Ex-Congressman, Now At Superfund, May Want Old Job Back

May 24 2010 | 10:02am ET

Disgraced former Congressman Vito Fossella apparently prefers the halls of power to those of the hedge fund world.

The Republican, who represented Staten Island, N.Y., and parts of Brooklyn, chose not to run for reelection two years ago after it emerged that he had fathered a child with a Virginia woman with whom he was having an affair—after he was arrested for drunk driving. The seat—the Republican’s last in New York City—went to Democrat Mike McMahon.

But now Fossella is back in the mix, mulling a run for his old seat after the Staten Island Republican Party’s executive committee overwhelmingly endorsed him, despite the fact that he has not announced his intention to run.

“This is an unbelievable honor,” Fossella said. He added that he would make a decision in the next few days.

The committee picked Fossella, who has worked at managed futures firm Superfund Investment Group since last year, over two announced candidates, including Michael Grimm, a former Federal Bureau of Investigation agent who spent almost two years undercover as a hedge fund manager on Wall Street.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…