Paul Singer

Paul Singer (dob: August 22, 1944) is the founder and president of Elliott Management Corporation, a New York-based hedge fund which is currently worth more than $23 billion. As of 23 June 2015 his net worth was estimated at $1.92 Billion. He is also the founder of the Paul E. Singer Foundation a 501(c)(3) non-profit grant making foundation which supports a number of conservative and pro-Israel causes. Singer graduated from Harvard Law School in 1969 and went on to found Elliott Management in 1977. He is a major supporter of the Republican party.

Investments in Distressed Debt

Through the Elliott Management Corporation Singer has invested in distressed sovereign debt and has bet against countries such as Peru, the Congo and Argentina following financial crises. He has succeeded in suing countries in order to get financial returns on his investments. In 1995 the company bought defaulted Peruvian bank for $20 million and sued the country for $58 million. Kensington International, a subsidiary of the company bought $30 million in debt owed by Congo-Brazzaville. In 2002 and 2003 the company was awarded more than $100 million in interest. As of November 2011 Singer had reportedly been able to acquire $39 million of the country's oil sales. Argentine President Cristina Fernandez de Kirchner has described Singer as a 'vulture'.

NML Capital, a subsidiary of Elliott Capital has gone to extraordinary lengths to extract the $1.6 billion from Argentina awarded to NML Capital by a New York judge. In 2012 NML Capital won an injunction in a Ghanaian court to hold the flagship of the Argentine navy, the ARA Libertad in the port of Tema.

In response the Argentine foreign ministry said that 'vulture funds had crossed a new limit in their attacks' and that holding the vessel was 'a trick by the unscrupulous financiers.' It was also reported that the ministry stated that the detention of the vessel violated the Vienna Convention's clause on diplomatic immunity. In 2007 a number of bondholders moved to get a court order to detain the Tango 01, the Argentine presidential airplane, and to seize fuel money from the aircraft's pilots. The Argentine government cancelled the trip having learned of the plan. A trip to Germany was also cancelled due to the Argentine government learning of a similar plan to seize the aircraft. Bondholders have also attempted to acquire compensation through the assets of major Argentine politicians:

Holdout bondholders have also gone after the assets of prominent Argentine politicians, including Nestor Kirchner, his wife and current president Cristina Kirchner, and 136 members of her administration, including most of the cabinet. In 2010, Singer’s Elliott got Judge Griesa, who consistently rules against Argentina, to ask Bank of America to disclose all information related to their personal accounts. Elliott has even gone after Argentina’s foreign exchange reserves, coming close to seizing $105 million held at the Federal Reserve Bank of New York.

In 2012 NML Capital and EM (owned by Kenneth Dart) were awarded $23 million from the assets of Argentina’s Banco Hipotecario.

Position on LGBT Rights

Singer is a noted supporter of gay rights. However, the Paul E. Singer foundation funds the Philos Project, a Christian Zionist organisation that has close links with the Institute on Religion and Democracy. Members of the latter organisation, such as Janice Shaw Crouse propagate vehemently homophobic views.

In 2012 singer donated $1 million to Freedom to Marry, a bipartisan gay marriage advocacy group.

In 2012 Singer created the American Unity PAC, a super PAC focused on supporting Republican congressional candidates who support marriage equality. and provided a large donation. The super PAC spent $2million on congressional races. Amongst the donors to the new super PAC was hedge fund manager Seth A. Klarman, who has been described by journalist Max Blumenthal as 'one of the pro-Israel community’s most prolific financial angels and also one of its most ideologically hardline.'

Political Contributions

Singer was a major contributor to the pro-Mitt Romney superPAC Restore Our Future during Romney's presidential run. Singer donated $1 million to the superPAC.

Singer was a major backer of Rudy Giuliani's 2008 Republican Party primary race and served as his east coast campaign chairman. He donated $172,950 to Giuliani in 2007 and leased one of his private planes to him.

Israel

In May 2008 Singer visited Israel as part of President George W. Bush's special delegation to Israel's 60th anniversary celebrations.

Criticism of the Federal Reserve

At the World Economic Forum in January 2015 Singer accused the US Federal Reserve of fostering economic inequality through quantitive easing:

On Wednesday during a panel discussion at the World Economic Forum in Davos, Switzerland, Singer continued his attack on the Fed’s policies. He said that the Fed’s quantitative easing bond buying program has been the main driver of income inequality and is exacerbating social instability around the world.

“Inequality is a function of the government’s policies,” said Singer. “There is no question that QE is adding to it.”

Singer admitted that while the U.S. has experienced inequality before, but he said that the players involved in the past were different. He argued that the fact that current inequality is being driven by a rise in investment is clear evidence that the Fed is responsible.

Opposition to Financial Regulation

Singer supports the repeal of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

Affiliations

• Manhattan Institute - Chairman of the Board

• Elliott Management Corporation - Founder and President

• Paul E. Singer Foundation - Founder

• Commentary Magazine - Board Member

• Jewish Institute for National Security Affairs - former Board Member