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Wealth Bulletin – The Managed Funds Association, a leading trade group for the hedge fund sector, has recruited Brownstein Hyatt Farber Schreck, the heavyweight K Street lobbying firm, to press its interests on Capitol Hill, a document filed this week with the Senate Office of Public Records showed, according to a report in The New York Times.
The battered insurance giant AIG returns to Capitol Hill Wednesday facing another frosty reception in Congress – where three AIG trustees appointed by the U.S. government will make their public debut amid growing skepticism over their role at the company.
House Oversight Committee Chairman Edolphus Towns (D-N.Y.) is questioning whether the Federal Reserve Bank of New York – which installed the handpicked trustees in January – is doing enough to protect taxpayers footing the bill for the $182.5 billion bailout.
And POLITICO has learned that one of those trustees has another role – as chairwoman of a Bermuda-based firm that administers hedge funds based in the Cayman Islands and other global tax havens.
TheAdvocateOne year ago, former U.S. Rep. Richard Baker, R-Baton Rouge, stepped out of Congress to become the chief lobbyist for the trillion-dollar hedge fund industry and walked right into the economic tornado swirling through the nation.
“I don’t have too many irons in my fire,” Baker recently said. “I have too many fires in my irons.”
Now head of the Managed Funds Association in Washington, Baker’s one-year ban on lobbying former colleagues in Congress ended Monday.
He now expects to be going to Capitol Hill frequently to appear as a witness at congressional hearings. Neither Baker nor the association disclosed his salary, although some media report it to exceed $1 million a year.
