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Revision as of 06:38, 20 November 2015 editGuizeler (talk | contribs)162 edits Education and early careerTag: Visual edit← Previous edit Revision as of 10:57, 30 November 2015 edit undoFoCuSandLeArN (talk | contribs)77,866 edits Addressed NPOV tag - made changes to language and improved referencing. Also updated a few facts here and there, and slightly tweaked structure.Next edit →
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{{POV|date=August 2015}}

{{Infobox person {{Infobox person
|name = Paul Singer |name = Paul Singer
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|caption = Singer at the ] Annual Meeting in 2013 |caption = Singer at the ] Annual Meeting in 2013
|birth_name = Paul Elliott Singer |birth_name = Paul Elliott Singer
|birth_date = {{Birth date and age|1944|8|22|mf=yes}} |birth_date = {{Birth date and age|1944|8|22|mf=yes}}
|birth_place = ] |birth_place = ]
|residence = ] |residence = ]
|alma_mater = ] </small> (])</small><br> ] </small> (]) </small> |alma_mater = ] </small> (])</small><br> ] </small> (]) </small>
|nationality = ] |nationality = ]
|occupation = Hedge fund manager<br> Lawyer |occupation = Hedge fund manager<br> Lawyer
|known_for = ] |known_for = ]
|salary = |salary =
|networth = {{steady}} US$ 1.92 ] (August 2015)<ref> June 2014</ref> |networth = {{steady}} US$ 2.1 ] (August 2015)<ref name=Forbes>{{cite web|title=#327 Paul Singer - Forbes 400|url=http://www.forbes.com/profile/paul-singer/|website=Forbes|publisher=Forbes|accessdate=29 November 2015}}</ref>
|spouse = |spouse =
|children = |children =
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}} }}


'''Paul Elliott Singer''' (born August 22, 1944) is an American hedge fund manager, investor, philanthropist, and political activist. He is the founder and CEO of ] ], a political activist and activist investor,<ref name="forbes2014">{{cite web|url=http://www.forbes.com/profile/paul-singer/|title=Paul Singer|author=Antoine Gara|work=Forbes}}</ref><ref>{{cite news|last1=Fuller|first1=Jaime|title=Meet the wealthy donor who’s trying to get Republicans to support gay marriage|url=https://www.washingtonpost.com/news/the-fix/wp/2014/04/04/the-money-man-behind-pro-gay-marriage-republicans/|accessdate=22 October 2015|publisher=Washington Post|date=April 4, 2014}}</ref><ref>{{cite web|url=http://rightweb.irc-online.org/profile/singer_paul|title=Paul Singer|date=9 April 2014|work=Right Web - Institute for Policy Studies}}</ref> and (via his Paul E. Singer Foundation) a prominent New York based ].<ref>{{cite web '''Paul Elliott Singer''' (born August 22, 1944) is an American hedge fund manager, investor, philanthropist and political activist. He is the founder and CEO of ] ], what the ''New York Times'' terms an "activist hedge fund",<ref name="New York Times activist">{{cite web|last1=Moyer|first1=Liz|title=Elliott Management Takes 11% Stake in Cabela’s|url=http://www.nytimes.com/2015/10/29/business/dealbook/elliott-management-takes-11-stake-in-cabelas.html|website=New York Times|publisher=New York Times|accessdate=29 November 2015}}</ref><ref>{{cite news|last1=Fuller|first1=Jaime|title=Meet the wealthy donor who’s trying to get Republicans to support gay marriage|url=https://www.washingtonpost.com/news/the-fix/wp/2014/04/04/the-money-man-behind-pro-gay-marriage-republicans/|accessdate=22 October 2015|publisher=Washington Post|date=April 4, 2014}}</ref><ref>{{cite web|url=http://rightweb.irc-online.org/profile/singer_paul|title=Paul Singer|date=9 April 2014|work=Right Web - Institute for Policy Studies}}</ref> and (via his Paul E. Singer Foundation) a prominent New York based ].<ref>{{cite web
| title = Elliott Management Corporation Company Profile | title = Elliott Management Corporation Company Profile
| publisher = Yahoo! Finance | publisher = Yahoo! Finance
| url = http://biz.yahoo.com/ic/110/110749.html | url = http://biz.yahoo.com/ic/110/110749.html
| accessdate = 2007-07-18 }}</ref> In 2014, '']'' rated Singer's net worth as $1.9 billion.<ref name="forbes2014" /> In 2015, Singer was 327th on the ] list of richest Americans, 1006th among the world's billionaires, 350th of American billionaires, and the 16th highest earning hedge fund manager.<ref>{{cite news |magazine=] |title=Paul Singer |url=http://www.forbes.com/profile/paul-singer/ |year=2015 |accessdate=October 15, 2015}}</ref> Singer's business practices have been described by detractors as having the characteristics of a ], a characterization which Singer rejects.<ref name=observer /><ref>Foley, Stephen, , ''Financial Times'', June 20, 2014 {{registration required}}</ref><ref name=CNBC>{{cite news|last1=Kelly|first1=Kate|title=Kyle Bass big on Argentina; rips 'immoral' competitors|url=http://www.cnbc.com/2014/09/24/kyle-bass-big-on-argentina-rips-immoral-competitors.html|accessdate=3 August 2015|work=CNBC|date=24 September 2014}}</ref><ref name=VultureJersey>{{cite news|last1=Palast|first1=Greg|last2=O'Kane|first2=Maggie|last3=Madlena|first3=Chavala|title=Vulture funds await Jersey decision on poor countries' debts|url=http://www.theguardian.com/global-development/2011/nov/15/vulture-funds-jersey-decision|accessdate=3 August 2015|work=The Guardian|date=15 November 2011}}</ref><ref name=LinetteLopez>{{cite news|last1=Lopez|first1=Linette|title=Argentina's President Is Making Great Political Theater Out Of Paul Singer Seizing The Country's Naval Ship|url=http://www.businessinsider.com/elliott-feud-a-rallying-cry-in-argentina-2012-11?IR=T|work=Business Insider|date=13 November 2012|accessdate=3 August 2015}}</ref> Singer is active in ] politics and is a supporter of gay rights. | accessdate = 2007-07-18 }}</ref> In 2015, '']'' rated Singer's net worth as $2.1 billion.<ref name=Forbes /> In 2015, Singer was 327th on the ] list of richest Americans, 1006th among the world's billionaires, 350th of American billionaires, and the 16th highest earning hedge fund manager.<ref name=Forbes /><ref name=Observer /><ref name=VultureJersey>{{cite news|last1=Palast|first1=Greg|last2=O'Kane|first2=Maggie|last3=Madlena|first3=Chavala|title=Vulture funds await Jersey decision on poor countries' debts|url=http://www.theguardian.com/global-development/2011/nov/15/vulture-funds-jersey-decision|accessdate=3 August 2015|work=The Guardian|date=15 November 2011}}</ref><ref name=LinetteLopez>{{cite news|last1=Lopez|first1=Linette|title=Argentina's President Is Making Great Political Theater Out Of Paul Singer Seizing The Country's Naval Ship|url=http://www.businessinsider.com/elliott-feud-a-rallying-cry-in-argentina-2012-11?IR=T|work=Business Insider|date=13 November 2012|accessdate=3 August 2015}}</ref> Singer is active in ] politics and is a staunch supporter of gay rights since his son came out in 1998, according to the '']''.<ref name="Washington Blade">{{cite web|last1=Johnson|first1=Chris|title=Major pro-LGBT Republican donor backs Rubio|url=http://www.washingtonblade.com/2015/10/31/major-pro-lgbt-republican-donor-backs-rubio/|website=Washington Blade|publisher=Washington Blade|accessdate=29 November 2015}}</ref><ref name="Financial Times gay">{{cite web|last1=Foley|first1=Stephen|title=Paul Singer, the hedge fund holdout|url=http://www.ft.com/cms/s/0/dbf2c466-f7b5-11e3-b2cf-00144feabdc0.html|website=Financial Times|publisher=Financial Times|accessdate=29 November 2015}}</ref>


==Education and early career== ==Education and early career==
Singer grew up in a ] family,<ref> May 14, 2011</ref><ref name=observer>, The Observer (07/2015)</ref> one of three children of a Manhattan pharmacist and a homemaker.<ref name="kingmaker">{{cite news |url=http://finance.fortune.cnn.com/2012/03/26/paul-singer-mitt-romney |work=CNN Money |title=Mitt Romney's hedge fund kingmaker |first=Michelle |last=Celarier |date=March 26, 2012}}</ref> He obtained his B.S. in psychology from the ] in year 1966 and a J.D. from ] in 1969.<ref name="kingmaker" /><ref name="bloomberg-markets">{{cite journal | author = Kambiz Foroohar | title = The Opportunist | date = February 2008 | journal = Bloomberg Markets }}</ref> In 1974, Singer went to work as an attorney in the real estate division of the investment bank ].<ref name=kingmaker/><ref name="bloomberg-markets" /> Singer was born in 1944 in ], growing up in a ] family,<ref name=JTA>{{cite web|last1=Kampeas|first1=Ron|title=Jewish, Republican, pro-gay rights|url=http://www.jta.org/2011/05/14/news-opinion/the-telegraph/jewish-republican-pro-gay-rights|website=JTA|publisher=JTA|accessdate=29 November 2015}}</ref><ref name=Observer>{{cite web|last1=Kurson|first1=Ken|title=Spat Between Samsung and NYC Hedge Fund Takes Nasty Detour Into Jew-Baiting|url=http://observer.com/2015/07/spat-between-samsung-and-nyc-hedge-fund-takes-nasty-detour-into-jew-baiting/|website=Observer|publisher=Observer|accessdate=29 November 2015}}</ref> one of three children of a Manhattan pharmacist and a homemaker.<ref name="kingmaker">{{cite news |url=http://finance.fortune.cnn.com/2012/03/26/paul-singer-mitt-romney |work=CNN Money |title=Mitt Romney's hedge fund kingmaker |first=Michelle |last=Celarier |date=March 26, 2012}}</ref> He obtained his B.S. in psychology from the ] in year 1966 and a J.D. from ] in 1969.<ref name="kingmaker" /><ref name="bloomberg-markets">{{cite journal | author = Kambiz Foroohar | title = The Opportunist | date = February 2008 | journal = Bloomberg Markets }}</ref> In 1974, Singer went to work as an attorney in the real estate division of the investment bank ].<ref name=kingmaker/><ref name="bloomberg-markets" />


