Sunday, 29 November 2015
Last updated 2 days 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.
Oct 21 2015 | 10:41am ET
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…