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Paul Elliott Singer (born August 22, 1944) is an American
hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as ...
manager,
activist investor An activist shareholder is a shareholder who uses an equity stake in a corporation to put pressure on its management. A fairly small stake (less than 10% of outstanding shares) may be enough to launch a successful campaign. In comparison, a full ...
, philanthropist, and the founder, president and co-CEO of
Elliott Management Elliott Investment Management is an American investment management firm. It is also one of the largest activist funds in the world. It is the management affiliate of American hedge funds Elliott Associates L.P. and Elliott International Limit ...
. As of October 2021, his net worth is estimated at US$4.3 billion. ''
Fortune Fortune may refer to: General * Fortuna or Fortune, the Roman goddess of luck * Luck * Wealth * Fortune, a prediction made in fortune-telling * Fortune, in a fortune cookie Arts and entertainment Film and television * ''The Fortune'' (1931 film) ...
'' magazine described Singer as one of the "smartest and toughest money managers" in the hedge fund industry. A number of sources have branded him a "
vulture capitalist Vulture capitalists are investors that acquire distressed firms in the hopes of making them more profitable so as to ultimately sell them for a Profit (economics), profit. Due to their aggressive investing nature, and the methods they use to make ...
", largely on account of his role at EMC, which has been called a
vulture fund A vulture fund is a hedge fund, private-equity fund or distressed debt fund, that invests in debt considered to be very weak or in default, known as distressed securities. Investors in the fund profit by buying debt at a discounted price on a ...
. ''
The Independent ''The Independent'' is a British online newspaper. It was established in 1986 as a national morning printed paper. Nicknamed the ''Indy'', it began as a broadsheet and changed to tabloid format in 2003. The last printed edition was publish ...
'' has described him as "a pioneer in the business of buying up sovereign bonds on the cheap, and then going after countries for unpaid debts." In more recent times, Singer's Elliot Management has focused on activist campaigns, in which they take an equity stake in a company and agitate using influence and voting rights to encourage change, and they have also expanded into private equity. Singer's philanthropic activities include financial support for LGBTQ rights. He has provided funding to the Manhattan Institute for Policy Research, is a strong opponent of raising taxes for the wealthiest 1% of taxpayers such as himself, and opposes aspects of the Dodd-Frank Act. Singer is active in
Republican Party Republican Party is a name used by many political parties around the world, though the term most commonly refers to the United States' Republican Party. Republican Party may also refer to: Africa * Republican Party (Liberia) *Republican Party ...
politics and Singer and others affiliated with Elliott Management are collectively "the top source of contributions" to the National Republican Senatorial Committee.


Early life

Singer was born in 1944, and grew up in Teaneck, New Jersey, in a
Jewish Jews ( he, יְהוּדִים, , ) or Jewish people are an ethnoreligious group and nation originating from the Israelites Israelite origins and kingdom: "The first act in the long drama of Jewish history is the age of the Israelites""The ...
family, one of three children of a Manhattan pharmacist and a homemaker. He obtained his B.S. in psychology from the
University of Rochester The University of Rochester (U of R, UR, or U of Rochester) is a private research university in Rochester, New York. The university grants undergraduate and graduate degrees, including doctoral and professional degrees. The University of ...
in 1966 and a J.D. from
Harvard Law School Harvard Law School (Harvard Law or HLS) is the law school of Harvard University, a private research university in Cambridge, Massachusetts. Founded in 1817, it is the oldest continuously operating law school in the United States. Each c ...
in 1969. In 1974 Singer went to work as an attorney in the real estate division of the investment bank
Donaldson, Lufkin & Jenrette Donaldson, Lufkin & Jenrette (DLJ) was a U.S. investment bank founded by William H. Donaldson, Richard Jenrette, and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; finan ...
.


