Meet Paul Singer - Vulture fund investor, extortionist, exporter of American jobs, GOP sugar daddy

[brentspeak]

Last edited Wed Jul 30, 2014, 12:02 AM - Edit history (2)

Paul Singer, CEO of vulture fund Elliott Capital Management (and also a major GOP donor), is currently working with his investment partners to squeeze every last cent out of Argentina, having purchased some of Argentina's sovereign bonds, and then demanding 100% full payment of the existing debt instead of negotiating reasonable refinancing terms.

Incredibly, some have supported Singer's "right" to fleece Argentina.

But it hasn't just been Argentina who Singer and his partners have extorted; it's also been the entire US population:

http://www.huffingtonpost.com/carl-pope/romney-delphi-auto_b_2051373.html

Mitt Romney's blind-trust invested more than a million dollars in a "vulture fund" managed by Paul Singer, a Romney adviser. In 2008, while Delphi Auto Parts was in bankruptcy, Singer's fund bought, for twenty cents on the dollar, Delphi bonds -- lots of them. With Delphi under Singer's control, he threatened to shut it down unless the taxpayer bailed it out -- holding General Motors and Chrysler hostage, because if Delphi shut down, the companies would lack steering columns and other essential parts. After getting his way, and a $7.3 billion bailout from the public, Singer then closed all but five U.S. plants to move these operations and 25,000 jobs to China. Mitt Romney's investments in Singer's fund help make this loss of American jobs possible.

And then Singer went in for the kill, threatening to destroy the entire Detroit auto manufacturing industry unless the US government fork over $7.3 billion of TARP bailout money directly to his and his partner's pockets:

In a negotiating session with GM, the Treasury, the UAW, and the Singer group, a second deal was offered -- the hedge funds could get their way as long as they agreed to protect jobs. Singer and his partners refused. The hedge funds took the case to the bankruptcy court, where under the terms of bankruptcy law their combined position in ownership of stocks and bonds gave them control.

It was U.S. job protection that was the key point rejected by the vulture funds in which Romney had invested. They also insisted that the federal government and GM provide them with ongoing financial support which eventually amounted to $7.3 billion -- because without these payments they warned Delphi would stop producing the vital GM (and Chrysler) parts which only it could manufacture. Both auto companies would go under. The Treasury gave in.

After Singer and his gang collected their taxpayer money, they shipped as much of Delphi's facilities overseas to China as possible:

The newly reconfigured Delphi, with coffers fattened with taxpayer dollars, then proceeded to shut down all but five of its U.S. plants. Virtually all of these jobs were transferred to China, while reaping enormous profits -- Singer's fund alone made $1.2 billion, 3000% return on its investment. We don't know how much of this is Romney's share.

Vulture fund CEO extorts US taxpayers for billions of dollars, then ships US jobs to China -- why hasn't this story been seen on CNN and CBS?

[brentspeak]

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[Lochloosa]

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