Washington Columnist Claims Schumer too Cozy With Hedge Funds

Wednesday, 26 May 2010 02:01 PM

By Dan Weil

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Democratic Sen. Chuck Schumer is too cozy with hedge funds because a former staffer has several fund firms as clients, writes Washington Examiner columnist Timothy Carney.

In 2007, Schumer’s banking committee staffer, Carmencita Whonder, left to work for the lobbying firm Brownstein, Hyatt, Farber, Schreck. The New York Democrat is chairman of the House Banking Committee.

At the firm, Whonder lobbied for hedge funds.

“Within days of Whonder's hire, she registered three private equity firms as clients. By the time Obama came to office, her clients included the Private Equity Council and seven private equity or hedge fund firms,” Carney writes.

In March 2009, when Congress started looking at financial regulation reform, Whonder joined the Managed Funds Association, hedge funds' main lobbying group.

She also raised $18,200 for her old boss, according to Federal Election Commission documents, Carney writes.

Other hedge fund lobbyists are official bundlers for the Democratic Senatorial Campaign Committee, which Schumer formerly headed.

“Of course, the hedge funds get a good return on the money they've spent electing Democrats and hiring Schumer's staff: beneficial legislation, which includes stricter regulation,” Carney writes.

The Managed Funds Association approves of requiring hedge funds to register with the Securities and Exchange Commission. That’s because it favors big funds over smaller ones, Carney writes.

“For now, all we can do is follow the money — and it all leads back to Schumer.”

The financial crisis hasn’t stopped a raft of members of Congress from continuing to seek campaign contributions from banks.

The financial industry is hosting fundraisers for legislators at the rate of almost once a business day this month, Bloomberg reports.

At least 20 senators and representatives are involved, according to Democratic and Republican Party committee schedules sent to prospective donors.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved