YID With LID: Chuck Schumer's Hedge Fund Swindle

YID With LID: Chuck Schumer's Hedge Fund Swindle:

Transparency is a favorite word of NY Senator Chuck Schumer. Schumer has called for transparency for every situation from Facebook's privacy rules, Ticket Scalping, and the Apple's I-phone 4 signal drop-off problem. But as the old saying goes, people who live in glass houses shouldn't call for transparency. The Washington Examiner is reporting that Senator Schumer is into hedge funds, not as an investment but more like a "racket."


Back in 2007 Schumer pushed the hedge funds to spend more on lobbying. So the funds complied by hiring his banking staffer to do their lobbying. That new hedge fund lobbyist started to raise money for Senator "Transparency." The Senator is following up by introducing legislation that will help those hedge funds (boys and girls can you say "quid pro quo?")

Three years ago, Sen. Chuck Schumer, D-N.Y., leaned on hedge funds to lobby more. The funds soon hired his banking staffer as a lobbyist. She began raising money for Schumer. Now he's championing financial regulation that would benefit these hedge funds. "Racket" might be the right word here.