Paul Singer (businessman)

Paul Singer

Singer at the World Economic Forum Annual Meeting in 2013
Born Paul Elliott Singer
(1944-08-22) August 22, 1944
New York
Residence New York City
Nationality United States
Alma mater University of Rochester (B.S.)
Harvard Law School (J.D.)
Occupation Founder of Elliott Management
Net worth Steady US$ 2.1 billion (August 2015)[1]
Children Andrew and Gordon[2]

Paul Elliott Singer (born August 22, 1944) is an American hedge fund manager, activist investor,[3] and philanthropist.[4] His hedge fund, Elliott Management Corporation (ECM)—specializes in distressed debt acquisitions.[5]:301[6] Singer is also the founder and CEO of NML Capital Limited, a Cayman Islands-based offshore unit of Elliott Management Corporation.[7] In 2015, Forbes rated Singer's net worth as $2.1 billion.[1][8][9][3][10]

Singer's philanthropic activities include financial support for LGBTQ rights,[11][12]—since his son came out as gay in 1998,[13][11] and financial assistance to "entrepreneurship around the world and Jewish causes."[11] He funds the Manhattan Institute for Policy Research and passionately defends the 1%.[14] Singer is active in Republican Party politics and collectively, Singer and others affiliated with Elliott Management are "the top source of contributions" to the National Republican Senatorial Committee.[15]

Fortune magazine described him as one of the "smartest and toughest money managers" in the hedge fund industry.[14] A number of sources have branded him a "vulture capitalist", largely on account of his role at EMC, which is widely regarded as a vulture fund.[3][16][9][17] In 1996, he began using the strategy of purchasing sovereign debt from nations in crisis—such as Argentina,[18][14][19][20][21] Peru[22][23][7]—through his NML Capital Limited[7] and Congo-Brazzaville through Kensington International Inc.[17]—when the countries were in chaos, making "millions of dollars in interest repayments and fees on the original debt" when the countries stabilize.[17]

Education and early career

Singer was born in 1944 in New Jersey, and grew up in a Jewish family,[24][8] one of three children of a Manhattan pharmacist and a homemaker.[14] 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.[14][25] In 1974, Singer went to work as an attorney in the real estate division of the investment bank Donaldson, Lufkin & Jenrette.[14][25]

Elliott Management Corporation

In 1977, with a convertible arbitrage "winning formula", Singer left law to create his own investment company. He founded the hedge fund Elliott Associates L.P. with $1.3 million in seed capital from various friends and family members.[11][14] 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".[11][1] 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".[17][11] ECM has been termed a "vulture fund", a characterization Singer rejects.[5][26][27][21][28]

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.[29][30] It is the ninth-largest U.S. fund as of 2015.[31]

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.[18][32][33][20][11][34] After taking over the firm, Singer and co-investors threatened to cease supplying General Motors and Chrysler with parts, demanding payment of $350 million from the US Treasury, a demand which Treasury deputy Steven Rattner described as "extortion".[35]

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.[36]

Sovereign debts

Elliott was termed by The Independent as "a pioneer in the business of buying up sovereign bonds on the cheap, and then going after countries for unpaid debts",[7] while Singer describes his business model as "a fight against charlatans who refuse to play by the market’s rules".[19]

Peru

In 1996, Elliott bought defaulted Peruvian debt for $11.4 million.[23] 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.[22][19][31] 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.[20][37] A subsequent 2002 investigation by the Government of Peru into the incident and subsequent congressional report,[38] 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.[39][40]

Argentina

After Argentina defaulted on its debt in 2002, NML Capital Limited refused to accept the Argentine offer to pay less than 30 cents per dollar of debt.[7] These are bonds with a face value of $630 million, which NML reportedly bought for $48 million,[31] but that Elliott assessed were then worth $2.3 billion with accrued interest.[14][41]

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.[42][43] 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.[44][45][46] 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.[47]

In February 2013, the U.S. appeals court heard Argentina's appeal in the NML case.[48] In March 2013, Argentina offered a new plan that was judged unlikely to be acceptable to the New York court.[49] On August 23, 2013, the United States Court of Appeals for the Second Circuit affirmed the lower court's verdict and dismissed said plan.[50] In June 2014, the U.S. Supreme Court rejected Argentina's appeal of the ruling.[51]

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.[19]:2[52][53] In March 2015, the suit was dismissed in a U.S. district court in California.[54][55]

On March 24, 2016, following President Obama's meeting in Buenos Aires with Argentina's President Mauricio Macri, the US Justice Department filed a brief as amicus curiae with the United States Court of Appeals for the Second Circuit in New York, calling for "a swift resolution of this long-running litigation;" a move that, according to the New York Times, increased "the pressure on a group of holdout bondholders"—including Singer's NML Capital—"that refused to take part in two debt restructurings."[56]

