Oops! Congressmen fail hedge fund name game

Hedge Fund

Congressmen slammed Obama administration officials for hiring a failed hedge fund manager, but they made a big mistake.

"Here we have somebody who lost millions of dollars, under investigation by the Department of Justice. We've got to figure out how in the world these people got the contract," said Rep. Jason Chaffetz on Wednesday in reference to Owen Li during a hearing of the House Oversight and Government Reform Committee, according to Politico .

The only problem was that Chaffetz had the wrong man.

Chaffetz and fellow Reps. Gary Palmer and Elijah Cummings all questioned why the Office of Personnel Management would hire data security company CSID for a federal contract when one of its board members was Li, Politico noted.

CSID does indeed employ an Owen Li, but he's a vice president at Investcorp, a Bahrain-based investment firm. The Owen Li they thought they were referring to is the former head of New York hedge fund firm Canarsie Capital. CNBC.com reported in January that he lost virtually all client money because of aggressive trades that backfired.

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The U.S. Department of Justice and Securities and Exchange Commission were investigating the collapse, according to reports.

A spokesman for Chaffetz apologized for the error late Wednesday to Politico and The Washington Post.

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