==Elliott Management Corporation== ==Elliott Management Corporation==
{{Main|Elliott Management Corporation}} {{Main|Elliott Management Corporation}}
In 1977, Singer founded the ] Elliott Associates L.P. with $1.3 million from various friends and family members.<ref name=kingmaker/> ] oversees Elliott Associates and Elliott International Limited, which together have more than $21 billion in assets under management.<ref>{{cite news|url=http://www.forbes.com/profile/paul-singer/ |title=Paul Singer |publisher=] |date=2012-04-18 |accessdate=2013-11-03}}</ref> According to '']'', "Elliott's principal investment strategy is buying distressed debt cheaply and selling it at a profit or suing for full payment."<ref>{{cite news| url=http://www.guardian.co.uk/global-development/2011/nov/15/vulture-funds-key-players?intcmp=122 | work=] | first=Michael | last=Sheehan| title=Vulture funds – the key players| date=November 15, 2011|accessdate=June 10, 2012 | location=London}}</ref> In 1977, with a ] "winning formula", Singer founded the ] Elliott Associates L.P. with $1.3 million from various friends and family members.<ref name="Financial Times gay" /><ref name=kingmaker/> ] as of 2015 oversees Elliott Associates and Elliott International Limited, which together have more than $27 billion in assets under management, in what is a "multi-strategy fund".<ref name="Financial Times gay" /><ref name=Forbes /> According to ''Financial Times'', Elliott's principal investment strategy is buying "loans and bonds owed by companies in trouble" and "seeking to influence the outcome of a ]".<ref>{{cite news| url=http://www.guardian.co.uk/global-development/2011/nov/15/vulture-funds-key-players?intcmp=122 | work=] | first=Michael | last=Sheehan| title=Vulture funds – the key players| date=November 15, 2011|accessdate=June 10, 2012 | location=London}}</ref><ref name="Financial Times gay" /> A prominent investor in Elliot Management is ].<ref name="Financial Times gay" /> Termed a "specialist in activism in technology companies" by the '']'', Elliott Management's varied portfolio also includes a prominent Tech component, pursuing "more than 40 campaigns aimed at tech companies" since 2004, according to '']''. The corporation also includes a ] division.<ref name="Reuters dell">{{cite web|last1=Flaherty|first1=Michael|title=EMC-Dell talks highlight Elliott's clout across tech sector|url=http://www.reuters.com/article/2015/10/09/us-emc-us-m-a-dell-elliott-idUSKCN0S22VX20151009|website=Reuters|publisher=Reuters|accessdate=29 November 2015}}</ref><ref name="Wall Street Journal tech">{{cite web|last1=BENOIT|first1=DAVID|last2=BEILFUSS|first2=LISA|title=Elliott Management Pushes for Change at Citrix|url=http://www.wsj.com/articles/elliott-management-pushes-for-change-at-citrix-1434030087|website=Wall Street Journal|publisher=Wall Street Journal|accessdate=29 November 2015}}</ref> It is the ninth-largest U.S. fund as of 2015.<ref name="nypost" />


A 2012 ] profile of Singer noted that losses sustained early in his career led to a “risk aversion that still guides his investing today. For example, he rarely uses leverage to juice returns.” Thanks to his caution, “Elliott has had only two down years” since 1977, rising “4.2% in 2011, a year in which most hedge funds lost money.” According to CNN, Singer focused from early times “on distressed assets,” buying up bankrupt firms' debt and acquiring “a reputation for strong-arming his way to profit.” Elliott has been involved “in most of the big post-crash restructurings, including ] and auto parts supplier ].” Over Elliott's history, it has averaged 14 percent annual returns, compared with 10.8% for the ] stock index as a whole.<ref name=LinetteLopez /><ref name=Keith>{{cite web|last=Keith|first=Tamara|title=SuperDonor Backs Romney – And Gay Marriage|url=http://nhpr.org/post/superdonor-backs-romney-and-gay-marriage|publisher=New Hampshire News|accessdate=13 June 2013}}</ref><ref name=Dugan>{{cite news|last=Dugan|first=Ianthe Jeanne|title=Wall Street's Singer Makes His Influence Felt|url=http://online.wsj.com/article/SB10000872396390444230504577615731345627296.html|publisher=The Wall Street Journal|accessdate=12 June 2013|author2=Brody Mullins|date=27 August 2012}}</ref><ref name=TheVulturePalast /> A 2012 ] profile of Singer noted that losses sustained early in his career led to a “risk aversion that still guides his investing today. For example, he rarely uses leverage to juice returns.” Thanks to his caution, “Elliott has had only two down years” since 1977, rising “4.2% in 2011, a year in which most hedge funds lost money.” According to CNN, Singer focused from early times “on distressed assets,” buying up bankrupt firms' debt and acquiring “a reputation for strong-arming his way to profit.” Elliott has been involved “in most of the big post-crash restructurings, including ] and auto parts supplier ].” Over Elliott's history during 1977-2008, it has averaged 14.7 percent annual returns, compared with 10.8% for the ] stock index as a whole.<ref name=LinetteLopez /><ref name=Keith>{{cite web|last=Keith|first=Tamara|title=SuperDonor Backs Romney – And Gay Marriage|url=http://nhpr.org/post/superdonor-backs-romney-and-gay-marriage|publisher=New Hampshire News|accessdate=13 June 2013}}</ref><ref name=Dugan>{{cite news|last=Dugan|first=Ianthe Jeanne|title=Wall Street's Singer Makes His Influence Felt|url=http://online.wsj.com/article/SB10000872396390444230504577615731345627296.html|publisher=The Wall Street Journal|accessdate=12 June 2013|author2=Brody Mullins|date=27 August 2012}}</ref><ref name=TheVulturePalast /><ref name="Financial Times gay" /><ref name="The Telegraph fight">{{cite web|last1=Ebrahimi|first1=Helia|last2=Blackden|first2=Richard|title=Paul Singer's Elliott Management takes the fight to National Express|url=http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/privateequity/8469785/Paul-Singers-Elliott-Management-takes-the-fight-to-National-Express.html|website=The Telegraph|publisher=The Telegraph|accessdate=29 November 2015}}</ref>


''Forbes'' noted, in December 2012, that Elliott Management had offered to purchase the software firm ] after having accumulated 8% of the company's stock. Elliott expressed the view that Compuware had great promise but had been under-performing under its current management.<ref name=Vardi>{{cite news|last=Vardi|first=Nathan|title=Billionaire Hedge Fund Manager Bets On Mainframe Computers |url=http://www.forbes.com/sites/nathanvardi/2012/12/17/billionaire-hedge-fund-manager-bets-on-mainframe-computers/|work=]|date= December 17, 2012 |accessdate=13 June 2013}}</ref> ''Forbes'' noted in December 2012, that Elliott Management had offered to purchase the software firm ] after having accumulated 8% of the company's stock. Elliott expressed the view that Compuware had great promise but had been under-performing under its current management.<ref name=Vardi>{{cite news|last=Vardi|first=Nathan|title=Billionaire Hedge Fund Manager Bets On Mainframe Computers |url=http://www.forbes.com/sites/nathanvardi/2012/12/17/billionaire-hedge-fund-manager-bets-on-mainframe-computers/|work=]|date= December 17, 2012 |accessdate=13 June 2013}}</ref>


===Sovereign debts=== ===Sovereign debts===
Elliott was termed by '']'' as a "pioneer" in the business plan of buying distressed debts and then seeking payment at full face value.<ref name=bloomberg20140807>{{cite news |url=http://www.bloomberg.com/bw/articles/2014-08-07/argentinas-vulture-paul-singer-is-wall-street-freedom-fighter |title=Paul Singer Will Make Argentina Pay |publisher=] |date=August 7, 2014 |first1=Max |last1=Abelson |first2=Katia |last2=Porzecanski |accessdate=October 20, 2015}}</ref><ref name=wsj20140325/><ref name=independent20121123>{{cite news |title=The vulture capitalist who devoured Peru – and now threatens Argentina; Could Paul Singer destroy another economy? |first=Nikhil |last=Kumar |date=November 23, 2012 |accessdate=October 22, 2015 |url=http://www.independent.co.uk/news/world/americas/the-vulture-capitalist-who-devoured-peru-and-now-threatens-argentina-8347577.html |newspaper=] |location=]}}</ref>

Elliott is considered a pioneer in the business plan of buying distressed debts and then seeking payment at full face value.<ref name=bloomberg20140807>{{cite news |url=http://www.bloomberg.com/bw/articles/2014-08-07/argentinas-vulture-paul-singer-is-wall-street-freedom-fighter |title=Paul Singer Will Make Argentina Pay |publisher=] |date=August 7, 2014 |first1=Max |last1=Abelson |first2=Katia |last2=Porzecanski |accessdate=October 20, 2015}}</ref><ref name=wsj20140325/><ref name=independent20121123>{{cite news |title=The vulture capitalist who devoured Peru – and now threatens Argentina; Could Paul Singer destroy another economy? |first=Nikhil |last=Kumar |date=November 23, 2012 |accessdate=October 22, 2015 |url=http://www.independent.co.uk/news/world/americas/the-vulture-capitalist-who-devoured-peru-and-now-threatens-argentina-8347577.html |newspaper=] |location=]}}</ref>


==== Peru ==== ==== Peru ====
In 1996, Elliott bought defaulted ]vian debt for $11.4 million.<ref name="III2015">{{cite book|author=George D. Cameron III|title=International Business Law: Cases and Materials|url=http://books.google.com/books?id=tblUCgAAQBAJ&pg=PT291|date=9 August 2015|publisher=Van Rye Publishing, LLC|isbn=978-0-9903671-4-7|pages=291–}}</ref> In 1998, a U.S. court ruled that one could not buy debt with the sole purpose of suing the debtor.{{citation needed}} Elliott won a $58 million judgement when the ruling was overturned in 2000, and Peru had to repay the sum in full under the ].<ref name="Dyson2014">{{cite book|author=Kenneth Dyson|title=States, Debt, and Power: Saints and Sinners in European History and Integration|url=http://books.google.com/books?id=UwrVAwAAQBAJ&pg=PA241|date=19 June 2014|publisher=OUP Oxford|isbn=978-0-19-102347-7|pages=241–}}</ref><ref name=bloomberg20140807/><ref name="nypost">{{Cite news| url = http://nypost.com/2014/07/04/hedgie-paul-singers-vulture-investing-paid-off-royally/|title= Hedgie Paul Singer’s ‘vulture investing’ paid off royally |first=Michelle |last=Celarier |publisher=] |date = July 4, 2014 }}</ref> When former president of Peru ] was attempting to flee the country due to ], Singer ordered the confiscation of his jet and offered to let him leave the country in exchange for the $58 million payment from the treasury, an offer which Fujimori accepted.<ref name=TheVulturePalast>{{cite web|last1=Palast|first1=Greg|title=The Vulture: Chewing Argentina’s Living Corpse|url=http://www.gregpalast.com/the-vulture-chewing-argentinas-living-corpse/|website=Greg Palast|accessdate=2 August 2015}}</ref><ref>{{cite news|title="Fujimori paid and the Vulture Funds gave him the plane to flee from Peru," said Toussaint|url=http://www.telam.com.ar/english/notas/201409/3321-fujimori-paid-and-the-vulture-funds-gave-him-the-plane-to-flee-from-peru-said-toussaint.html|accessdate=2 August 2015|agency=Telam|date=30 September 2014}}</ref> A subsequent 2002 investigation by the ] into the incident and subsequent congressional report,<ref>{{cite web|last1=Valencia Dongo|first1=Rafael|last2=Ernesto Aranda|first2=Dextre|last3=Mera Ramirez|first3=Jorge|last4=Peralta Cruz|first4=Jhony|last5=La Torre Lopez|first5=Adolfo|title=Comision Investigadora de la Deuda Publica Externa 1990-2002|url=http://www.scribd.com/doc/249001152/Informe-Comision-Valencia-Dongo|website=Scribd|publisher=Congress of the Republic of Peru|accessdate=22 October 2015}}</ref> uncovered instances of corruption since Elliott was not legally authorized to purchase the Peruvian debt from ] without the prior approval of the Peruvian government, and thus the purchase had occurred in breach of contract. At the same time, the fund's representative, Jaime Pinto, had been formerly employed by the ] and had contact with senior officials.<ref>{{cite web|last1=Valli|first1=Patricia|title=El acuerdo Perú-Elliott, un caso testigo que estudian en Economía|url=http://www.perfil.com/economia/El-acuerdo-Peru-Elliott-un-caso-testigo-que-estudian-en-Economia-20140622-0006.html|website=Perfil|accessdate=22 October 2015}}</ref><ref>{{cite web|last1=Granovsky|first1=Martin|title=Tendrías que estar chiflado para emitir hoy un bono en Nueva York|url=http://www.pagina12.com.ar/diario/elpais/1-254752-2014-09-07.html|website=Pagina/12|accessdate=22 October 2015}}</ref>

