Senator Seeks To Bar LightSquared Approval

Nov 18 2011 | 2:30am ET

Harbinger Capital Management's ambitious wireless Internet venture has a new opponent on Capitol Hill.

LightSquared has already faced scrutiny from Sen. Charles Grassley (R-Iowa), who has questioned whether Harbinger founder Phillip Falcone's donations to Democrats smoothed the regulatory way for the company. Now, Sen. Pat Roberts (R-Kan.) has introduced a bill that would take the matter out of the Federal Communications Commission's hands.

Roberts' bill would bar the FCC from giving LightSquared the necessary approvals until it has shown that its services won't interfere with global positioning systems. GPS users have warned that LightSquared could cause significant problems to all manner of precision GPS devices.

"There is too much at stake in interfering with a tool we all use, and on which our public safety and national security depend so heavily," Roberts said.

LightSquared call the proposed measure "unnecessary and redundant."


In Depth

Q&A: High Conviction, Low Correlation

Oct 30 2014 | 7:35am ET

Acadian Asset Management's numbers are big: over $70 billion in assets under management...

Lifestyle

Ex-Hedgie Steyer Gives $56M To Climate Action Super PAC

Oct 28 2014 | 9:23am ET

Retired Farallon Capital founder Tom Steyer has poured almost $56 million into his...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

The yield curve and stock market response

Traders form habits quickly. Understanding these and their effects can better equip us to decipher actual market moves.

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.