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.[57][58] Kensington was later awarded $100m in the UK High Court, after attempting to sue for $200m for a debt bought for $10m.[16][59][60] During the case, US President George W Bush had used a constitutional clause preventing seizure of Congolese assets in the United States by the hedge fund.[35][61]

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.[8][62][63]

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."[12] 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,[64] VH1 Save The Music Foundation,[65] the Food Bank For New York City, National Gay and Lesbian Task Force Action Fund, the New York City Police Foundation[66][67] and MarineParents.com.[15][68]

He also serves on the Board of Fellows of Harvard Medical School and the Board of Directors of Commentary Magazine.[69][70]

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."[71] Singer has contributed more than $1 million to the political efforts of the Koch brothers.[72][73] 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 LGBTQ rights, immigration reform and Israel.[74] In 2015, he supported Marco Rubio for the 2016 U.S. presidential election.[75]

Singer was a major contributor to George W. Bush's presidential campaigns.[11][76] On March 14, 2008, Singer hosted a Republican National Committee luncheon in his home for 70 guests that raised $1.4 million for Bush.[77][78][79] 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.[80]

In 2007, Singer was one of Rudolph Giuliani’s most important fundraisers in Giuliani’s bid for the Republican presidential nomination.[58][11] In 2007, Singer led a financial industry fund-raising effort for Giuliani, first as regional finance chair and later as senior policy adviser.[81][82] Singer lent Giuliani his private jet.[82][83] 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.[58][84]

Singer was one of the largest donors of the 2010 midterm election cycle, contributing more than $4 million to support Republican candidates.[78]

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.[85] In 2013, Singer also gave $100,000 to the Club for Growth, a 501(c)4 organization that supports tea party candidates.[86] He has also donated millions of dollars to organizations that advocate for a strong military and for supporting Israel.[87][88][89]

Singer is a member of the Committee on Capital Markets Regulation, a non-governmental, non-partisan research organization.[90] He is also Chairman of the Board of Trustees for the Manhattan Institute for Policy Research, a conservative think tank in New York City[91] and on the board of directors of the Republican Jewish Coalition, a political lobbying group in the United States that promotes Jewish Republicans.[65] He also served on the board of directors for the Jewish Institute for National Security Affairs.[92]

During the 2016 Presidential election campaign Singer supported Marco Rubio and donated a million dollars in March to the Our Principles PAC-a PAC attempting to derail Donald Trump's election campaign.[93][94][95]

LGBTQ rights

As well as contributing to private initiatives, Singer also actively seeks to persuade other Republicans to support gay marriage.[11] 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.”[96][97]

Singer, whose son married his fiance in Massachusetts, has also financially supported the legalization of gay marriage in New York,[98] and Maryland.[99] In 2011, this advocacy included, supporting legislation allowing same-sex marriage in the state of New York along with other GOP donors.[100]

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."[101] In 2014, Singer urged Republicans to pass the Employment Non-Discrimination Act. This bill requires workplace protections to extend out to the LGBT community.[102] As of June 2014, Singer had donated an estimated $10 million for the gay rights movement.[11]

Writings and commentary

Singer has written columns in the Wall Street Journal.[69] 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.”[103]

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.[25]

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.[104]

Personal life

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.[1][8] Singer has been divorced since 1996. He has two sons, Andrew and Gordon.[2] He lives on New York City's Upper West Side and has a house in Aspen, Colorado.[14]

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.[14] He is a fan of Arsenal F.C.[11]

