Grassley Blocks FCC Nominees Over LightSquared

Nov 4 2011 | 10:25am ET

Harbinger Capital Management's chief nemesis on Capitol Hill is doing some very senatorial foot-stamping over the refusal by both the hedge fund and the Federal Communication Commission to hand over documents.

Sen. Charles Grassley (R-Iowa), who has been leading an investigation into ties between the White House, LightSquared, the wireless venture backed by Harbinger, and Harbinger founder Philip Falcone, said he would block votes on two nominees to the FCC.

The move will not prevent the FCC from doing its job with just three members, but it gave Grassley another chance to blast the agency for continuing "to stonewall a document request I submitted." The FCC told Grassley, the ranking Republican on the Senate Judiciary Committee that it only responds to document requests from committee chairmen.

That policy "sets a dangerous precedent for a federal agency to unilaterally set the rules on how it engages with Congress," Grassley complained.

Grassley has led a probe into the FCC's approval of LightSquared's application for a crucial waiver. The senator has said he believes that the agency failed to consider all points of view on the issue, notably that of the global positioning system community, which has warned of major interference issues.

Last month, LightSquared and Harbinger declined Grassley's request for documents, complaining that Grassley hasn't made similar requests from LightSquared opponents.


In Depth

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Hedgies, Economists and Musicians Mingle At Milkin Mixers In Hamptons

Aug 25 2014 | 6:00am ET

Leave it to Michael Milken to bring some gravitas and sweat to the Hamptons -- along...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

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

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

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.