The hedge fund manager boasted that he had traveled to “every country” in the world, studying overseas stock markets as he fine-tuned an investment strategy to capitalize on global companies’ suffering because of economic or political turmoil.But the fund manager had an even more distinctive credential to showcase in his marketing material in June 2013: He was a “U.S. congressman,” Representative Alan Grayson, Democrat of Florida, a member of the House Foreign Affairs Committee. Now he is also among the leading Democratic candidates for one of Florida’s United States Senate seats.This highly unusual dual role — a sitting House lawmaker running a hedge fund, which until recently had operations in the Cayman Islands — has led to an investigation of Mr. Grayson by the House Committee on Ethics.
U.S. Senate Minority Leader Harry Reid on Friday called for U.S. Rep. Alan Grayson of Orlando to drop out of the race for a Senate seat, but Grayson angrily denounced the move and said he has no plans to follow Reid’s suggestion.Reid said in a statement that Grayson claims to be progressive but seems to have “no moral compass.” He said Grayson used his office to unethically promote a hedge fund that until recently had been based in the Cayman Islands.“These deeply troubling allegations should disqualify anyone from a seat in the U.S. Senate,” Reid said. “His actions aren’t just disgraceful to the Democratic Party, they disgrace the halls of Congress.”Grayson is running in the Democratic primary to replace U.S. Sen. Marco Rubio.
Suggesting that Reid “may well prefer corrupt Establishment errand boy” and rival Democrat Rep. Patrick Murphy (D-Fla.), Grayson excoriated the retiring Nevada Senator in an email to Independent Journal Review:“I’m running against a rigged system and the Washington Establishment, so it’s no surprise that its departing figurehead, who failed so badly in the 2014 Senate races, relies on a false and misleading hyped story to try to pressure me out of this race. The reason why he is making such an absurd statement at all is that he knows that I’m well ahead in the polls, and heading for a strong primary victory.” …“Sen. Reid managed to find a way to lose six out of seven open Senate seats in 2014, and lose six incumbent Democrats when the GOP lost none. Now he is personally attacking the clear choice of Florida Democrats, making the party into a circular firing squad.”