Biden Campaign Fined For Hedge Fund Flight

Jul 20 2010 | 5:47pm ET

Vice President Joseph Biden’s 2008 presidential campaign has been fined for accepting an illegal contribution from a New York hedge fund.

Biden, who unsuccessfully sought the Democratic Party’s nomination for president before becoming President Barack Obama’s running mate, was rapped by the Federal Election Commission for improperly reimbursing GEH Air Transportation for a round-trip flight in June 2007 between primary hotspots New Hampshire and Iowa. GEH Air is owned by hedge fund the Clinton Group.

Biden for President did repay GEH Air $7,911, the equivalent of a first-class ticket. But the FEC said that the campaign should have priced the flight as a charter, costing $34,800.

“By failing to pay a charter rate, BFP received an in-kind contribution of $26,889 from GEH,” the FEC ruled. That was illegal, because presidential campaigns are not permitted to accept corporate contributions.

All told, the Biden campaign was fined $219,000; the FEC also found that the campaign’s bookkeeping was shoddy.


In Depth

Direct Lending: What’s Different Now?

Mar 14 2017 | 8:43pm ET

Senior direct lending funds have become riskier over the past four years, with leverage...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of