In addition to what we can only assume was the wild celebration at Chez Singer on Tuesday night, and into yesterday morning, the Elliott Management chief is finding time for lots of things this week. Like, for instance, in-depth analysis of the reaction to the Ebola virus epidemic, and his continuing search for something of Argentina’s that he can seize. That may be plenty to occupy the average hedge-fund billionaire, but not Paul Singer, who in spite of his euphoria over President Obama’s humiliation is still really quite angry about all of the money he didn’t make when AbbVie decided not to buy Shire. Read more »
Global Ebola Response Confirms Everything Paul Singer Has Always Thought About The People Who Run ThingsBy Jon Shazar
Argentina’s economy minister has bad news for those of us enjoying every minute of the country’s ridiculous default: It’ll probably be over next year, when “the instruments that the vulture funds have used for extortion,” a.k.a. the bludgeon Argentina gave them with which to hit it, a.k.a. the rights against future offers clause whose violation might or might not lead to Argentina’s disappearance from the map or something, expires. Read more »
We don’t know if Paul Singer believes in karma or what-goes-around-comes-around or South American witchcraft. What we do know is that immediately after forcing Argentina into default, his hedge fund’s worst month in five years dawned.
Oh yea, by the way? Paul Singer’s worst month in five years was a 0.8% drawdown. So he’s probably not too worried. Read more »
Would he go so far as to describe his fellow hedge fund manager’s business tactics as hostage situation-esque? Yes, yes he would. Read more »
So it seems—surprise, surprise!—that Argentina hasn’t really been all that serious about trying to strike a deal with Paul Singer, and that the world’s banks aren’t especially interested in absorbing much risk to curry favor with President Cristina Kirchner. So Singer’s going back to a strategy that, while unsuccessful in actually getting him any of his money, has been very, very successful at infuriating people in Buenos Aires. Call it the “ship-seizing” strategy. Or, in this case, the “money-embezzled-by-Cristina-Kirchner’s-old-buddy-seizing” strategy. Read more »
Maybe he smiles inside. There are signs now and then that he might enjoy a kind of humor. At this year’s World Cup, according to a colleague, as the Argentine national team made its glorious push and its country teetered toward default, Singer was there, in the stadium. He was wearing an Argentina jersey. [BusinessWeek]