Philip Falcone wants to meet with Sen. Charles Grassley (R-Iowa) after the lawmaker left “an inappropriate impression” about the hedge-fund billionaire by referring in a letter to serial violators of securities laws.
Falcone wants to “to clarify some of the questions raised” by yesterday’s letter, Falcone’s Harbinger Capital Partners said in an e-mail yesterday.
Grassley in the letter to Federal Communications Commission Chairman Julius Genachowski said the agency hadn’t fully responded to his questions about its tentative approval of Falcone’s LightSquared wireless venture. The wholesale network for 260 million subscribers may cause interference to cars, aircraft and tractors using the global-positioning system.
Grassley asked whether the FCC is concerned about “multiple investigations” of Falcone, and whether the FCC has safeguards to ensure spectrum isn’t allocated “to serial violators of our nation’s securities laws.” Harbinger told investors in April about two informal investigations the Securities and Exchange Commission is conducting into its trading.