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From the staff of the Tampa Bay Times

New York Times: Alan Grayson mixing congressional work with hedge fund management

Rep. Alan Grayson stands on the steps of the Capitol building in Washington on Feb. 4. Grayson's highly unusual dual role - a sitting House lawmaker running a hedge fund, which until recently had operations in the Cayman Islands - led to an investigation by the House Committee on Ethics.

Zach Gibson | New York Times

Rep. Alan Grayson stands on the steps of the Capitol building in Washington on Feb. 4. Grayson's highly unusual dual role - a sitting House lawmaker running a hedge fund, which until recently had operations in the Cayman Islands - led to an investigation by the House Committee on Ethics.

11

February

The Tampa Bay Times has incurred Democratic U.S. Senate candidate Alan Grayson's wrath for reporting on his hedge fund management activities while serving in Congress. Now the New York Times has a must-read invesigation with much more potentially damaging information.

 “This is going to be the drip, drip, drip story that never goes away,” his prescient former campaign manager warned Grayson in June. From the New York Times:

... (E)mails and marketing documents obtained by The New York Times show the extent to which Mr. Grayson’s roles as a hedge fund manager and a member of Congress were intertwined, and how he promoted his international travels, some with congressional delegations, to solicit business.

Interviews and the documents show that Mr. Grayson told potential investors in his hedge fund that they should contribute money to the fund to capitalize on the unrest he observed around the world, and to take particular advantage when there was “blood in the streets.”

The emails also show how Mr. Grayson’s work for the hedge fund, which had $16.4 million in assets as of October, at times interfered with his other duties. In August 2015, after Mr. Grayson introduced legislation calling for larger annual increases in Social Security benefits, he signed off on a plan to highlight the proposal at an event in Tampa, Fla., emails obtained by The Times show. But the plan was scuttled, two former aides said, when economic turmoil in China sent stock markets tumbling globally and Mr. Grayson had to turn his attention to the fund.

Ken Scudder, a spokesman for Mr. Grayson, disputed that account. “There has never been any time when Representative Grayson’s investment activities have disrupted any of his work, whether official or campaign-related,” he said.

Read Eric Lipton's piece here.

And we received the following statement from Grayson's office:

"Congressman Grayson rejects both the numerous unsupported assertions and innuendo in the New York Times story.  There is nothing in the report that even suggests any improper or unethical conduct. Congressman Grayson never solicited anyone for his investment partnership while in Congress, nor did anyone acting on his behalf.  He never used any information of any kind, whether from Congressional delegation trips or otherwise, in his investments.  His investments never interfered with his official duties or his campaigning.  The report is rife with factual errors, and our numerous requests for corrections are pending.  In any event, the bottom line is that Congressman Grayson has never used his official position to advance any business interests or create a personal gain, and there is literally nothing in the New York Times report that even suggests, much less demonstrates, otherwise."

[Last modified: Thursday, February 11, 2016 8:35pm]

    

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