Hedge Fund Lawyer Takes Aim At Congress

Nov 27 2009 | 1:00pm ET

A former New York hedge fund executive is running for Congress against banking bête noir Rep. Paul Kanjorski (D-Pa.). As a Republican. From Kanjorski’s left.

Christopher Paige said his opposition to the massive bank bailouts motivated his decision to run in the northeastern Pennsylvania district. But when talking about the bailout, Paige sounds more like the lifelong Democrat that he was rather than the newly-registered Republican he became to run for the seat, which Kanjorski has held for 13 terms.

“‘Too big to fail’ should be ‘too big to exist,’” Paige told Reuters. He said he wants to strengthen anti-trust laws to allow  for the breakup of giant financial  firms and wants to bring back the Glass-Steagall Act, the Depression-era law separating consumer and investment banking that was repealed 10 years ago.

Paige has spent the last three years working as general counsel for Paige Capital Management, a hedge fund headed by his wife and sister-in-law.

Pennsylvania’s 11th congressional district covers the Poconos region as well as the blue-collar city of Scranton. The area has been a safe Democratic seat for decades—it has been held by a Republican for just two of the past 55 years—but Kanjorski nearly lost the seat in last year’s election.

Kanjorski is one of the highest-profile lawmakers on financial regulation, chairing the House of Representatives’ subcommittee on financial markets. Earlier this month, he unveiled his own plan to allow the preemptive breakup of large financial firms.

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