Did Financier Tied to Barney Frank Secretly Control ‘Woman-Owned’ Hedge Fund?

Sussman photoA 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.

But a recent lawsuit that Sussman brought against Paamco suggests that the billionaire may have also been involved in fraudulent business practices. The suit claims that a hedge-fund firm primarily bankrolled by Sussman may have been falsely portraying itself as a “women-owned business” …

Barney Frank’s Ties to Bailed-Out Financier Raising Ethics Questions

Barney Frank photoHouse 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.

According to the Boston Herald, aviation experts said that Frank’s flight could have cost as much as $30,000 each way, but Frank reported that the air travel cost was just $1,500 in …

Did Rep. Pingree Get Engaged to Beat Ethics Rap?

Chellie Pingree photoThe Maine Republican Party has filed a complaint against Rep. Chellie Pingree (D-ME), for reportedly violating federal election laws by flying to a New York campaign fundraiser in a private jet owned by a corporation controlled by her fiancé.

Video captured by the Maine Watchdog shows Rep. Pingree and her fiancé, billionaire liberal philanthropist S. Donald Sussman, traveling on a $25 million jet which belonged to a Magic Carpet Enterprises, LLC., a corporation owned by Sussman. Records obtained by the watchdog group show that Rep. Pingree flew to an airport in White Plains, NY, where she then drove to a fundraising event in New York City.

The Maine GOP says that the trip appeared to be in violation of the Federal Election Campaign Finance Act of 1971, which bars lawmakers from traveling to campaign events on non-commercial private aircraft.

“Lawbreaking by our elected officials is not something we’re accustomed