The House Ethics Committee abruptly postponed the high-profile ethics trial of Rep. Maxine Waters (D-CA) on Friday, after new evidence came to light which may contradict some of the congresswoman's previous claims. The Democratic lawmaker is being charged with helping to steer more than $12 million in federal bailout funds to One United, a bank in which her husband had a substantial financial stake.
A liberal financier at the center of two congressional ethics controversies may also be involved in some questionable business dealings, according to the New York Times. S. Donald Sussman, a billionaire hedge-fund titan, made news after his fiancé, Rep. Chellie Pingree (D-ME), was accused of traveling on his private jet to campaign events.
Rep. Barney Frank (D-MA) has also been scrutinized for traveling to Sussman's Virgin Islands mansion on the billionaire's plane. Republicans have said the trip had the appearance of impropriety, since Frank serves as chair of the House Finance Committee and a company owned by Sussman has received $200 million in federal bailout money.
House Financial Services Committee Chair Barney Frank (D-MA) is just the latest member of Congress facing scrutiny for taking joy rides on a private jet owned by hedge-fund billionaire and federal bailout recipient S. Donald Sussman.
Republicans say that Frank needs to clear up ethical concerns about his flight to the U.S. Virgin Islands on Sussman's $25 million private plane in 2009, and his subsequent vacation at the hedge-fund owner's luxurious Caribbean mansion. Sussman, a major philanthropist to liberal causes, has reportedly raked in $200 million in federal bailout funds for his company Paloma Securities. As head of the House Financial Services Committee, Frank helped push through the Wall Street bailout as well as extensive financial reforms.