Difference between revisions of "Paul Singer"

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(Affiliations)
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*[[Paul E. Singer Foundation]] - Founder
 
*[[Paul E. Singer Foundation]] - Founder
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*[[Commentary Magazine]] - Board Member
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*[[Jewish Institute for National Security Affairs]] - former Board Member
  
 
==Notes==
 
==Notes==

Revision as of 10:05, 25 June 2015

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.[1] As of 23 June 2015 his net worth was estimated at $1.92 Billion.[2] 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.[2] 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.[3] Argentine President Cristina Fernandez de Kirchner has described Singer as a 'vulture'.[2]

Position on LGBT Rights

Singer is a noted supporter of gay rights.[2] 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.

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.[4]

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.[5]

Israel

In May 2008 Singer visited Israel as part of President George W. Bush's special delegation to Israel's 60th anniversary celebrations.[6]

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.[7]

Affiliations

Notes

  1. Paul E. Singer Foundation Website Paul Singer. Accessed 22 May 2015.
  2. 2.0 2.1 2.2 2.3 forbes.com #1006 Paul Singer. Accessed 23 May 2015.
  3. Staff, 'Vulture funds – the key players', The Guardian,15 November 2011, accessed 23 June 2015
  4. New Hampshire Public Radio SuperDonor Backs Romney — And Gay Marriage. Accessed 23 May 2015.
  5. David S. Rosen, 'Romney Attracts More of Bush's Top Donors Than Rivals ', Bloomberg, 20 July 2007, accessed 23 June 2015
  6. Eli Lake, 'Bush Visit May Boost Olmert', New York Sun, 23 June 2015, accessed 4 February 2015
  7. Stephen Gandel, 'Paul Singer: The Fed is causing inequality', Fortune, 21 January 2015, accessed 23 June 2015