In 1996, Elliott bought defaulted ]vian debt for $11.4 million. In 1998, a U.S. court ruled that one could not buy debt with the sole purpose of suing the debtor. Elliott won a $58 million judgement when the ruling was overturned in 2000.<ref name=bloomberg20140807/><ref name="nypost">{{Cite news| url = http://nypost.com/2014/07/04/hedgie-paul-singers-vulture-investing-paid-off-royally/|title= Hedgie Paul Singer’s ‘vulture investing’ paid off royally |first=Michelle |last=Celarier |publisher=] |date = July 4, 2014 }}</ref> When former president of Peru ] was attempting to flee the country due to ], Singer ordered the confiscation of his jet and offered to let him leave the country in exchange for the $58 million payment from the treasury, an offer which Fujimori accepted.<ref name=TheVulturePalast>{{cite web|last1=Palast|first1=Greg|title=The Vulture: Chewing Argentina’s Living Corpse|url=http://www.gregpalast.com/the-vulture-chewing-argentinas-living-corpse/|website=Greg Palast|accessdate=2 August 2015}}</ref><ref>{{cite news|title="Fujimori paid and the Vulture Funds gave him the plane to flee from Peru," said Toussaint|url=http://www.telam.com.ar/english/notas/201409/3321-fujimori-paid-and-the-vulture-funds-gave-him-the-plane-to-flee-from-peru-said-toussaint.html|accessdate=2 August 2015|agency=Telam|date=30 September 2014}}</ref>

The money was transferred to an Elliott account in the Cayman Islands ], after being approved by a Peruvian Congress undergoing an institutional crisis due to the fall of Fujimori, who declined to take the matter to the United States Supreme Court as a result.<ref>{{cite web|last1=Burgueño|first1=Carlos|title=PESADILLA BUITRE: Una costosa salida "a la peruana"|url=http://www.ambito.com/diario/noticia.asp?id=746125|website=Ambito Financiero|accessdate=22 October 2015}}</ref> A subsequent 2002 investigation by the ] into the incident and subsequent congressional report,<ref>{{cite web|last1=Valencia Dongo|first1=Rafael|last2=Ernesto Aranda|first2=Dextre|last3=Mera Ramirez|first3=Jorge|last4=Peralta Cruz|first4=Jhony|last5=La Torre Lopez|first5=Adolfo|title=Comision Investigadora de la Deuda Publica Externa 1990-2002|url=http://www.scribd.com/doc/249001152/Informe-Comision-Valencia-Dongo|website=Scribd|publisher=Congress of the Republic of Peru|accessdate=22 October 2015}}</ref> uncovered instances of corruption since Elliott was not legally authorized to purchase the Peruvian debt from ] without the prior approval of the Peruvian government, and thus the purchase had occurred in breach of contract. At the same time, the fund's representative, Jaime Pinto, had been formerly employed by the Peruvian Economic Ministry and had contact with senior officials.<ref>{{cite web|last1=Valli|first1=Patricia|title=El acuerdo Perú-Elliott, un caso testigo que estudian en Economía|url=http://www.perfil.com/economia/El-acuerdo-Peru-Elliott-un-caso-testigo-que-estudian-en-Economia-20140622-0006.html|website=Perfil|accessdate=22 October 2015}}</ref><ref>{{cite web|last1=Granovsky|first1=Martin|title=Tendrías que estar chiflado para emitir hoy un bono en Nueva York|url=http://www.pagina12.com.ar/diario/elpais/1-254752-2014-09-07.html|website=Pagina/12|accessdate=22 October 2015}}</ref>


==== Argentina ==== ==== Argentina ====

{{see also|Argentine debt restructuring}} {{see also|Argentine debt restructuring}}
After ], NML Capital Limited, a ]-based offshore unit of Elliott Management Corporation, refused to accept the Argentine offer to pay less than 30 cents per dollar of debt.<ref name=independent20121123 /> These are bonds with a face value of $630 million, which NML reportedly bought for $48 million,<ref name="nypost"/> but that Elliott assessed were then worth $2.3 billion with ].<ref name=kingmaker/><ref name=Key>{{cite news|last=Guardian|title=Vulture funds – the key players|url=http://www.guardian.co.uk/global-development/2011/nov/15/vulture-funds-key-players?intcmp=122|publisher=The Guardian|accessdate=11 June 2013|location=London|date=November 15, 2011}}</ref>


In early October 2012, NML arranged for the seizure of an Argentine naval training vessel in ], the {{ship|ARA|Libertad|Q-2|6}}, in an effort to force Argentina to pay the debt.<ref name="Waters2013">{{cite book|author=Conrad Waters|title=Seaforth World Naval Review 2014|url=http://books.google.com/books?id=aYuuCAAAQBAJ&pg=PT39|date=7 November 2013|publisher=Seaforth Publishing|isbn=978-1-84832-326-1|pages=39–}}</ref><ref>{{cite news |date=October 5, 2012 |title=The Real Story Of How A Hedge Fund Detained A Vessel In Ghana And Even Went For Argentina's 'Air Force One' |first=Agustino |last=Fontevecchia |magazine=] |url=http://www.forbes.com/sites/afontevecchia/2012/10/05/the-real-story-behind-the-argentine-vessel-in-ghana-and-how-hedge-funds-tried-to-seize-the-presidential-plane/ |accessdate=October 21, 2015}}</ref> Argentina, however, refused to pay the debt, and shortly thereafter regained control of the ship and removed it from Ghanaian waters after its seizure was deemed illegal by the ].<ref name=Whitehouse>{{cite news|last=Whitehouse|first=Kaja|title=Argentina says 'Arrh, no!' to Paul Singer’s $20 million demand for seized ship|url=http://www.nypost.com/p/news/business/booty_gall_argentina_tells_hedgie_6I92fCmd5qwGOYdyTKG4YK|publisher=New York Post|accessdate=13 June 2013}}</ref><ref>{{cite news|last=BBC|first=Kaja|title=Ghana told to free Argentine ship Libertad by UN court|url=http://www.bbc.co.uk/news/world-latin-america-20743016|publisher=BBC|accessdate=2 August 2015}}</ref><ref>Ed Stocker, , ''The Independent'', 9 January 2013</ref> After the release of the vessel, the director of ] in Ghana stated that $7.6 million losses sustained by the port as a result of the incident should be covered by NML, whilst legal action against the hedge fund was being considered.<ref>{{cite news|last=Lopez|first=Linette|title=Hedge Fund Billionaire Paul Singer May Have To Pay For His Brief Stint As A Pirate|url=http://www.businessinsider.com/ghana-may-sue-paul-singer-2012-12?IR=T|publisher=Business Insider|accessdate=15 August 2015|date=December 21, 2012}}</ref>
After ], NML Capital Limited, a ]-based offshore unit of Elliott Management Corporation, refused to accept the Argentine offer to pay less than 30 cents per dollar of debt. These are bonds with a face value of $630 million, for which NML reportedly bought for $48 million,<ref name="nypost"/> but that Elliott assessed were then worth $2.3 billion with accrued interest.<ref name=kingmaker/><ref name=Key>{{cite news|last=Guardian|title=Vulture funds – the key players|url=http://www.guardian.co.uk/global-development/2011/nov/15/vulture-funds-key-players?intcmp=122|publisher=The Guardian|accessdate=11 June 2013|location=London|date=November 15, 2011}}</ref>


In February 2013, the U.S. appeals court heard Argentina's appeal in the NML case.<ref name=Raymond>{{cite news|last=Raymond|first=Nate|title=UPDATE 2-US court demands Argentine bondholders address pay plan|url=http://www.reuters.com/article/2013/04/02/argentina-debt-response-idUSL2N0CP1ZG20130402?feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews|publisher=Reuters|accessdate=13 June 2013|date=April 2, 2013}}</ref> In March 2013, Argentina offered a new plan that was judged unlikely to be acceptable to the New York court.<ref name="AP usa">{{cite web|last1=Warren|first1=Michael|title=Argentina wants to pay debts with cash & bonds|url=http://www.usatoday.com/story/money/business/2013/03/30/argentina-offers-to-pay-debts-with-cash--bonds/2038349/|website=USAToday|publisher=AP|accessdate=29 November 2015}}</ref> On August 23, 2013, the ] affirmed the lower court's verdict and dismissed said plan.<ref>{{cite news|last=UNITED STATES COURT OF APPEALS|first=FOR THE SECOND CIRCUIT|title=12-105(L) NML Capital, Ltd. v. Republic of Argentina|url=http://www.ieco.clarin.com/economia/Fallo-Corte-Apelaciones-Nueva-Argentina_CLAFIL20130823_0001.pdf|accessdate=23 August 2013|newspaper=]|date=23 August 2013}}</ref> In June 2014, the ] rejected Argentina's appeal of the ruling.<ref> AFP wire, June 23, 2014</ref>
In early October 2012, NML arranged for the seizure of an Argentine naval training vessel in ], the {{ship|ARA|Libertad|Q-2|6}}, in an effort to force Argentina to pay the debt.<ref>{{cite news |date=October 5, 2012 |title=The Real Story Of How A Hedge Fund Detained A Vessel In Ghana And Even Went For Argentina's 'Air Force One' |first=Agustino |last=Fontevecchia |magazine=] |url=http://www.forbes.com/sites/afontevecchia/2012/10/05/the-real-story-behind-the-argentine-vessel-in-ghana-and-how-hedge-funds-tried-to-seize-the-presidential-plane/ |accessdate=October 21, 2015}}</ref> Argentina, however, refused to pay the debt, and shortly thereafter regained control of the ship and removed it from Ghanaian waters after its seizure was deemed illegal by the ].<ref name=Whitehouse>{{cite news|last=Whitehouse|first=Kaja|title=Argentina says 'Arrh, no!' to Paul Singer’s $20 million demand for seized ship|url=http://www.nypost.com/p/news/business/booty_gall_argentina_tells_hedgie_6I92fCmd5qwGOYdyTKG4YK|publisher=New York Post|accessdate=13 June 2013}}</ref><ref>{{cite news|last=BBC|first=Kaja|title=Ghana told to free Argentine ship Libertad by UN court|url=http://www.bbc.co.uk/news/world-latin-america-20743016|publisher=BBC|accessdate=2 August 2015}}</ref><ref>Ed Stocker, , ''The Independent'', 9 January 2013</ref> After the release of the vessel, the director of ] in Ghana stated that $7.6 million losses sustained by the port as a result of the incident should be covered by NML, whilst legal action against the hedge fund was being considered.<ref>{{cite news|last=Lopez|first=Linette|title=Hedge Fund Billionaire Paul Singer May Have To Pay For His Brief Stint As A Pirate|url=http://www.businessinsider.com/ghana-may-sue-paul-singer-2012-12?IR=T|publisher=Business Insider|accessdate=15 August 2015|date=December 21, 2012}}</ref>