Career


Elliott Management

In 1977, with a convertible arbitrage "winning formula," Singer left law to create his own investment company. He founded the
hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as ...
Elliott Associates L.P. with US$1.3 million in seed capital from various friends and family members. According to ''
The Telegraph ''The Telegraph'', ''Daily Telegraph'', ''Sunday Telegraph'' and other variant names are popular names for newspapers. Newspapers with these titles include: Australia * ''The Telegraph'' (Adelaide), a newspaper in Adelaide, South Australia, publ ...
'' in 2011, Elliott is "one of the oldest hedge funds on
Wall Street Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for ...
." Singer is also the founder and CEO of NML Capital Limited, a
Cayman Islands The Cayman Islands () is a self-governing British Overseas Territory—the largest by population in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the ...
-based offshore unit of Elliott Management Corporation. According to ''
Fortune Fortune may refer to: General * Fortuna or Fortune, the Roman goddess of luck * Luck * Wealth * Fortune, a prediction made in fortune-telling * Fortune, in a fortune cookie Arts and entertainment Film and television * ''The Fortune'' (1931 film) ...
,'' Elliott has been involved "in most of the big post-
crash Crash or CRASH may refer to: Common meanings * Collision, an impact between two or more objects * Crash (computing), a condition where a program ceases to respond * Cardiac arrest, a medical condition in which the heart stops beating * Couch ...
restructurings." In 2009 ''
The Guardian ''The Guardian'' is a British daily newspaper. It was founded in 1821 as ''The Manchester Guardian'', and changed its name in 1959. Along with its sister papers '' The Observer'' and '' The Guardian Weekly'', ''The Guardian'' is part of the ...
'' reported that Singer "through a brilliantly complex financial manoeuvre, took control of Delphi Automotive, the sole supplier of most of the auto parts needed by
General Motors The General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. It is the largest automaker in the United States and ...
and
Chrysler Stellantis North America (officially FCA US and formerly Chrysler ()) is one of the " Big Three" automobile manufacturers in the United States, headquartered in Auburn Hills, Michigan. It is the American subsidiary of the multinational automotiv ...
." Ultimately, the US Treasury paid Elliott Management "$12.9 billion in cash and subsidies from the US Treasury's auto bailout fund." In December 2011 Elliott Associates sued
Vietnam Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making ...
's state-owned shipbuilder
Vinashin , former_name = , type = State-owned enterprise , industry = Shipbuilding, Defence , predecessor = Vietnam Shipbuilding Industry Group , founded = , founder = , defunct = , hq_location_city = Badinh, Hanoi , hq_location_country = V ...
in the UK for defaulting the year before on a US$600 million syndicated loan. In February 2014, Elliott controlled $23 billion (£19 billion) of funds and was the ninth largest investor on Wall Street. In June 2015, Elliott was an active
activist investor An activist shareholder is a shareholder who uses an equity stake in a corporation to put pressure on its management. A fairly small stake (less than 10% of outstanding shares) may be enough to launch a successful campaign. In comparison, a full ...
with
Citrix Systems Citrix Systems, Inc. is an American multinational corporation, multinational cloud computing and virtualization technology company that provides server, application and desktop virtualization, networking, software as a service (SaaS), and cloud ...
, pushing for various changes. In May 2014 the French Financial Markets Regulator fined Elliott a record €14 million ($22 million) for insider trading, a ruling which the company appealed. In a long-standing dispute between Singer and members of the
Lee family The Lee family of the United States is a historically significant Virginia and Maryland political family, whose many prominent members are known for their accomplishments in politics and the military. The family became prominent in colonial Bri ...
over a merger between
Samsung The Samsung Group (or simply Samsung) ( ko, 삼성 ) is a South Korean multinational manufacturing conglomerate headquartered in Samsung Town, Seoul, South Korea. It comprises numerous affiliated businesses, most of them united under the ...
and
Cheil Industries Cheil Industries was an affiliate of the Samsung Group. Since its establishment in 1954, Cheil Industries has been a Korean textile firm. Thereafter, from the 1980s, the company expanded its business areas into fashion, chemicals and electroni ...
, in 2015 Samsung published numerous cartoons of Singer as an
anthropomorphic Anthropomorphism is the attribution of human traits, emotions, or intentions to non-human entities. It is considered to be an innate tendency of human psychology. Personification is the related attribution of human form and characteristics t ...
vulture A vulture is a bird of prey that scavenges on carrion. There are 23 extant species of vulture (including Condors). Old World vultures include 16 living species native to Europe, Africa, and Asia; New World vultures are restricted to North and ...
on its corporate website. The cartoons were denounced by Singer and others as
antisemitic Antisemitism (also spelled anti-semitism or anti-Semitism) is hostility to, prejudice towards, or discrimination against Jews. A person who holds such positions is called an antisemite. Antisemitism is considered to be a form of racism. Ant ...
. Samsung responded several days later denouncing antisemitism, and pulled the images from their website. ''
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...
'' rated Singer's net worth as $2.1 billion in 2015 and $2.2 billion in 2016. As of November 2015 Elliott Management Corporation oversees Elliott Associates and Elliott International Limited, which together have more than $27 billion in assets under management in a "multi-strategy fund." The corporation includes a
private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a t ...
division. Termed a "specialist in activism in technology companies" by the ''
Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
'' in June 2015, Elliott Management's varied portfolio also includes a prominent tech component. The company pursued "more than 40 campaigns aimed at tech companies" between 2004 and 2015, according to ''
Reuters Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world. The agency was est ...
''. in 2018, Elliott Management took control of Italian
football Football is a family of team sports that involve, to varying degrees, kicking a ball to score a goal. Unqualified, the word ''football'' normally means the form of football that is the most popular where the word is used. Sports commonly ...
club A.C. Milan. On February 1, 2020, several weeks before many Americans had heard of
COVID-19 Coronavirus disease 2019 (COVID-19) is a contagious disease caused by a virus, the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The first known case was identified in Wuhan, China, in December 2019. The disease quick ...
, Singer wrote a memo to his employees about preparing for the possibility of being quarantined for at least a month due to the virus. After Elliott Management took a stake in Twitter, Singer pushed to oust
Jack Dorsey Jack Patrick Dorsey (born November 19, 1976) is an American Internet entrepreneur and programmer who is a co-founder and former CEO of Twitter, Inc., as well as a co-founder and the CEO and chairperson of Block, Inc., the developer of the Squa ...
and control four seats on the board after Dorsey announced he would move to Africa. A deal was reached that gave Elliott Management a seat on the board and left Dorsey as CEO.


