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: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of