In March 2014, attempting to satisfy court awards, NML Capital sued ] seeking the rights to two satellite-launch contracts bought by Argentina valued at $113 million.<ref name=bloomberg20140807/>{{rp|2}}<ref name=wsj20140325>{{cite news |title=Argentina Creditor Takes Debt Battle to Space |first=Shane |last=Romig |date=March 25, 2014 |accessdate=October 20, 2015 |newspaper=] |url=http://www.wsj.com/articles/SB10001424052702303949704579462070995527140}}</ref><ref>{{cite news |title=Paul Singer Doesn't Understand Why We're So Obsessed With His Little Argentina Investment |first=Linette |last=Lopez |date=July 30, 2014 |accessdate=October 15, 2015 |newspaper=] |url=http://www.businessinsider.com/singer-says-media-misunderstands-argentina-2014-7 |quote=Singer sued Elon Musk's Space X for a ride Argentina had purchased as collateral for the country's debt.}}</ref> In March 2015, the suit was dismissed in a U.S. district court in California.<ref>{{cite news |newspaper=] |title=NML fails at attempt to seize assets |url=http://www.buenosairesherald.com/article/183692/nml-fails-at-attempt-to-seize-assets |date=March 7, 2015 |accessdate=October 20, 2015}}</ref><ref>{{cite news |title=NML Capital Loses Bid For Argentina Space Contracts |first=Cara |last=Salvatore |publisher=] |date=March 5, 2015 |accessdate=October 20, 2015 |url=http://www.law360.com/articles/628375/nml-capital-loses-bid-for-argentina-space-contracts}}</ref>
In February 2013, the U.S. appeals court heard Argentina's appeal in the NML case.<ref name=Raymond>{{cite news|last=Raymond|first=Nate|title=UPDATE 2-US court demands Argentine bondholders address pay plan|url=http://www.reuters.com/article/2013/04/02/argentina-debt-response-idUSL2N0CP1ZG20130402?feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews|publisher=Reuters|accessdate=13 June 2013|date=April 2, 2013}}</ref> In March 2013, Argentina offered a new plan that was judged unlikely to be acceptable to the New York court.<ref>{{cite web|url=http://www.usatoday.com/story/money/business/2013/03/30/argentina-offers-to-pay-debts-with-cash--bonds/2038349/|title=Argentina offers to pay debts with cash & bonds|date=30 March 2013|agency=]}}</ref> On August 23, 2013, the U.S. Court of Appeals for the Second Circuit affirmed the lower court's verdict and dismissed said plan.<ref>{{cite news|last=UNITED STATES COURT OF APPEALS|first=FOR THE SECOND CIRCUIT|title=12-105(L) NML Capital, Ltd. v. Republic of Argentina|url=http://www.ieco.clarin.com/economia/Fallo-Corte-Apelaciones-Nueva-Argentina_CLAFIL20130823_0001.pdf|accessdate=23 August 2013|newspaper=]|date=23 August 2013}}</ref> In June 2014, the ] rejected Argentina's appeal of the ruling.<ref> AFP wire, June 23, 2014</ref>

In March 2014, attempting to satisfy court awards, NML Capital sued ] seeking the rights to two satellite-launch contracts bought by Argentina valued at $113 million.<ref name=bloomberg20140807/>{{rp|2}}<ref name=wsj20140325>{{cite news |title=Argentina Creditor Takes Debt Battle to Space |first=Shane |last=Romig |date=March 25, 2014 |accessdate=October 20, 2015 |newspaper=] |url=http://www.wsj.com/articles/SB10001424052702303949704579462070995527140}}</ref><ref>{{cite news |title=Paul Singer Doesn't Understand Why We're So Obsessed With His Little Argentina Investment |first=Linette |last=Lopez |date=July 30, 2014 |accessdate=October 15, 2015 |newspaper=] |url=http://www.businessinsider.com/singer-says-media-misunderstands-argentina-2014-7 |quote=Singer sued Elon Musk's Space X for a ride Argentina had purchased as collateral for the country's debt.}}</ref> In March 2015, the suit was dismissed in a U. S. district court in California.<ref>{{cite news |newspaper=] |title=NML fails at attempt to seize assets |url=http://www.buenosairesherald.com/article/183692/nml-fails-at-attempt-to-seize-assets |date=March 7, 2015 |accessdate=October 20, 2015}}</ref><ref>{{cite news |title=NML Capital Loses Bid For Argentina Space Contracts |first=Cara |last=Salvatore |publisher=] |date=March 5, 2015 |accessdate=October 20, 2015 |url=http://www.law360.com/articles/628375/nml-capital-loses-bid-for-argentina-space-contracts}}</ref>


==== Congo ==== ==== Congo ====
A case involving another ] based subsidiary of Elliott, Kensington International, saw the president of the ] ] accuse Singer of undermining a ] backed effort to lift developing nations out of debt. "Our disputes have always been with sovereigns who can pay but refuse to do so," Singer wrote in an e-mail to '']''.<ref>{{cite news |url=http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a3rjgGqFgOCw |title=Vulture Fund Founder Singer Helps Back Giuliani Bid |publisher=] |date=January 8, 2008}}{{dead link|date=October 2015}}</ref><ref name=nation20071011>{{cite news |title=Rudy’s Bird of Prey; Giuliani's conservative kingmaker knows all about the ugly side of Third World debt. He invented it. |first=Ari |last=Berman |date=October 11, 2007 |magazine=] |url=http://www.thenation.com/article/rudys-bird-prey/}}</ref> A case involving another ]-based subsidiary of Elliott, Kensington International, saw the president of the ] ] accuse Singer of undermining a ] backed effort to lift developing nations out of debt. "Our disputes have always been with sovereigns who can pay but refuse to do so," Singer wrote in an e-mail to '']''.<ref>{{cite news |url=http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a3rjgGqFgOCw |title=Vulture Fund Founder Singer Helps Back Giuliani Bid |publisher=] |date=January 8, 2008}}{{dead link|date=October 2015}}</ref><ref name=nation20071011>{{cite news |title=Rudy’s Bird of Prey; Giuliani's conservative kingmaker knows all about the ugly side of Third World debt. He invented it. |first=Ari |last=Berman |date=October 11, 2007 |magazine=] |url=http://www.thenation.com/article/rudys-bird-prey/}}</ref> Kensington was later awarded $100m in the ].<ref name="The Independent uk">{{cite web|last1=Armitage|first1=Jim|title=Can you make an ethical case for vulture funds?|url=http://www.independent.co.uk/news/business/analysis-and-features/can-you-make-an-ethical-case-for-vulture-funds-9561122.html|website=The Independent|publisher=The Independent|accessdate=29 November 2015}}</ref><ref>{{cite book|title=Bloomberg Markets|url=http://books.google.com/books?id=jN9aAAAAYAAJ|date=January 2008|publisher=Bloomberg, L.P.}}</ref>


===Dispute with Samsung=== ===Dispute with Samsung===
In a long-standing dispute between Singer and members of the ] over a merger between ] and ], Samsung published numerous depictions of Singer as an ] ] on its corporate website. The cartoons were denounced by Singer and others as ]. Samsung denied that the cartoons were antisemitic, but pulled the advertisements from their website.<ref name=observer /><ref>{{cite news|last1=Power|first1=John|title=Pictured: The 'offensive' Samsung cartoons of Jewish U.S. hedge fund boss which sparked anti-Semitism row in South Korea|url=http://www.dailymail.co.uk/news/article-3164975/Pictured-offensive-Samsung-cartoons-Jewish-U-S-hedge-fund-boss-sparked-anti-Semitism-row-South-Korea.html|accessdate=14 October 2015|work=The Daily Mail|date=17 July 2015}}</ref><ref>{{cite news|last1=Smith|first1=Geoffrey|title=Vitriol pays off as Samsung wins key merger vote against Singer|url=http://fortune.com/2015/07/17/samsung-anti-semitism-merger-samsung-ct-singer-elliott/|accessdate=14 October 2015|work=Fortune|date=17 July 2015}}</ref> In a long-standing dispute between Singer and members of the ] over a merger between ] and ], Samsung published numerous depictions of Singer as an ] ] on its corporate website. The cartoons were denounced by Singer and others as ]. Samsung denied that the cartoons were antisemitic, but pulled the advertisements from their website.<ref name=Observer /><ref>{{cite news|last1=Power|first1=John|title=Pictured: The 'offensive' Samsung cartoons of Jewish U.S. hedge fund boss which sparked anti-Semitism row in South Korea|url=http://www.dailymail.co.uk/news/article-3164975/Pictured-offensive-Samsung-cartoons-Jewish-U-S-hedge-fund-boss-sparked-anti-Semitism-row-South-Korea.html|accessdate=14 October 2015|work=The Daily Mail|date=17 July 2015}}</ref><ref>{{cite news|last1=Smith|first1=Geoffrey|title=Vitriol pays off as Samsung wins key merger vote against Singer|url=http://fortune.com/2015/07/17/samsung-anti-semitism-merger-samsung-ct-singer-elliott/|accessdate=14 October 2015|work=Fortune|date=17 July 2015}}</ref>