Sovereign debt

In the early 1990s, Singer began using the strategy of purchasing
sovereign debt A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit oc ...
from nations in or near default, such as
Argentina Argentina (), officially the Argentine Republic ( es, link=no, República Argentina), is a country in the southern half of South America. Argentina covers an area of , making it the List of South American countries by area, second-largest ...
, and
Peru , image_flag = Flag of Peru.svg , image_coat = Escudo nacional del Perú.svg , other_symbol = Great Seal of the State , other_symbol_type = National seal , national_motto = "Firm and Happy f ...
, through his NML Capital Limited, and
Republic of the Congo The Republic of the Congo (french: République du Congo, ln, Republíki ya Kongó), also known as Congo-Brazzaville, the Congo Republic or simply either Congo or the Congo, is a country located in the western coast of Central Africa to the w ...
through Kensington International Inc. Singer's practice of purchasing
distressed debt Distressed securities are securities over companies or government entities that are experiencing financial or operational distress, default, or are under bankruptcy. As far as debt securities, this is called distressed debt. Purchasing or holding s ...
from companies and
sovereign states A sovereign state or sovereign country, is a political entity represented by one central government that has supreme legitimate authority over territory. International law defines sovereign states as having a permanent population, defined terr ...
and pursuing full payment through the courts has led to criticism.Spat between Samsung and NYC Hedge Fund takes nasty detour into Jew-baiting
, The Observer (07/2015)
Singer and EMC defend their model as "a fight against charlatans who refuse to play by the market's rules", and supporters of the practice have said it "help keep kleptocratic governments in check." In 1996 Elliott bought defaulted
Peru , image_flag = Flag of Peru.svg , image_coat = Escudo nacional del Perú.svg , other_symbol = Great Seal of the State , other_symbol_type = National seal , national_motto = "Firm and Happy f ...
vian debt for $11.4 million. Elliott won a $58 million judgment and Peru had to repay the sum in full under the pari passu rule. When former president of Peru
Alberto Fujimori Alberto Kenya Fujimori Inomoto ( or ; born 28 July 1938) is a Peruvian politician, professor and former engineer who was President of Peru from 28 July 1990 until 22 November 2000. Frequently described as a dictator, * * * * * * he remains a ...
was attempting to flee the country due to human rights abuses and corruption, Singer confiscated his jet and offered to let him leave the country in exchange for the $58 million payment from the treasury. Fujimori accepted. In the 1990s the Kensington International division of EMC purchased US$30 million (£18m) of "Congolese sovereign debt... allegedly for less than $20m." Kensington subsequently spent years trying to be paid in full through the courts. In 2008 Kensington and the Republic of Congo settled for an undisclosed amount. After Argentina defaulted on its debt in 2002, the Elliott-owned company NML Capital Limited refused to accept the Argentine offer to pay less than 30 cents per dollar of debt. Elliott sued Argentina for the debt's value, and the lower UK courts found that Argentina had state immunity. Elliott successfully appealed the case to the
UK Supreme Court The Supreme Court of the United Kingdom (initialism: UKSC or the acronym: SCOTUK) is the final court of appeal in the United Kingdom for all civil cases, and for criminal cases originating in England, Wales and Northern Ireland. As the United ...
, which ruled that Elliott had the right to attempt to seize Argentine property in the United Kingdom, and on October 2, 2012, Singer arranged for a Ghanaian Court order to detain an Argentine naval vessel in a Ghanaian port in an effort to force Argentina to pay the debt, but was rebuffed when the seizure was barred by the International Tribunal for the Law of the Sea.Ed Stocker
"Argentina welcomes home ship held in Ghana by US 'vulture fund'"
, ''The Independent'', January 9, 2013
In February 2013 the U.S. appeals court heard Argentina's appeal in the case of its default and debt to NML. In March 2013 Argentina offered a new plan, which was dismissed first by the lower courts and then the
United States Court of Appeals for the Second Circuit The United States Court of Appeals for the Second Circuit (in case citations, 2d Cir.) is one of the thirteen United States Courts of Appeals. Its territory comprises the states of Connecticut, New York and Vermont. The court has appellate ju ...
on August 23, 2013, and then again in June 2014 in the U.S. Supreme Court. In March 2014 NML Capital unsuccessfully attempted to satisfy court awards by suing
SpaceX Space Exploration Technologies Corp. (SpaceX) is an American spacecraft manufacturer, launcher, and a satellite communications corporation headquartered in Hawthorne, California. It was founded in 2002 by Elon Musk with the stated goal o ...
, seeking the rights to two satellite-launch contracts bought by Argentina valued at $113 million. In early 2016 US courts ruled that Argentina must make full payments to holdout bondholders by February 29. In February 2016 Argentina reached an agreement with Singer. Singer has been called a
vulture capitalist Vulture capitalists are investors that acquire distressed firms in the hopes of making them more profitable so as to ultimately sell them for a Profit (economics), profit. Due to their aggressive investing nature, and the methods they use to make ...
because of Elliott Management Corporation's investments in
distressed debt Distressed securities are securities over companies or government entities that are experiencing financial or operational distress, default, or are under bankruptcy. As far as debt securities, this is called distressed debt. Purchasing or holding s ...
.


