By John Miller
Saturday the 28th of October, 2017
Meet Paul Singer, the man who predicted that Donald Trump’s election could cause a widespread global depression, but then gave $1 million to the Trump inaugural committee and watched in amazement as GEOTUS and Wall Street went on a bull run that so far has created 5.2 Trillion dollars of new wealth. That’s a pretty YUGE 25% spike in the major index since November 8th he missed there.
Did I forget to say lowest unemployment in 16 years and 3% growth? That too.
Getting rich is so easy under Trump that the hedge fund guys should be worried. Except they aren’t. The cool million dropped by Singer on the Trump inaugural was chump change to a guy with $32.8 billion in assets under management, and Paul Singer has seen a lot of presidents come and go since he launched Elliott, the oldest continuously running hedge fund in the U.S, in 1977.
Elliott has raised $5 billion since May alone, and Singer has $8 billion currently engaged in what Wall Street calls “””activist campaigns”””. And as one bitter victim at Arconic recently complained, Elliot pursues a “‘win-at-any-cost’ approach [that] has turned activism into a blood sport.”
Singer was originally about convertible arbitrage, the hot hedge fund strategy of the day. He is the real-life Gordon Gekko. When issuers could not pay their debts, his fund took them to bankruptcy court, and it was in bankruptcy battles that Elliott’s reputation for playing hardball was honed. His victims range from TWA to Lehman Brothers to Caesars.
The part of me that fondly remembers the Reagan years almost likes this guy, except he is also a notorious meddler in Conservative politics.
Singer is the chair of the LGBTBBQ friendly Manhattan Institute, the queer globalist think-tank that tried to subvert conservatism and which ultimately sold out the base in the culture wars. Singer tried his bestest to make Mittens president, was the guy who pushed Little Marco to stand up for himself, and then in classic Elliott style he went all scorched earth and financed the unsuccessful #NeverTrump campaign.
Do you think Trump hates to lose? Singer once spent 15 years at war with Argentina — which refused to pay him more than the other investors on the sovereign bonds it had restructured. In 2014 he made the South American country default, and he then took possession (briefly) of the once proud nation’s naval flagship.
Fellow hedge fund bigshot Robert Chapman describes Elliott with starry eyes: “their rapaciousness is now viewed in hindsight as success. They are the ultimate rational economic actor. Breaking the social norm of being pleasant in business is not a high cost for them. That lets them be more effective because they are rougher.”
Singer’s general counsel, Richard Zabel, was poached from Preet Bharara, and was No. 2 at the Manhattan U.S. attorney’s office. Singer loves to sue the living Jesus out of anything which financially offends him, so I should probably tiptoe carefully around the fact that while Fusion GPS was paid by Singer’s people, Fusion GPS had no provable link to Christopher Steele at the time. Singer’s people at #NeverTrump plausibly only engaged Fusion GPS for routine opposition research and never at any time had any provable knowledge of the Steele Dossier.
Little Marco is furiously denying everything right now.
All the obviously illegal Fusion GPS stuff was done by the Clintons, I guess. Unless the FBI also broke the law when they paid for a Fake Dossier on an incoming president.
Protip: I’m pretty sure it was Singer what done it.
Now that Singer’s name is being bandied about as the guy who got John McCain to take the Fake Trump Dossier to Comey, I am forced to let go of my earlier conviction, that the #NeverTrump mastermind on the Republican side was Bush Senior, who was sticking up for his goofy kid.
I still think that Rick Wilson running around screaming Russia like Chicken Little looks distinctly Rovish, but I guess if you will work for MSNBC then you really will work for anybody.
George Bush Junior and Jeb! are the perfect storm of stupid and flaccid, but I have always admired the majestic reptilian brain of butt grabbing dinosaur Herbert Walker. The Bushes also maintain their vast network of former client well-wishers in the Republican establishment, and have all kinds of favours they can call in from all the silver-tails who were fed at public expense by Bush bailouts.
Alas, it appears that the Bushes are no longer the greatest force for evil inside the Republican Party. Imagine my shock. Sorry Jeb!