==Philanthropy== ==Philanthropy==
Singer signed ], which signals a commitment by individuals to donate more than half of their wealth within their lifetime to address society's "most difficult moral and economic challenges."<ref>{{cite news|last1=Fuller|first1=Jaime|title=Meet the wealthy donor who’s trying to get Republicans to support gay marriage|url=http://www.washingtonpost.com/news/the-fix/wp/2014/04/04/the-money-man-behind-pro-gay-marriage-republicans/|accessdate=30 August 2015|publisher=The Washington Post}}</ref> He also founded the Paul E. Singer Family Foundation, which supports charitable causes including the ] Singer Prize for Excellence in Secondary Teaching,<ref>{{cite web|title=Stories Tagged Singer Prize Excellence Secondary Teaching|url=https://www.gse.harvard.edu/news/08/04/harvard-awards-second-singer-prize|publisher=Harvard Graduate School of Education|accessdate=15 October 2015}}</ref> ],<ref name=RJC>{{cite web|title=PAUL SINGER|url=http://www.rjchq.org/paul_singer|publisher=Republican Jewish Coalition|accessdate=15 October 2015}}</ref> the ], ] Action Fund, the ]<ref>{{cite web|title=Paul Singer Net Worth|url=http://www.therichest.com/celebnetworth/celebrity-business/ceo/paul-singer-net-worth/|publisher=The Richest|accessdate=15 October 2015}}</ref> and MarineParents.com.<ref name="nyt-gay">{{cite news | agency = ] | author = Eric Lichtblau | date = August 27, 2010 | title = Financier’s Largess Shows G.O.P.’s Wall St. Support | url = http://www.nytimes.com/2010/08/28/us/politics/28singer.html | work=The New York Times}}</ref><ref name="marine parents">{{cite web|title=The Paul E. Singer Foundation Donates $25,000 to MarineParents.com, Inc.™|url=http://www.marineparents.com/announcements/singer-donation.asp|publisher=Marine Parents|accessdate=23 May 2014}}</ref> Singer signed ], which signals a commitment by individuals to donate more than half of their wealth within their lifetime to address society's "most difficult moral and economic challenges."<ref>{{cite news|last1=Fuller|first1=Jaime|title=Meet the wealthy donor who’s trying to get Republicans to support gay marriage|url=http://www.washingtonpost.com/news/the-fix/wp/2014/04/04/the-money-man-behind-pro-gay-marriage-republicans/|accessdate=30 August 2015|publisher=The Washington Post}}</ref> He also founded the Paul E. Singer Family Foundation, which supports charitable causes including the ] Singer Prize for Excellence in Secondary Teaching,<ref>{{cite web|title=Stories Tagged Singer Prize Excellence Secondary Teaching|url=https://www.gse.harvard.edu/news/08/04/harvard-awards-second-singer-prize|publisher=Harvard Graduate School of Education|accessdate=15 October 2015}}</ref> ],<ref name=RJC>{{cite web|title=PAUL SINGER|url=http://www.rjchq.org/paul_singer|publisher=Republican Jewish Coalition|accessdate=15 October 2015}}</ref> the ], ] Action Fund, the ]<ref name="Inside Philanthropy">{{cite web|last1=Adeniji|first1=Ade|title=Four Things to Know About Paul Singer's New York City Philanthropy|url=http://www.insidephilanthropy.com/new-york/2014/12/20/four-things-to-know-about-paul-singers-new-york-city-philant.html|website=Inside Philanthropy|publisher=Inside Philanthropy|accessdate=29 November 2015}}</ref><ref name="Financial Times phil">{{cite web|last1=Foley|first1=Stephen|title=Paul Singer on how charity meets politics|url=http://www.ft.com/intl/cms/s/0/028b5db2-6e08-11e5-8171-ba1968cf791a.html#axzz3svBjPX5e|website=Financial Times|publisher=Financial Times|accessdate=29 November 2015}}</ref> and MarineParents.com.<ref name="nyt-gay">{{cite news | agency = ] | author = Eric Lichtblau | date = August 27, 2010 | title = Financier’s Largess Shows G.O.P.’s Wall St. Support | url = http://www.nytimes.com/2010/08/28/us/politics/28singer.html | work=The New York Times}}</ref><ref name="marine parents">{{cite web|title=The Paul E. Singer Foundation Donates $25,000 to MarineParents.com, Inc.™|url=http://www.marineparents.com/announcements/singer-donation.asp|publisher=Marine Parents|accessdate=23 May 2014}}</ref>


He also serves on the Board of Fellows of ] and the Board of Directors of ].<ref name="hms-bof">{{cite web | url = http://hms.harvard.edu/public/news/bof.html | title = Board of Fellows }}</ref><ref name="wsj-2010">{{cite news | agency = Wall Street Journal | date = March 23, 2010 | title = The Dodd bill and U.S. Competitiveness | author = Paul Singer}}</ref> He also serves on the Board of Fellows of ] and the Board of Directors of ].<ref name="wsj-2010">{{cite news | agency = Wall Street Journal | date = March 23, 2010 | title = The Dodd bill and U.S. Competitiveness | author = Paul Singer}}</ref><ref name="Harvard board">{{cite web|title=Harvard Medical School Board of Fellows|url=http://hms.harvard.edu/about-hms/board-fellows|website=Harvard|publisher=Harvard|accessdate=29 November 2015}}</ref>


==Political activity== ==Political activity==
Singer is an active participant in ] politics. According to the '']'', he supports "like-minded candidates who often share his distaste for what they view as governmental over-meddling in the financial industry."<ref name="New York Times financier">{{cite web|last1=LICHTBLAU|first1=ERIC|title=Financier’s Largess Shows G.O.P.’s Wall St. Support|url=http://www.nytimes.com/2010/08/28/us/politics/28singer.html|website=New York Times|publisher=New York Times|accessdate=29 November 2015}}</ref> Singer has contributed more than $1 million to the political efforts of the ].<ref>{{cite news|last1=Vogel|first1=Kenneth|title=Koch brothers summon Bush, Cruz, Walker, Rubio to SoCal confab|url=http://www.politico.com/story/2015/07/koch-brothers-wealthy-donors-gop-2016-freedom-partners-seminar-california-120663|accessdate=22 October 2015|publisher=Politico|date=July 27, 2015}}</ref><ref>{{cite news|last1=La Roche|first1=Julia|title=Check Out All Of The Wall Streeters Who Donated More Than A Million Dollars To The Koch Brothers This Year|url=http://www.businessinsider.com/ken-griffin-charles-schwab-and-paul-singer-are-all-members-of-koch-brothers-million-dollar-donor-club-2011-9|accessdate=22 October 2015|publisher=Business Insider|date=September 6, 2011}}</ref> In 2014, Singer led a group of major Republican donors to form the American Opportunity Alliance, a group that brings together wealthy Republican donors who share Singer’s support for gay rights, immigration reform and Israel.<ref>{{cite news|last1=Burns|first1=Alexander|last2=Vogel|first2=Kenneth|title=Exclusive: Mega-donors plan GOP war council|url=http://www.politico.com/story/2014/02/paul-singer-republican-gop-fundraising-campaigns-donors-103600|accessdate=22 October 2015|publisher=Politico|date=February 18, 2014}}</ref> In 2015, he supported ] for the 2016 U.S. presidential election.<ref>{{cite news|last1=Haberman|first1=Maggie|last2=Confessore|first2=Nicholas|title=Paul Singer, Influential Billionaire, Throws Support to Marco Rubio for President|url=http://www.nytimes.com/2015/10/31/us/politics/paul-singer-influential-billionaire-throws-support-to-marco-rubio-for-president.html?ref=todayspaper|accessdate=31 October 2015|publisher=New York Times|date=October 30, 2015}}</ref>


Singer was a major contributor to ]'s presidential campaigns.<ref name="Financial Times gay" /><ref name="2007nyt">{{cite news | agency = New York Times | date = January 25, 2007 | title = Hedge Fund Chiefs, With Cash, Join Political Fray | url = http://www.nytimes.com/2007/01/25/business/25hedge.html | work=The New York Times}}</ref> On March 14, 2008 Singer hosted a ] luncheon in his home for 70 guests that raised $1.4 million for Bush.<ref name=wp20080319>{{cite news |title=Singer Was Bush's Mystery Dinner Host. No, Not That Singer |first=Al |last=Kamen |date=March 19, 2008 |accessdate=October 22, 2015 |url=http://www.washingtonpost.com/wp-dyn/content/article/2008/03/18/AR2008031802693.html |newspaper=]}}</ref><ref name=abc20110816/><ref>{{cite news |title=President Bush's photo op with Robert Toussie was at home of city GOP'er |first=Celeste |last=Katz |date=January 5, 2009 |accessdate=October 22, 2015 |newspaper=] |location=]}}</ref> President George W. Bush appointed Singer to serve on the Honorary Delegation to accompany him to ] for the celebration of the 60th anniversary of the ] in May 2008.<ref name=Sun>{{cite web|last1=Lake|first1=Eli|title=Bush Visit May Boost Olmert|url=http://www.nysun.com/foreign/bush-visit-may-boost-olmert/76303/|website=New York Sun|publisher=The Sun|accessdate=29 November 2015}}</ref>
Singer is an active participant in ] politics. According to the ''New York Times'', he supports "like-minded candidates who often share his distaste for what they view as governmental over-meddling in the financial industry."<ref> August 27, 2010</ref> Singer has attended ] hosted by ], ], and ]<ref>{{cite news|last1=Vogel|first1=Kenneth|title=Koch brothers summon Bush, Cruz, Walker, Rubio to SoCal confab|url=http://www.politico.com/story/2015/07/koch-brothers-wealthy-donors-gop-2016-freedom-partners-seminar-california-120663|accessdate=22 October 2015|publisher=Politico|date=July 27, 2015}}</ref> and has contributed more than $1 million to the political efforts of the Koch brothers.<ref>{{cite news|last1=La Roche|first1=Julia|title=Check Out All Of The Wall Streeters Who Donated More Than A Million Dollars To The Koch Brothers This Year|url=http://www.businessinsider.com/ken-griffin-charles-schwab-and-paul-singer-are-all-members-of-koch-brothers-million-dollar-donor-club-2011-9|accessdate=22 October 2015|publisher=Business Insider|date=September 6, 2011}}</ref> In 2014, Singer led a group of major Republican donors to form the American Opportunity Alliance, a group that brings together wealthy Republican donors who share Singer’s support for gay rights, immigration reform and Israel.<ref>{{cite news|last1=Burns|first1=Alexander|last2=Vogel|first2=Kenneth|title=Exclusive: Mega-donors plan GOP war council|url=http://www.politico.com/story/2014/02/paul-singer-republican-gop-fundraising-campaigns-donors-103600|accessdate=22 October 2015|publisher=Politico|date=February 18, 2014}}</ref> In 2015, he supported ] for the 2016 U.S. presidential election.<ref>{{cite news|last1=Haberman|first1=Maggie|last2=Confessore|first2=Nicholas|title=Paul Singer, Influential Billionaire, Throws Support to Marco Rubio for President|url=http://www.nytimes.com/2015/10/31/us/politics/paul-singer-influential-billionaire-throws-support-to-marco-rubio-for-president.html?ref=todayspaper|accessdate=31 October 2015|publisher=New York Times|date=October 30, 2015}}</ref>