References

  1. 1 2 3 4 "#327 Paul Singer - Forbes 400". Forbes. Retrieved November 29, 2015.
  2. 1 2 Ellis, Blake (May 19, 2014). "Wall Street CEOs open up about their gay sons". CNN. Retrieved October 15, 2015.
  3. 1 2 3 Fuller, Jaime (April 4, 2014). "Meet the wealthy donor who’s trying to get Republicans to support gay marriage". Washington Post. Retrieved 22 October 2015.
  4. ↑ "Elliott Management Corporation Company Profile". Yahoo! Finance. Retrieved July 18, 2007.
  5. 1 2 Suarez-Villa, Luis (December 9, 2014). Corporate Power, Oligopolies, and the Crisis of the State. SUNY Press. pp. 378 pages. ISBN 978-1438454856.
  6. ↑ Moyer, Liz. "Elliott Management Takes 11% Stake in Cabela’s". The New York Times. Retrieved November 29, 2015.
  7. 1 2 3 4 5 Kumar, Nikhil (November 23, 2012). "The vulture capitalist who devoured Peru – and now threatens Argentina; Could Paul Singer destroy another economy?". The Independent (London). Retrieved October 22, 2015.
  8. 1 2 3 4 Kurson, Ken. "Spat Between Samsung and NYC Hedge Fund Takes Nasty Detour Into Jew-Baiting". Observer. Retrieved November 29, 2015.
  9. 1 2 Palast, Greg; O'Kane, Maggie; Madlena, Chavala (November 15, 2011). "Vulture funds await Jersey decision on poor countries' debts". The Guardian. Retrieved August 3, 2015.
  10. ↑ "#327 Paul Singer". Forbes. Retrieved 2 February 2016.
  11. 1 2 3 4 5 6 7 8 9 10 11 12 Foley, Stephen. "Paul Singer, the hedge fund holdout". Financial Times. Retrieved November 29, 2015.
  12. 1 2 Fuller, Jaime. "Meet the wealthy donor who’s trying to get Republicans to support gay marriage". The Washington Post. Retrieved August 30, 2015.
  13. ↑ Johnson, Chris. "Major pro-LGBT Republican donor backs Rubio". Washington Blade. Washington Blade. Retrieved November 29, 2015.
  14. 1 2 3 4 5 6 7 8 9 10 Celarier, Michelle (March 26, 2012). "Mitt Romney's hedge fund kingmaker". CNN.
  15. 1 2 Eric Lichtblau (August 27, 2010). "Financier’s Largess Shows G.O.P.’s Wall St. Support". The New York Times.
  16. 1 2 Armitage, Jim. "Can you make an ethical case for vulture funds?". The Independent. Retrieved November 29, 2015.
  17. 1 2 3 4 Sheehan, Michael (November 15, 2011). "Vulture funds – the key players". The Guardian (London). Retrieved June 10, 2012.
  18. 1 2 Lopez, Linette (November 13, 2012). "Argentina's President Is Making Great Political Theater Out Of Paul Singer Seizing The Country's Naval Ship". Business Insider. Retrieved August 3, 2015.
  19. 1 2 3 4 Abelson, Max; Porzecanski, Katia (August 7, 2014). "Paul Singer Will Make Argentina Pay". Bloomberg News. Retrieved October 20, 2015.
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  22. 1 2 Kenneth Dyson (June 19, 2014). States, Debt, and Power: Saints and Sinners in European History and Integration. OUP Oxford. pp. 241–. ISBN 978-0-19-102347-7.
  23. 1 2 George D. Cameron III (August 9, 2015). International Business Law: Cases and Materials. Van Rye Publishing, LLC. pp. 291–. ISBN 978-0-9903671-4-7.
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  31. 1 2 3 Celarier, Michelle (July 4, 2014). "Hedgie Paul Singer’s ‘vulture investing’ paid off royally". New York Post.
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  35. 1 2 Palast, Greg (7 August 2014). "How Barack Obama could end the Argentina debt crisis". The Guardian. Retrieved 29 March 2016.
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  38. ↑ Valencia Dongo, Rafael; Ernesto Aranda, Dextre; Mera Ramirez, Jorge; Peralta Cruz, Jhony; La Torre Lopez, Adolfo. "Comision Investigadora de la Deuda Publica Externa 1990-2002". Scribd. Congress of the Republic of Peru. Retrieved October 22, 2015.
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  40. ↑ Granovsky, Martin. "Tendrías que estar chiflado para emitir hoy un bono en Nueva York". Pagina/12. Retrieved October 22, 2015.
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  42. ↑ Conrad Waters (November 7, 2013). Seaforth World Naval Review 2014. Seaforth Publishing. pp. 39–. ISBN 978-1-84832-326-1.
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  44. ↑ Whitehouse, Kaja. "Argentina says 'Arrh, no!' to Paul Singer’s $20 million demand for seized ship". New York Post. Retrieved June 13, 2013.
  45. ↑ BBC, Kaja. "Ghana told to free Argentine ship Libertad by UN court". BBC. Retrieved August 2, 2015.
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  50. ↑ UNITED STATES COURT OF APPEALS, FOR THE SECOND CIRCUIT (August 23, 2013). "12-105(L) NML Capital, Ltd. v. Republic of Argentina" (PDF). Clarín. Retrieved August 23, 2013.
  51. ↑ Argentina makes debt case in US newspapers AFP wire, June 23, 2014
