Source: Politico

TALLAHASSEE—Rep. Alan Grayson manages hedge funds that use his name in their title, a practice prohibited by congressional ethics rules designed to prevent members from using their elected post for financial gain.

The specific ethics provisions tied to the funds Grayson manages, two of which are based in the Cayman Islands, sit in a sort of gray area, and have never been examined by the House ethics committee.

Attorneys for the Democratic congressman say the funds are exempt from House ethics rules that ban a sitting member from naming a financial entity after themselves. But their stated rationale is considered “complete nonsense” by legal and finance experts who reviewed the fund’s regulatory filings.

The 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. The Grayson-run funds are Delaware-based Grayson Fund, L.P. and two Cayman Island-based funds called Grayson Master Fund (Cayman) Ltd. and Grayson Fund (Cayman) Ltd.

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

[Fred Sanders]

1. Oopsy, looks like someone forgot to open that ethics loophole! Not to worry, will be fixed, pronto.

[frazzled]

2. A true man of the people, all right.

Cayman Islands, eh? Enough said.

[Agnosticsherbet]

3. Allan Grayson, hedge fund manager...

How 1% of him.

[Sunlei]

11. actually isn't he about a 20%?

[TexasBushwhacker]

13. We don't really know since he's got it set up in the Caymans

I realize he's a Democrat, but ever since he called the mother of his children a "golddigger", he seems to be just another rich prick.

[azureblue]

4. Question is

when were these fund accounts established, relative to his election to congress?
Are the funds' names actually "Alan Grayson"? IOW, what specifically identifies the funds as his, in its advertising? What a mess it would be if his last name was Jones.......
Are these "public" funds - that is, accessible to everyone who wishes to invest? Some funds are closed - only certain people, for instance, like the founders of the fund, can invest in them.

[bucolic_frolic]

5. Money is Free Speech

Free Speech is not Money too?

[d_legendary1]

6. I used to like him and Shultz a lot until they sold out

Its such a pain to get behind Democrats here in Florida.

[Sunlei]

9. It must also be a massive PITA to BE a "Democrat" in Florida

[d_legendary1]

12. The kids in Miami get it. The geezers in Sunny Isles

are a different story. They got theirs so why should we? Not all of them are bad, just the ones that are much more well off than others.

[geek tragedy]

7. Are there any Florida Democrats that don't suck?

I'm beginning to see the appeal of Charlie Crist.

[Sunlei]

8. cool you know they're a 'threat' to someone when they start to point out the Caymen Islands

keep on their backs Rep. Alan Grayson! and fix your paperwork.

[FrodosPet]

10. Please leave Rep. Grayson alone

Even if he is one of the wealthiest members of Congress, using the tax shelters and ethics loopholes and offshoring money that 1%ers are prone to do, at least he SAYS cool progressive stuff.