One of the biggest donors to the Republican Party was Paul Singer, CEO of vulture fund Elliott Management, which has contributed $ 12 million, seeking support from the US Congress for its bitter dispute for payment bond debt with the Argentine government.
Estas elecciones de medio mandato en los EEUU, han estado marcadas por un ausentismo cercano al 60%, lo que expresa muy bien el desencanto de la población con su sistema político. Por otro lado, es de destacar que se ha batido un record en las donaciones privadas en la campaña electoral, que ha alcanzado la suma record de casi 4 mil millones de dólares, algo extraordinario en una campaña de medio mandato para elegir congresistas y gobernadores. El sistema político estadounidense se muestra cada vez más como una plutocracia, más que como una verdadera democracia, al ser los sectores más pudientes y las grandes corporaciones empresariales y mediáticas, las que deciden los rumbos de las elecciones.
Es importante notar que uno de los más grandes donantes al Partido Republicano ha sido Paul Singer, CEO del fondo buitre Elliott Management, que ha contribuido con 12 millones de dólares, buscando un apoyo desde el Congreso de los EEUU para su agria disputa por el pago de bonos de deuda con el Gobierno Argentino.
These midterm elections in the US, have been marked by close to 60% absenteeism, which expresses very well the disenchantment with the political system. Furthermore, it is noteworthy that set a new record in private donations in the campaign, which has reached the sum record of nearly four billion dollars, something extraordinary for midterm campaign to choose congressmen and governors. The American political system is increasingly more like a plutocracy rather than a true democracy, when the wealthy and big business sectors and media corporations, which decides the direction of elections.
It is important to note that one of the biggest donors to the Republican Party was Paul Singer, CEO of vulture fund Elliott Management, which has contributed $ 12 million, seeking support from the US Congress for its bitter dispute for payment bond debt with the Argentine government.
Through Elliott Management, Singer won cases against Peru, the Republic of Congo, and is in a dispute with Argentina for repayment of the full face value of debts acquired at a deep discount during the countries' respective financial crises.
Paul Elliott Singer (born August 22, 1944) is an American hedge fund manager, investor, philanthropist, and political activist. He is the founder and CEO of hedge fund Elliott Management Corporation, a political activist and activist investor, and (via his Paul E. Singer Foundation) a prominent New York based philanthropist. In 2014, Forbes rated Singer's net worth as $1.9 billion, self-made.
Purchasing sovereign debts
In 1996, Elliott bought defaulted Peruvian debt for a reported $11.4 million. In 1998, a U.S. court ruled that one could not buy debt with the sole purpose of suing the debtor. Elliott won a $58 million judgment when the ruling was overturned in 2000.
After Argentina defaulted on its debt in 2002, NML Capital Limited, a Cayman Islands-based offshore unit of Paul Singer's Elliott Management Corporation refused to accept its offer to pay less than 30 cents per dollar of debt. These are bonds with a face value of $630 million, for which NML reportedly bought for $48 million, but that Elliott assessed were then worth $2.3 billion with accrued interest.
In early October 2012, NML arranged for the seizure of an Argentinian naval vessel in Ghana, the ARA Libertad, in an effort to force Argentina to pay its debt. Argentina, however, refused to pay the debt, and shortly thereafter regained control of the ship and removed it from Ghanaian waters.
In a November 2012 piece in the Huffington Post, Argentina's Foreign Affairs Minister, Héctor Timerman, harshly criticized Singer for attempting to collect on the debt. Calling Singer “the inventor of vulture funds,” Timerman argued that the $127 million Singer had received from the Republic of Congo to settle a $400 million debt he had acquired for $10 million “should be going to build roads, schools and other poverty reduction programs.”
According to the Financial Times, "Mr Singer chafes at the term 'vulture fund'". Patricia Adams, the executive director of Probe International, wrote that "the pejorative is highly misleading," arguing that the funds are simply bondholders seeking to collect debts.
In his investor letter for the fourth quarter of 2012, Singer described Argentina’s response to the court's ruling as “defiant and acrimonious,” saying that its dismissal of the ruling as “judicial colonialism” was “puzzling,” given that Argentina had chosen “to submit itself to the jurisdiction of New York courts and to waive its sovereign immunity.”
In February 2013, the U.S. appeals court heard Argentina's appeal in the NML case. In March 2013, Argentina offered a new plan that was judged unlikely to be acceptable to the New York court. On August 23, 2013 the U.S. Court of Appeals for the Second Circuit affirmed the lower court's verdict and dismissed said plan. In June 2014, the U.S. Supreme Court rejected Argentina's appeal of the ruling.
Paul Singer has contributed $ 12 million to midterm elections
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