Congressman Alan Grayson ran a hedge fund that encouraged buying 'when there's blood in the streets'

After failing to win re-election as a Florida Representative in 2010, Alan Grayson started a hedge fund in 2011 — a spot on his resume that raised eyebrows when he was re-elected in 2012. While Grayson's role running a hedge fund as a sitting member of the House has already led to an investigation by the House Committee on Ethics, emails obtained by The New York Times show the extent to which Grayson's jobs were intertwined "and how he promoted his international travels, some with congressional delegations, to solicit business."

Grayson's hedge fund, which until recently had operations in the Cayman Islands, is questionable as well. Grayson has reportedly boasted about traveling to "every country" in the world while creating investment strategies that took advantage of companies suffering because of economic or political turbulence.

According to House rules, lawmakers are not allowed to hold outside jobs that make more than $27,495, although Grayson has said he didn't report any earned income from the fund despite some investors that would have been paying management fees. Read the full report in The New York Times.

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Correction: An earlier version of this article erroneously stated that Grayson ran his hedge fund during his 2009-2011 years representing Florida's 8th congressional district. Grayson began the hedge fund in 2011, after he had left Congress and before his 2012 re-election.