Vulture fund Elliott Associates was covered in the “In the Loop” section of the Washington Post earlier
this week. Check out the post by Columnist Al Kamen below:
The mystery is solved. Thanks to a devoted Loop Fan, we now know
that the host of Friday's $1.4 million Republican National Committee
fundraiser at the famed Beresford co-op in New York -- headlined by President Bush -- was none other than Paul Singer, the hedge fund billionaire and renowned "vulture capitalist."
Singer,
a mega-donor for Republicans and conservative causes over the years,
has pumped out more than $2.6 million in contributions over the past
decade, according to a records search, to folks such as John McCain, Tom DeLay, Mitch McConnell, Christine Todd Whitman and dozens of others. He was a big promoter of Rudy Giuliani's late presidential campaign and gave $5,000 to Swift Boat Veterans for Truth back in 2004.
Singer
also has been one of the top money guys for Progress for America, an
ostensibly independent political committee that promoted Bush's
policies and political agenda, giving, all told, $1.5 million. The only
Democrats on Singer's favored list seem to be Chuck Schumer and Bill Bradley.
So why should the White House or Republican National Committee not want to advertise that Singer was the host of such a fabulous luncheon -- 70 folks at $20,000 a pop?
Maybe
it's his media nickname, "vulture capitalist," coined because his firm
buys up debt held by Third World countries at a discount, then sues
them to force repayment in full, sometimes for even more than the
original amount.
Singer has said that buying "sovereign distressed debt" in such places as Peru
or Congo serves the purpose of requiring countries to comply with
contracts and that the countries can afford to pay but refuse to do so.
Besides, it's less than 2 percent of his 31-year-old, $9.8 billion
hedge fund.
But what would Bush's other friend Bono, the rocker and African debt-relief activist, who has strongly criticized such transactions, say if he knew?
READ FULL 'IN THE LOOP'
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