Florida Rep. Alan Grayson has many times said that Wall Street greed is what’s wrong with America, and he supports “Occupy Wall Street.”
However, Grayson doesn’t hate Wall Street so much that he doesn’t help fund it by sinking millions of his own cash into securities. In any case, Grayson’s recently been relieved of any hypocrisy:
U.S. Representative Alan Grayson, a Florida Democrat, lost about $18 million in a scheme involving a Reston, Virginia-based firm that loaned customers funds in exchange for securities posted as collateral, his office said on Monday.
The loss was confirmed by Lauren Doney, communications director of Grayson’s office in Washington, D.C., who said the firm in question “sold the congressman’s collateral without his permission.”
The head of the firm, William Dean Chapman, was sentenced to a lengthy prison term by a federal court judge in Alexandria, Virginia, last week for defrauding scores of investors of more than $35 million.
Oh the hypocrisy-induced schadenfreude.