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Surprise! It’s a bitter and angry missive filled with recriminations against those who have wronged Singer and right-thinking men like him. But don’t think that all of this misfortune (Elliott up a paltry 2.5% in the first quarter) prevents this billionaire from a little levity, albeit bitter, angry and recriminatory levity.
Hedge-fund manager Paul Singer has a nickname for Federal Reserve Chair Janet Yellen: “Yellen the Magnificent.” But the spin on Johnny Carson’s famous mocking mystic sketch is not a compliment….
“The Fed has lost any semblance, any wispy remnant of humility, introspection, caution and historical perspective. It is all cameras and applause,” he wrote in the letter, sent last week.
“The Fed (along with other central banks) is fully immersed in fiscal policy, arrogating more and more responsibility for the functioning of the global economy, picking winners and losers in purchasing financial assets, directing the allocation of credit and making ever-bolder predictions ever-further into the unknowable future.
“In effect, it is achieving total political power in a political vacuum, without the accountability of being elected,” he added.
“If you open a faucet in the winter and only a trickle comes out, what do you do? Easy! Open it wider. In fact, open ALL the faucets! Brilliant! Now they are all trickling. But when the pipe blockage comes unstuck or the ice melts, you will have a flood,” he wrote.
Now, it wouldn’t be a letter from Paul Singer with at least some discussion of his ongoing difficulties reconciling with certain uniquely recalcitrant debtors of the Southern Hemisphere, would it? Fear not.
Elliott Management Corp., the $24.1 billion hedge-fund manager run by Paul Singer, said Argentina hasn’t responded to efforts to negotiate settlements tied to bonds from the country’s $95 billion default in 2001.
“‘Radio silence’ is the best description for the current regime’s response to our frequent requests to negotiate a resolution,” New York-based Elliott said in a letter to investors obtained by Bloomberg News. “We have no choice but to pursuing legal actions to enforce our claims….”
Elliott said in the letter that while Fernandez has shown “no interest” in discussing a settlement, political front-runners to replace her next year including Daniel Scioli, Sergio Massa and Mauricio Macri are more open to settling the nation’s disputes with the international financial community.
“The economic team is inexperienced,” Elliott wrote. “We see little tangible evidence that normalization is occurring.”
Elliott’s Singer Mocks ‘Yellen the Magnificent’ in Letter to Investors [WSJ MoneyBeat blog]
Elliott Says Argentina Giving ‘Radio Silence’ on Talks [Bloomberg]