Thursday, 21 August 2014
Last updated 10 min ago
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.
Aug 4 2014 | 7:42am ET
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The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note