In 2007, Singer was one of ]’s most important fundraisers in Giuliani’s bid for the Republican presidential nomination.<ref name=nation20071011/><ref name="Financial Times gay" /> In 2007, Singer led a financial industry fund-raising effort for Giuliani, first as regional finance chair and later as senior policy adviser.<ref name="Bloomberg mitt">{{cite web|last1=Rosen|first1=David S.|title=Romney Attracts More of Bush's Top Donors Than Rivals (Update2)|url=http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a4zgFCkfsvcM&refer=us|website=Bloomberg|publisher=Bloomberg|accessdate=29 November 2015}}</ref><ref name=nyt20071022>{{cite news |url=http://www.nytimes.com/2007/11/22/us/politics/22singer.html |title=Publicity-Shy Giuliani Backer Is Thrust Into Spotlight |first=Michael |last=Cooper |first2=Leslie |last2=Wayne |date=November 22, 2007 |accessdate=October 21, 2015 |newspaper=]}}</ref> Singer lent Giuliani his private jet.<ref name=nyt20071022/><ref>{{cite news |title=This Vulture-Fund Billionaire Is the GOP's Go-To Guy on Wall Street; Meet the hard-charging, warship-seizing hedge fund mogul who has become congressional Republicans' most powerful fundraiser |first=Peter |last=Stone |date=September 2013 |accessdate=October 21, 2015 |magazine=] |url=http://www.motherjones.com/politics/2013/07/paul-singer-elliott-republican-fundraiser}}</ref> That same year, Singer at $175,000 was the sole contributor to a campaign to support a petition drive for a proposed ] to apportion the state's 55 ] by congressional district. At least 19 of the state's 53 congressional districts were expected to vote for a GOP presidential candidate, enough to change the national results in a close election.<ref name=nation20071011/><ref>Andrew Malcolm, , ''Los Angeles Times'', November 28, 2007</ref>
Singer was a major contributor to ]'s presidential campaigns.<ref name="2007nyt">{{cite news | agency = New York Times | date = January 25, 2007 | title = Hedge Fund Chiefs, With Cash, Join Political Fray | url = http://www.nytimes.com/2007/01/25/business/25hedge.html | work=The New York Times}}</ref> On March 14, 2008 Singer hosted a ] luncheon in his home for 70 guests that raised $1.4 million for Bush.<ref name=wp20080319>{{cite news |title=Singer Was Bush's Mystery Dinner Host. No, Not That Singer |first=Al |last=Kamen |date=March 19, 2008 |accessdate=October 22, 2015 |url=http://www.washingtonpost.com/wp-dyn/content/article/2008/03/18/AR2008031802693.html |newspaper=]}}</ref><ref name=abc20110816/><ref>{{cite news |title=President Bush's photo op with Robert Toussie was at home of city GOP'er |first=Celeste |last=Katz |date=January 5, 2009 |accessdate=October 22, 2015 |newspaper=] |location=]}}</ref> President George W. Bush appointed Singer to serve on the Honorary Delegation to accompany him to ] for the celebration of the 60th anniversary of the ] in May 2008.<ref name="nysun.com">{{cite news|url=http://www.nysun.com/foreign/bush-visit-may-boost-olmert/76303/ |title=Bush Visit May Boost Olmert |publisher=] |date=2008-05-13 |accessdate=2013-11-03}}</ref>

In 2007, Singer was one of ]’s most important fundraisers in Giuliani’s bid for the Republican presidential nomination.<ref name=nation20071011/> In 2007, Singer led a financial industry fund-raising effort for Giuliani, first as regional finance chair and later as senior policy adviser.<ref name="2008bloomberg">{{cite news | agency = Bloomberg | url = http://www.bloomberg.com/apps/news?pid=20601103&sid=a4zgFCkfsvcM&refer=us | title = Romney Attracts More of Bush's Top Donors Than Rivals (Update2) | date = July 20, 2007}}</ref><ref name=nyt20071022>{{cite news |url=http://www.nytimes.com/2007/11/22/us/politics/22singer.html |title=Publicity-Shy Giuliani Backer Is Thrust Into Spotlight |first=Michael |last=Cooper |first2=Leslie |last2=Wayne |date=November 22, 2007 |accessdate=October 21, 2015 |newspaper=]}}</ref> Singer lent Giuliani his private jet.<ref name=nyt20071022/><ref>{{cite news |title=This Vulture-Fund Billionaire Is the GOP's Go-To Guy on Wall Street; Meet the hard-charging, warship-seizing hedge fund mogul who has become congressional Republicans' most powerful fundraiser |first=Peter |last=Stone |date=September 2013 |accessdate=October 21, 2015 |magazine=] |url=http://www.motherjones.com/politics/2013/07/paul-singer-elliott-republican-fundraiser}}</ref> That same year, Singer at $175,000 was the sole contributor to a campaign to support a petition drive for a proposed ] to apportion the state's 55 ] by congressional district. At least 19 of the state's 53 congressional districts were expected to vote for a GOP presidential candidate, enough to change the national results in a close election.<ref name=nation20071011/><ref>Andrew Malcolm, , ''Los Angeles Times'', November 28, 2007</ref>


Singer was one of the largest donors of the ], contributing more than $4 million to support Republican candidates.<ref name=abc20110816>{{cite news |title=Mitt Romney Cash Invested With GOP Whale |first=Matthew |last=Mosk |date=August 16, 2011 |accessdate=October 22, 2015 |url=http://abcnews.go.com/Blotter/mitt-romney-investment-handled-paul-singer-gop-whales/story?id=14311042 |agency=]}}</ref> Singer was one of the largest donors of the ], contributing more than $4 million to support Republican candidates.<ref name=abc20110816>{{cite news |title=Mitt Romney Cash Invested With GOP Whale |first=Matthew |last=Mosk |date=August 16, 2011 |accessdate=October 22, 2015 |url=http://abcnews.go.com/Blotter/mitt-romney-investment-handled-paul-singer-gop-whales/story?id=14311042 |agency=]}}</ref>


In 2011, Singer donated $1 million to ], a ] (political action committee) created to support ], in the ].<ref name="query.nictusa.com">{{cite web|url=http://query.nictusa.com/cgi-bin/dcdev/forms/C00490045/763780/sa/ALL |title=Schedule A Itemized Receipts – Committee: RESTORE OUR FUTURE, INC. |publisher=] |accessdate=2013-11-03}}</ref> In 2013, Singer also gave $100,000 to the ], a 501(c)4 organization that supports tea party candidates.<ref name=CFG>{{cite news|last=Yang|first=Jia|title=Here’s who pays the bills for Ted Cruz’s crusade|url=http://www.washingtonpost.com/blogs/wonkblog/wp/2013/10/11/heres-who-pays-the-bills-for-ted-cruzs-crusade/|accessdate=11 October 2013|newspaper=Washington Post|date=11 October 2013}}</ref> He has also donated millions of dollars to organizations that advocate for a strong military and for supporting ].<ref>{{cite news |url=http://www.nytimes.com/2007/01/25/business/25hedge.html |newspaper=] |date=January 25, 2007 |accessdate=July 20, 2015 |title=Hedge Fund Chiefs, With Cash, Join Political Fray |first=Landon |last=Thomas Jr. |quote=Mr. Singer is a self-described conservative libertarian who has given millions of dollars to Republican organizations that emphasize a strong military and support Israel. }}</ref><ref>{{cite news |url=http://www.thenation.com/article/179224/gop-pro-gay-marriage-funders-other-agenda-bombing-iran |title=GOP Pro–Gay Marriage Funder’s Other Agenda: Bombing Iran |first=Eli |last=Clifton |magazine=] |date=April 7, 2014 |accessdate=July 20, 2015}}</ref><ref>{{cite news |url=http://www.huffingtonpost.com/2014/04/23/walter-jones-taylor-griffin_n_5187262.html |first=Paul |last=Blumenthal |title=Wall Street, War Hawks Fund Challenger To Only Anti-War, Anti-Wall Street Republican |date=April 23, 2014 |accessdate=July 20, 2015 |publisher=] |quote=Singer, known as a "passionate defender of the 1%," a proponent of pro-war policies against Iran and a backer of right-wing elements in Israel...Singer has sought to position himself as a GOP power player by backing candidates who agree with certain key stands: support for gay marriage and immigration reform, a hawkish foreign policy and opposition to a two-state solution in Israel and Palestine. Through his charitable foundation and personal donations, Singer has contributed millions to groups advocating for confrontation with Iran and hard right policies on Israel.}}</ref> In 2011, Singer donated $1 million to ], a ] (political action committee) created to support ], in the ].<ref name="query.nictusa.com">{{cite web|url=http://query.nictusa.com/cgi-bin/dcdev/forms/C00490045/763780/sa/ALL |title=Schedule A Itemized Receipts – Committee: RESTORE OUR FUTURE, INC. |publisher=] |accessdate=2013-11-03}}</ref> In 2013, Singer also gave $100,000 to the ], a 501(c)4 organization that supports tea party candidates.<ref name=CFG>{{cite news|last=Yang|first=Jia|title=Here’s who pays the bills for Ted Cruz’s crusade|url=http://www.washingtonpost.com/blogs/wonkblog/wp/2013/10/11/heres-who-pays-the-bills-for-ted-cruzs-crusade/|accessdate=11 October 2013|newspaper=Washington Post|date=11 October 2013}}</ref> He has also donated millions of dollars to organizations that advocate for a strong military and for supporting ].<ref name="New York Times fray">{{cite web|last1=THOMAS|first1=LANDON|title=Hedge Fund Chiefs, With Cash, Join Political Fray|url=http://www.nytimes.com/2007/01/25/business/25hedge.html|website=New York Times|publisher=New York Times|accessdate=29 November 2015}}</ref><ref>{{cite news |url=http://www.thenation.com/article/179224/gop-pro-gay-marriage-funders-other-agenda-bombing-iran |title=GOP Pro–Gay Marriage Funder’s Other Agenda: Bombing Iran |first=Eli |last=Clifton |magazine=] |date=April 7, 2014 |accessdate=July 20, 2015}}</ref><ref>{{cite news |url=http://www.huffingtonpost.com/2014/04/23/walter-jones-taylor-griffin_n_5187262.html |first=Paul |last=Blumenthal |title=Wall Street, War Hawks Fund Challenger To Only Anti-War, Anti-Wall Street Republican |date=April 23, 2014 |accessdate=July 20, 2015 |publisher=]}}</ref>

On January 29, 2013, asked as a panelist at a hedge fund conference to rate the performance of ] as ], Singer gave Bernanke a grade of “D.” Singer has described the United States ] as "a group of inbred academics".<ref name="bloomberg20140807"/>{{rp|3}}<ref name=LaRoche>{{cite web|last=La Roche|first=Julia|title=Hedge Fund Billionaire Paul Singer Gives Bernanke A 'D' Grade|url=http://www.businessinsider.com/paul-singer-gives-bernanke-a-d-grade-2013-1|publisher=Business Insider|accessdate=13 June 2013}}</ref>