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  53. ↑ Lopez, Linette (July 30, 2014). "Paul Singer Doesn't Understand Why We're So Obsessed With His Little Argentina Investment". Business Insider. Retrieved October 15, 2015. Singer sued Elon Musk's Space X for a ride Argentina had purchased as collateral for the country's debt.
  54. ↑ "NML fails at attempt to seize assets". Buenos Aires Herald. March 7, 2015. Retrieved October 20, 2015.
  55. ↑ Salvatore, Cara (March 5, 2015). "NML Capital Loses Bid For Argentina Space Contracts". Law360. Retrieved October 20, 2015.
  56. ↑ Stevenson, Alexandra (24 March 2016). "Hedge Funds Dealt Setback as U.S. Sides With Argentina on Defaulted Bonds". New York Times. Retrieved 25 March 2016.
  57. ↑ "Vulture Fund Founder Singer Helps Back Giuliani Bid". Bloomberg News. January 8, 2008.
  58. 1 2 3 Berman, Ari (October 11, 2007). "Rudy’s Bird of Prey; Giuliani's conservative kingmaker knows all about the ugly side of Third World debt. He invented it.". The Nation.
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  62. ↑ Power, John (July 17, 2015). "Pictured: The 'offensive' Samsung cartoons of Jewish U.S. hedge fund boss which sparked anti-Semitism row in South Korea". Daily Mail. Retrieved October 14, 2015.
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  64. ↑ "Stories Tagged Singer Prize Excellence Secondary Teaching". Harvard Graduate School of Education. Retrieved October 15, 2015.
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  67. ↑ Foley, Stephen. "Paul Singer on how charity meets politics". Financial Times. Retrieved November 29, 2015.
  68. ↑ "The Paul E. Singer Foundation Donates $25,000 to MarineParents.com, Inc.™". Marine Parents. Retrieved May 23, 2014.
  69. 1 2 Paul Singer (March 23, 2010). "The Dodd bill and U.S. Competitiveness". The Wall Street Journal.
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  76. ↑ "Hedge Fund Chiefs, With Cash, Join Political Fray". The New York Times. January 25, 2007.
  77. ↑ Kamen, Al (March 19, 2008). "Singer Was Bush's Mystery Dinner Host. No, Not That Singer". The Washington Post. Retrieved October 22, 2015.
  78. 1 2 Mosk, Matthew (August 16, 2011). "Mitt Romney Cash Invested With GOP Whale". ABC News. Retrieved October 22, 2015.
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  82. 1 2 Cooper, Michael; Wayne, Leslie (November 22, 2007). "Publicity-Shy Giuliani Backer Is Thrust Into Spotlight". The New York Times. Retrieved October 21, 2015.
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  84. ↑ Andrew Malcolm, "Giuliani fundraiser was mystery initiative backer", Los Angeles Times, November 28, 2007
  85. ↑ "Schedule A Itemized Receipts – Committee: RESTORE OUR FUTURE, INC.". Federal Election Commission. Retrieved 2013-11-03.
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  89. ↑ Blumenthal, Paul (April 23, 2014). "Wall Street, War Hawks Fund Challenger To Only Anti-War, Anti-Wall Street Republican". The Huffington Post. Retrieved July 20, 2015.
  90. ↑ "Members". Committee on Capital Markets Regulation. Retrieved September 11, 2014.
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  93. ↑ McCormack, Raymond (8 March 2016). "Our Principles PAC". Factcheck.org. Retrieved 15 March 2016.
  94. ↑ Considered, All Things. "'Our Principles' SuperPAC Spreads Anti-Donald Trump Message". NPR.org. Retrieved 2016-03-11.
  95. ↑ Cassidy, John (March 3, 2016). "The Problem with the “Never Trump” Movement". New Yorker. Retrieved March 25, 2016.
  96. ↑ "Out on the Street' Summit to Spotlight LGBT Employee Issues | LGBT Employees". Businessnewsdaily.com. 2012-04-25. Retrieved 2013-11-03.
  97. ↑ Bruni, Frank (June 9, 2012). "The G.O.P.’s Gay Trajectory". The New York Times. Retrieved June 13, 2013.
  98. ↑ Nicholas Confessore and Michael Barbaro (May 14, 2011). "Donors to GOP are backing gay marriage push". The New York Times.
  99. ↑ BOLCER, JULIE. "Republican Donor Paul Singer Gives $250,000 to Maryland Marriage Campaign". The Advocate. The Advocate. Retrieved November 29, 2015.
  100. ↑ Barbaro, Michael (June 25, 2011). "The Road to Gay Marriage in New York". The New York Times.
  101. ↑ Bruni, Frank (June 9, 2012). "The G.O.P.’s Gay Trajectory". The New York Times. Retrieved June 10, 2012.
  102. ↑ Palmer, Anna (April 9, 2014). "Billionaires push Republicans on gay rights bill". Politico. Retrieved April 29, 2014.
  103. ↑ Singer, Paul (April 3, 2009). "Free-Marketeers Should Welcome Some Regulation". The Wall Street Journal.
  104. ↑ Johnson, Rob; Lynn Parramore (September 1, 2009). "Jim Chanos Warned Brown, Geithner, and Others about Coming Financial Crash in 2007". The Huffington Post. Retrieved June 13, 2013.

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