New York billionaire hedge fund titan Phil Falcone, whose LightSquared 4G venture is in danger of not getting approval from the U.S. government, allegedly tried to buy the influence of a key lawmaker.  Sen. Chuck Grassley (R-IA), the supposed lawmaker, is leading a Capitol Hill inquiry into how the government came to give partial approval to the LightSquared project. Then, earlier this month, a representative of LightSquared called a Senate staffer, allegedly promising that the lawmaker’s support for the wireless program could cement a Midwest call center, “possibly in Iowa.” Prior to that call, Falcone had emailed Grassley in October asking for a meeting with the Senator.  The lawmaker never met with Falcone, and a person close to his office told The NY Post that such a meeting would be inappropriate, given the ongoing probe. Former MCI Executive Enters Picture. Talk of a possible Iowa-based call center came earlier this month from Todd Ruelle, a former MCI executive who now runs a software company in downtown Manhattan called Fine Point Technologies.  Ruelle indicated an economic incentive, however, telling the staffer, according to Grassley, he “only gets paid if this deal goes through.” Grassley said in the letter that Ruelle acknowledged no official ties to Falcone, saying he has been offering Falcone advice for maneuvering around Grassley and the FCC, and took credit for Falcone having contacted Grassley. Grassley also attached an e-mail showing Ruelle had arranged a TV interview for Falcone last September.  Ruelle then forwarded the interview details to a member of the White House’s Office of Science, Technology and Policy, saying, “I have arranged to hit back HARD!” Shocking Letter by Grassley. In a letter Grassley sent to Falcone on Monday, addressed to Falcone’s Park Avenue office in New York, Grassley said Falcone's comment “implied an invitation to pull punches” in his probe into the FCC's partial approval of LightSquared last year.  Grassley further questioned if the Reston, VA, company got its waiver without first exploring whether the system interferes with sensitive global positioning systems - GPS interference has since become a potential roadblock to final approval.  Grassley concluded by writing:  “I won’t be part of that unseemly invitation to discuss a quid pro quo.” Response from Falcone. Falcone immediately issued a statement distancing himself from Ruelle, saying the techie “does not, nor has he ever worked for Mr. Falcone, Harbinger or LightSquared as an employee or a consultant,” and that talk of a call center was Ruelle “acting entirely on his own and without the knowledge, authority, or endorsement of Mr. Falcone, Harbinger or LightSquared." A person close to Falcone further called Ruelle “a guy who’s trying to ingratiate himself” with Falcone.  Ruelle’s bio names him as an adviser to private equity giant Cerberus Capital Management, but an executive there told The Post Ruelle “never represented us here.”  Ruelle could not be reached for comment. Falcone's Big Stake in LightSquared.   Falcone has much to lose if this project does not succeed.  He likely would have to close the hedge fund, would lose significant credibility on the street, not to mention a fortune of money.  So far, Falcone, through his Harbinger Capital Partners, has pumped $3 billion into LightSquared, saying the project could be made “a win” for the senator. Falcone's apparent obsession with this project has prompted many investors to leave Falcone's fund.  And there are still many critics who see LightSquared as a project that is doomed to fail. For further details, go to:  [NYPost, 1/24/12]