Singer is a member of the ], a non-governmental, non-partisan research organization.<ref name="capital markets regulation">{{cite web|title=Members|url=http://capmktsreg.org/about/members/|publisher=Committee on Capital Markets Regulation|accessdate=11 September 2014}}</ref> He is also Chairman of the Board of Trustees for the ], a ] think tank in New York City<ref name="Manhattan Institute">, "Manhattan Institute Trustees", 2010</ref><ref>{{cite web|title=Manhattan Institute|url=http://www.manhattan-institute.org/about/|publisher=Manhattan-Institute|accessdate=3 August 2015}}</ref> and on the board of directors of the ], a political lobbying group in the United States that promotes Jewish Republicans.<ref name=RJC /> He also served on the board of directors for the ].<ref>{{cite web|title=Wall Street Donors: Paul Singer|url=http://www.insidephilanthropy.com/wall-street-donors/paul-singer.html|website=Inside Philanthropy|publisher=Inside Philanthropy|accessdate=3 November 2015}}</ref> Singer is a member of the ], a non-governmental, non-partisan research organization.<ref name="capital markets regulation">{{cite web|title=Members|url=http://capmktsreg.org/about/members/|publisher=Committee on Capital Markets Regulation|accessdate=11 September 2014}}</ref> He is also Chairman of the Board of Trustees for the ], a ] think tank in New York City<ref name="Callahan2010">{{cite book|author=David Callahan|title=Fortunes of Change: The Rise of the Liberal Rich and the Remaking of America|url=http://books.google.com/books?id=ZNdC8rLXThoC&pg=PA272|date=22 June 2010|publisher=John Wiley & Sons|isbn=978-0-470-60654-4|pages=272–}}</ref> and on the board of directors of the ], a political lobbying group in the United States that promotes Jewish Republicans.<ref name=RJC /> He also served on the board of directors for the ].<ref>{{cite web|title=Wall Street Donors: Paul Singer|url=http://www.insidephilanthropy.com/wall-street-donors/paul-singer.html|website=Inside Philanthropy|publisher=Inside Philanthropy|accessdate=3 November 2015}}</ref>


===Gay rights=== ===Gay rights===
As well as contributing to private initiatives, Singer also actively seeks to persuade other Republicans to support gay marriage. He has joined other Wall Street executives in support of LGBT equality and stated that same-sex marriage promotes “family stability” and that in a time when “the institution of marriage in America has utterly collapsed,” the fact that gay couples want to marry “is kind of a lovely thing and a cool thing and a wonderful thing.”<ref>{{cite news|url=http://www.businessnewsdaily.com/2416-wall-street-lgbt.html |title=Out on the Street' Summit to Spotlight LGBT Employee Issues &#124; LGBT Employees |publisher=Businessnewsdaily.com |date=2012-04-25 |accessdate=2013-11-03}}</ref><ref name=Bruni>{{cite news|last=Bruni|first=Frank|title=The G.O.P.’s Gay Trajectory|url=http://www.nytimes.com/2012/06/10/opinion/sunday/the-gops-gay-trajectory.html?_r=1&pagewanted=all|publisher=New York Times|accessdate=13 June 2013|date=June 9, 2012}}</ref> As well as contributing to private initiatives, Singer also actively seeks to persuade other Republicans to support gay marriage.<ref name="Financial Times gay" /> He has joined other Wall Street executives in support of ] equality and stated that same-sex marriage promotes “family stability” and that in a time when “the institution of marriage in America has utterly collapsed,” the fact that gay couples want to marry “is kind of a lovely thing and a cool thing and a wonderful thing.”<ref>{{cite news|url=http://www.businessnewsdaily.com/2416-wall-street-lgbt.html |title=Out on the Street' Summit to Spotlight LGBT Employee Issues &#124; LGBT Employees |publisher=Businessnewsdaily.com |date=2012-04-25 |accessdate=2013-11-03}}</ref><ref name=Bruni>{{cite news|last=Bruni|first=Frank|title=The G.O.P.’s Gay Trajectory|url=http://www.nytimes.com/2012/06/10/opinion/sunday/the-gops-gay-trajectory.html?_r=1&pagewanted=all|publisher=New York Times|accessdate=13 June 2013|date=June 9, 2012}}</ref>


Singer, whose son married his fiance in ], has also financially supported the legalization of gay marriage in New York,<ref>{{cite news | author = Nicholas Confessore and Michael Barbaro | date = May 14, 2011 | title = Donors to GOP are backing gay marriage push | url = http://www.nytimes.com/2011/05/14/nyregion/donors-to-gop-are-backing-gay-marriage-push.html?hp=&pagewanted=all | work=]}}</ref> and Maryland.<ref>{{cite web|url=http://www.advocate.com/politics/marriage-equality/2012/10/15/republican-donor-paul-singer-gives-250000-maryland-marriage|title=Republican Donor Paul Singer Gives $250,000 to Maryland Marriage Campaign|work=]|accessdate=18 March 2013}}</ref> In 2011, this advocacy included, supporting legislation allowing ] along with other GOP donors.<ref>{{cite news| url=http://www.nytimes.com/2011/06/26/nyregion/the-road-to-gay-marriage-in-new-york.html | work=The New York Times | first=Michael | last=Barbaro | title=The Road to Gay Marriage in New York | date=June 25, 2011}}</ref> Singer, whose son married his fiance in ], has also financially supported the legalization of gay marriage in New York,<ref>{{cite news | author = Nicholas Confessore and Michael Barbaro | date = May 14, 2011 | title = Donors to GOP are backing gay marriage push | url = http://www.nytimes.com/2011/05/14/nyregion/donors-to-gop-are-backing-gay-marriage-push.html?hp=&pagewanted=all | work=]}}</ref> and Maryland.<ref name="The Advocate">{{cite web|last1=BOLCER|first1=JULIE|title=Republican Donor Paul Singer Gives $250,000 to Maryland Marriage Campaign|url=http://www.advocate.com/politics/marriage-equality/2012/10/15/republican-donor-paul-singer-gives-250000-maryland-marriage|website=The Advocate|publisher=The Advocate|accessdate=29 November 2015}}</ref> In 2011, this advocacy included, supporting legislation allowing ] along with other GOP donors.<ref>{{cite news| url=http://www.nytimes.com/2011/06/26/nyregion/the-road-to-gay-marriage-in-new-york.html | work=The New York Times | first=Michael | last=Barbaro | title=The Road to Gay Marriage in New York | date=June 25, 2011}}</ref>


In 2012, Singer provided $1 million to start a ] named American Unity PAC. According to the '']'', the PAC's "sole mission will be to encourage Republican candidates to support same-sex marriage, in part by helping them to feel financially shielded from any blowback from well-funded groups that oppose it."<ref name=superPAC>{{cite news| url=http://www.nytimes.com/2012/06/10/opinion/sunday/the-gops-gay-trajectory.html?_r=1 | work=The New York Times | first=Frank | last=Bruni| title=The G.O.P.’s Gay Trajectory| date=June 9, 2012|accessdate=June 10, 2012}}</ref> In 2014, Singer urged Republicans to pass the Employment Non-Discrimination Act. This bill requires workplace protections to extend out to the LGBT community.<ref name=Palmer>{{cite news|last=Palmer|first=Anna|title=Billionaires push Republicans on gay rights bill|url=http://www.politico.com//story/2014/04/gay-rights-bill-republicans-billionaires-105537.html|accessdate=29 April 2014|newspaper=Politico|date=9 April 2014}}</ref> In 2012, Singer provided $1 million to start a ] named American Unity PAC. According to the ''New York Times'', the PAC's "sole mission will be to encourage Republican candidates to support same-sex marriage, in part by helping them to feel financially shielded from any blowback from well-funded groups that oppose it."<ref name=superPAC>{{cite news| url=http://www.nytimes.com/2012/06/10/opinion/sunday/the-gops-gay-trajectory.html?_r=1 | work=The New York Times | first=Frank | last=Bruni| title=The G.O.P.’s Gay Trajectory| date=June 9, 2012|accessdate=June 10, 2012}}</ref> In 2014, Singer urged Republicans to pass the ]. This bill requires workplace protections to extend out to the LGBT community.<ref name=Palmer>{{cite news|last=Palmer|first=Anna|title=Billionaires push Republicans on gay rights bill|url=http://www.politico.com//story/2014/04/gay-rights-bill-republicans-billionaires-105537.html|accessdate=29 April 2014|newspaper=Politico|date=9 April 2014}}</ref> As of June 2014, Singer had donated an estimated $10 million for the gay rights movement.<ref name="Financial Times gay" />


==Writings and commentary== ==Writings and commentary==
Line 103: Line 92:


==Personal life== ==Personal life==
Singer has been divorced since 1996. He has two sons, Andrew and Gordon.<ref>{{cite news|last1=Ellis|first1=Blake|title=Wall Street CEOs open up about their gay sons|url=http://money.cnn.com/2014/05/19/pf/ceos-gay-sons/|accessdate=15 October 2015|publisher=CNN|date=May 19, 2014}}</ref> He lives on New York City's ] and also has a house in ].<ref name=kingmaker/>
Singer has been divorced since 1996. He has a son Andrew
.<ref>{{cite news|last1=Ellis|first1=Blake|title=Wall Street CEOs open up about their gay sons|url=http://money.cnn.com/2014/05/19/pf/ceos-gay-sons/|accessdate=15 October 2015|publisher=CNN|date=May 19, 2014}}</ref> He lives on New York City's ] and also has a house in ].<ref name=kingmaker/>


Singer is an accomplished musician who began studying classical piano at the age of 10. He enjoys ] and has played onstage with ].<ref name="kingmaker"/> Singer began studying classical piano at the age of 10, and forms part of a family band, together with "one of his sons on guitar, the other on drums", and "his son-in-law on ]". He enjoys ] and has played onstage with ].<ref name="kingmaker"/> He is a fan of ]<ref name="Financial Times gay" />


==References== ==References==

Revision as of 10:57, 30 November 2015

Paul Singer
Singer at the World Economic Forum Annual Meeting in 2013
BornPaul Elliott Singer
(1944-08-22) August 22, 1944 (age 80)
New York
NationalityUnited States
Alma materUniversity of Rochester (B.S.)
Harvard Law School (J.D.)
Occupation(s)Hedge fund manager
Lawyer
Known forElliott Management

Paul Elliott Singer (born August 22, 1944) is an American hedge fund manager, investor, philanthropist and political activist. He is the founder and CEO of hedge fund Elliott Management Corporation, what the New York Times terms an "activist hedge fund", and (via his Paul E. Singer Foundation) a prominent New York based philanthropist. In 2015, Forbes rated Singer's net worth as $2.1 billion. In 2015, Singer was 327th on the Forbes 400 list of richest Americans, 1006th among the world's billionaires, 350th of American billionaires, and the 16th highest earning hedge fund manager. Singer is active in Republican Party politics and is a staunch supporter of gay rights since his son came out in 1998, according to the Financial Times.

