Paul Singer takes a left turn
Fri Jun 26, 2009
The conservative founder of Elliott Management favors a global limit on leverage - and big government stimulus.
The conservative founder of Elliott Management favors a
global limit on leverage - and big government stimulus
By Carolyn Sargent
Paul Singer, founder of $14 billion Elliott
Management, is known for playing hardball. To great profit,
Elliott successfully took on WorldCom and Enron as they
restructured in what were at the time the biggest bankruptcies
ever. In pursuing repayment of sovereign debt out of Africa,
Singer's dogged investigation of an oil-for-money deal led from
Congo-Brazzaville to Paris, New York and Hong Kong.
Congo-Brazzaville settled with Elliott on the heels of
revelations that its leaders had built a network of fake
companies to shelter wealth they had gained by illicitly
For such a tough negotiator, it is curious that in late
April Elliott went along with the U.S. government's proposal to
restructure Chrysler rather than pushing for better terms.
(Weeks later, Elliott also agreed to accept the government's
ISSN: 2151-1845 / CDC10004H
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