Business and investment model

According to ''
Fortune Fortune may refer to: General * Fortuna or Fortune, the Roman goddess of luck * Luck * Wealth * Fortune, a prediction made in fortune-telling * Fortune, in a fortune cookie Arts and entertainment Film and television * ''The Fortune'' (1931 film) ...
'', Singer focused from early times "on distressed assets," buying up bankrupt firms' debt and acquiring "a reputation for strong-arming his way to profit." ''Fortune'' noted in 2012 that losses sustained early in Singer's career led to a "risk aversion that still guides his investing today. Thanks to his caution, by 2012 Elliott had "only two down years" since 1977, rising "4.2% in 2011, a year in which most hedge funds lost money." Describing him as "one of the smartest and toughest money managers in the business", the article further notes that his firm "is so influential that fear of its tactics helped shape the current 2012 Greek debt restructuring." Elliott was termed by ''
The Independent ''The Independent'' is a British online newspaper. It was established in 1986 as a national morning printed paper. Nicknamed the ''Indy'', it began as a broadsheet and changed to tabloid format in 2003. The last printed edition was publish ...
'' as "a pioneer in the business of buying up sovereign bonds on the cheap, and then going after countries for unpaid debts." Singer describes his business model as "a fight against charlatans who refuse to play by the market's rules," and in 2013 Singer told '' Alpha Magazine'' that "we've made the point over and over again that sovereigns that could pay their debts and choose not to may be attempting to save some money but are harming their people and their economies by making investing in their countries more risky and more problematic and by discouraging foreign investment." In response, ''
The Washington Post ''The Washington Post'' (also known as the ''Post'' and, informally, ''WaPo'') is an American daily newspaper published in Washington, D.C. It is the most widely circulated newspaper within the Washington metropolitan area and has a large n ...
'' wrote in 2014 that "in Singer's view, he isn't just forcing indebted companies and countries to pay up. He's trying to create a world where distressed debt doesn't exist. Depending on your own views, that makes Singer an
activist investor An activist shareholder is a shareholder who uses an equity stake in a corporation to put pressure on its management. A fairly small stake (less than 10% of outstanding shares) may be enough to launch a successful campaign. In comparison, a full ...
, or a 'vulture capitalist.'"


