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

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.