Education and early career

Singer was born in 1944 in New Jersey, growing up in a Jewish family, one of three children of a Manhattan pharmacist and a homemaker. He obtained his B.S. in psychology from the University of Rochester in year 1966 and a J.D. from Harvard Law School in 1969. In 1974, Singer went to work as an attorney in the real estate division of the investment bank Donaldson, Lufkin & Jenrette.

Elliott Management Corporation

Main article: Elliott Management Corporation

In 1977, with a convertible arbitrage "winning formula", Singer founded the hedge fund Elliott Associates L.P. with $1.3 million from various friends and family members. Elliott Management Corporation as of 2015 oversees Elliott Associates and Elliott International Limited, which together have more than $27 billion in assets under management, in what is a "multi-strategy fund". According to Financial Times, Elliott's principal investment strategy is buying "loans and bonds owed by companies in trouble" and "seeking to influence the outcome of a bankruptcy". A prominent investor in Elliot Management is Mitt Romney. Termed a "specialist in activism in technology companies" by the Wall Street Journal, Elliott Management's varied portfolio also includes a prominent Tech component, pursuing "more than 40 campaigns aimed at tech companies" since 2004, according to Reuters. The corporation also includes a private equity division. It is the ninth-largest U.S. fund as of 2015.

A 2012 CNN profile of Singer noted that losses sustained early in his career led to a “risk aversion that still guides his investing today. For example, he rarely uses leverage to juice returns.” Thanks to his caution, “Elliott has had only two down years” since 1977, rising “4.2% in 2011, a year in which most hedge funds lost money.” According to CNN, Singer focused from early times “on distressed assets,” buying up bankrupt firms' debt and acquiring “a reputation for strong-arming his way to profit.” Elliott has been involved “in most of the big post-crash restructurings, including Chrysler and auto parts supplier Delphi.” Over Elliott's history during 1977-2008, it has averaged 14.7 percent annual returns, compared with 10.8% for the S&P 500 stock index as a whole.

Forbes noted in December 2012, that Elliott Management had offered to purchase the software firm Compuware after having accumulated 8% of the company's stock. Elliott expressed the view that Compuware had great promise but had been under-performing under its current management.

Sovereign debts

Elliott was termed by The Independent as a "pioneer" in the business plan of buying distressed debts and then seeking payment at full face value.

Peru

In 1996, Elliott bought defaulted Peruvian debt for $11.4 million. In 1998, a U.S. court ruled that one could not buy debt with the sole purpose of suing the debtor. Elliott won a $58 million judgement when the ruling was overturned in 2000, and Peru had to repay the sum in full under the pari passu rule. When former president of Peru Alberto Fujimori was attempting to flee the country due to facing legal proceedings over human rights abuses and corruption, Singer ordered the confiscation of his jet and offered to let him leave the country in exchange for the $58 million payment from the treasury, an offer which Fujimori accepted. A subsequent 2002 investigation by the Government of Peru into the incident and subsequent congressional report, uncovered instances of corruption since Elliott was not legally authorized to purchase the Peruvian debt from Swiss Bank Corporation without the prior approval of the Peruvian government, and thus the purchase had occurred in breach of contract. At the same time, the fund's representative, Jaime Pinto, had been formerly employed by the Peruvian Ministry of Economy and Finance and had contact with senior officials.

Argentina

See also: Argentine debt restructuring

After Argentina defaulted on its debt in 2002, NML Capital Limited, a Cayman Islands-based offshore unit of Elliott Management Corporation, refused to accept the Argentine offer to pay less than 30 cents per dollar of debt. These are bonds with a face value of $630 million, which NML reportedly bought for $48 million, but that Elliott assessed were then worth $2.3 billion with accrued interest.

In early October 2012, NML arranged for the seizure of an Argentine naval training vessel in Ghana, the ARA Libertad, in an effort to force Argentina to pay the debt. Argentina, however, refused to pay the debt, and shortly thereafter regained control of the ship and removed it from Ghanaian waters after its seizure was deemed illegal by the International Tribunal for the Law of the Sea. After the release of the vessel, the director of Tema Harbour in Ghana stated that $7.6 million losses sustained by the port as a result of the incident should be covered by NML, whilst legal action against the hedge fund was being considered.

In February 2013, the U.S. appeals court heard Argentina's appeal in the NML case. In March 2013, Argentina offered a new plan that was judged unlikely to be acceptable to the New York court. On August 23, 2013, the United States Court of Appeals for the Second Circuit affirmed the lower court's verdict and dismissed said plan. In June 2014, the U.S. Supreme Court rejected Argentina's appeal of the ruling.

In March 2014, attempting to satisfy court awards, NML Capital sued SpaceX seeking the rights to two satellite-launch contracts bought by Argentina valued at $113 million. In March 2015, the suit was dismissed in a U.S. district court in California.

Congo

A case involving another Cayman Islands-based subsidiary of Elliott, Kensington International, saw the president of the Republic of Congo Denis Sassou-Nguesso accuse Singer of undermining a United Nations backed effort to lift developing nations out of debt. "Our disputes have always been with sovereigns who can pay but refuse to do so," Singer wrote in an e-mail to The Nation. Kensington was later awarded $100m in the UK High Court.

Dispute with Samsung

In a long-standing dispute between Singer and members of the Lee family over a merger between Samsung and Cheil Industries, Samsung published numerous depictions of Singer as an anthropomorphic vulture on its corporate website. The cartoons were denounced by Singer and others as antisemitic. Samsung denied that the cartoons were antisemitic, but pulled the advertisements from their website.

Philanthropy

Singer signed The Giving Pledge, which signals a commitment by individuals to donate more than half of their wealth within their lifetime to address society's "most difficult moral and economic challenges." He also founded the Paul E. Singer Family Foundation, which supports charitable causes including the Harvard Graduate School of Education Singer Prize for Excellence in Secondary Teaching, VH1 Save The Music Foundation, the Food Bank For New York City, National Gay and Lesbian Task Force Action Fund, the New York City Police Foundation and MarineParents.com.

He also serves on the Board of Fellows of Harvard Medical School and the Board of Directors of Commentary Magazine.

Political activity

Singer is an active participant in Republican Party politics. According to the New York Times, he supports "like-minded candidates who often share his distaste for what they view as governmental over-meddling in the financial industry." Singer has contributed more than $1 million to the political efforts of the Koch brothers. In 2014, Singer led a group of major Republican donors to form the American Opportunity Alliance, a group that brings together wealthy Republican donors who share Singer’s support for gay rights, immigration reform and Israel. In 2015, he supported Marco Rubio for the 2016 U.S. presidential election.

Singer was a major contributor to George W. Bush's presidential campaigns. On March 14, 2008 Singer hosted a Republican National Committee luncheon in his home for 70 guests that raised $1.4 million for Bush. President George W. Bush appointed Singer to serve on the Honorary Delegation to accompany him to Jerusalem for the celebration of the 60th anniversary of the State of Israel in May 2008.

In 2007, Singer was one of Rudolph Giuliani’s most important fundraisers in Giuliani’s bid for the Republican presidential nomination. In 2007, Singer led a financial industry fund-raising effort for Giuliani, first as regional finance chair and later as senior policy adviser. Singer lent Giuliani his private jet. That same year, Singer at $175,000 was the sole contributor to a campaign to support a petition drive for a proposed California initiative to apportion the state's 55 electoral votes by congressional district. At least 19 of the state's 53 congressional districts were expected to vote for a GOP presidential candidate, enough to change the national results in a close election.

Singer was one of the largest donors of the 2010 midterm election cycle, contributing more than $4 million to support Republican candidates.

In 2011, Singer donated $1 million to Restore Our Future, a Super PAC (political action committee) created to support Mitt Romney, in the 2012 U.S. Presidential election. In 2013, Singer also gave $100,000 to the Club for Growth, a 501(c)4 organization that supports tea party candidates. He has also donated millions of dollars to organizations that advocate for a strong military and for supporting Israel.

Singer is a member of the Committee on Capital Markets Regulation, a non-governmental, non-partisan research organization. He is also Chairman of the Board of Trustees for the Manhattan Institute for Policy Research, a conservative think tank in New York City and on the board of directors of the Republican Jewish Coalition, a political lobbying group in the United States that promotes Jewish Republicans. He also served on the board of directors for the Jewish Institute for National Security Affairs.

Gay rights

As well as contributing to private initiatives, Singer also actively seeks to persuade other Republicans to support gay marriage. He has joined other Wall Street executives in support of LGBT equality and stated that same-sex marriage promotes “family stability” and that in a time when “the institution of marriage in America has utterly collapsed,” the fact that gay couples want to marry “is kind of a lovely thing and a cool thing and a wonderful thing.”

Singer, whose son married his fiance in Massachusetts, has also financially supported the legalization of gay marriage in New York, and Maryland. In 2011, this advocacy included, supporting legislation allowing same-sex marriage in the state of New York along with other GOP donors.

In 2012, Singer provided $1 million to start a Political Action Committee named American Unity PAC. According to the New York Times, the PAC's "sole mission will be to encourage Republican candidates to support same-sex marriage, in part by helping them to feel financially shielded from any blowback from well-funded groups that oppose it." In 2014, Singer urged Republicans to pass the Employment Non-Discrimination Act. This bill requires workplace protections to extend out to the LGBT community. As of June 2014, Singer had donated an estimated $10 million for the gay rights movement.

Writings and commentary

Singer has written columns in the Wall Street Journal. In 2009, he wrote a piece titled, “Free-Marketeers Should Welcome Some Regulation,” in which he argued that, “It's true that monetary policy was too lax for too long, and the government encouraged lending to people who were unlikely to repay their loans. But this crisis was primarily caused by managements and individuals throughout the financial system who exercised extremely poor judgement. The private sector, not the public sector, is where the biggest mistakes were made.”

At a September 2006 financial conference in New York City, Singer delivered a speech called "Complexity Made Simple," advising that the purchase of collateralized debt obligations (CDOs) was a serious mistake, and anticipating the downturn of the housing market by nearly a year before the $770 billion taxpayer-funded bailout.

Hedge fund manager Jim Chanos stated in an August 2009 radio interview that he and Singer had met with G7 finance ministers in 2007 to warn them that the global financial system was increasingly unstable and approaching a catastrophe, with banks on the verge of sinking the global economy. The pair argued that decisive action was called for, but Chanos claims they were met with indifference.

Personal life

Singer has been divorced since 1996. He has two sons, Andrew and Gordon. He lives on New York City's Upper West Side and also has a house in Aspen, Colorado.

Singer began studying classical piano at the age of 10, and forms part of a family band, together with "one of his sons on guitar, the other on drums", and "his son-in-law on saxophone". He enjoys Led Zeppelin and has played onstage with Meat Loaf. He is a fan of Arsenal F.C.

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