Friday, 27 March 2015
Last updated 53 min ago
Jul 6 2011 | 11:57am ET
Sen. Charles Grassley (R-Iowa) is taking aim at another federal regulator's relationship with a major hedge fund.
Grassley, who has spent much of his career on Capitol Hill excoriating the Securities and Exchange Commission, most recently over its investigations—or lack thereof—of potential insider trading at SAC Capital Advisors, is now peeved at the Federal Communications Commission for "intentionally" ignoring his requests for information. Grassley, the ranking Republican on the Senate Finance Committee, had sought documents related to the FCC's approval of Harbinger Capital Management's wireless venture, LightSquared.
In a letter to FCC Chairman Julius Genachowski, Grassley complained that FCC officials had told congressional staffers that they "chose to intentionally ignore" document requests. Grassley also rapped Genachowski for failing to respond to written questions.
The senator called the regulator's obfuscation "an extreme position against transparency, which would stifle congressional oversight and public scrutiny."
LightSquared in January won a crucial, if tentative, waiver from the FCC, allowing it to use frequencies previously restricted to satellites. Since then, several tests have shown that the LightSquared network interferes—sometimes dramatically—with global positioning systems.
Grassley in April complained to Genachowski that the FCC may have failed to consider all points of view and asked for e-mails between the chairman and Harbinger founder Philip Falcone.
"You responded with a letter that did not respond to any of my questions," Grassley wrote in his letter yesterday.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…