AC Milan

In July 2018, Singer became the owner of AC Milan after the soccer team's previous owner defaulted on a $37 million loan payment owed to Singer's hedge fund company. Elliott had loaned $400 million to the previous owner to help him purchase the team, which plays in Italy's top soccer league. Although the company had been expected to sell the club and entertained negotiations, Singer eventually stated that Elliott plans to return AC Milan "to the pantheon of top European football clubs where it rightly belongs" and to inject $66 million to "stabilize the club's finances" and "fund AC Milan's transformation."


Philanthropy

Singer signed The Giving Pledge, which signals a commitment by individuals to donate more than half of their wealth within their lifetime to address society's "most difficult moral and economic challenges." Singer founded the Paul E. Singer Family Foundation, which supports charitable causes including the
Harvard Graduate School of Education The Harvard Graduate School of Education (HGSE) is the education school of Harvard University, a private research university in Cambridge, Massachusetts. Founded in 1920, it was the first school to grant the EdD degree and the first Harvard scho ...
Singer Prize for Excellence in Secondary Teaching, VH1 Save The Music Foundation, the Food Bank For New York City, National Gay and Lesbian Task Force Action Fund, the American Unity Fund, the
New York City Police Foundation The New York City Police Foundation was established in 1971 by business and civic leaders as a nonprofit tax-exempt charity that could raise money to spend on projects supporting NYPD reform and modernization efforts as well as helping improve its ...
, MarineParents.com, the Leukemia & Lymphoma Society and the Melanoma Research Alliance. Singer and The Paul E. Singer Family Foundation are behind The Philos Project, a pro-Israel Christian organization. In 2016 Singer partnered with the Museum of the Bible to fund Passages Israel, a program to take college students to Israel. He is a "longtime supporter of hawkish pro-Israel causes" and a major funder of the conservative think tank Foundation for Defense of Democracies. In November 2018, after the
Pittsburgh synagogue shooting The Pittsburgh synagogue shooting was an antisemitic terrorist attack which took place at the Tree of Life – Or L'Simcha Congregation synagogue in the Squirrel Hill neighborhood of Pittsburgh, Pennsylvania, United States. The congregation, al ...
, the Paul E. Singer Family Foundation announced it would donate $1 million to upgrade security at Jewish institutions in New York. The funds will be given to the
United Jewish Appeal The United Jewish Appeal (UJA) was a Jewish philanthropic umbrella organization that existed from its creation in 1939 until it was folded into the United Jewish Communities, which was formed from the 1999 merger of United Jewish Appeal (UJA), ...
– Federation of New York, which will then distribute them as needed to individual synagogues, day schools, and community centers for safety reviews and enhanced precautions. Singer also serves on the Board of Fellows of
Harvard Medical School Harvard Medical School (HMS) is the graduate medical school of Harvard University and is located in the Longwood Medical Area of Boston, Massachusetts. Founded in 1782, HMS is one of the oldest medical schools in the United States and is cons ...
and the board of directors of
Commentary Magazine ''Commentary'' is a monthly American magazine on religion, Judaism, and politics, as well as social and cultural issues. Founded by the American Jewish Committee in 1945 under Elliot E. Cohen, editor from 1945 to 1959, ''Commentary'' magazine de ...
.


Political activity

Singer is an active participant in
Republican Party Republican Party is a name used by many political parties around the world, though the term most commonly refers to the United States' Republican Party. Republican Party may also refer to: Africa * Republican Party (Liberia) *Republican Party ...
politics. He is a "self-proclaimed conservative libertarian". According to ''
The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'', he supports "like-minded candidates who often share his distaste for what they view as governmental over-meddling in the financial industry." Singer has contributed more than $1 million to the political efforts of the
Koch brothers The Koch family ( ) is an American family engaged in business, best known for their political activities and their control of Koch Industries, the 2nd largest privately owned company in the United States (with 2019 revenues of $115 billion). ...
. In 2014, Singer led a group of major Republican donors to form the American Opportunity Alliance, a group that brings together wealthy Republican donors who share Singer's support for LGBTQ rights, immigration reform and Israel. During the 2016 Presidential election campaign Singer supported
Marco Rubio Marco Antonio Rubio (born May 28, 1971) is an American politician and lawyer serving as the Seniority in the United States Senate, senior United States Senate, United States senator from Florida, a seat he has held since 2011. A member of the ...
and donated a million dollars in March to the
Our Principles PAC Our Principles PAC was a super PAC established in January 2016 as part of the Never Trump movement. Its goal was to oppose Donald Trump's campaign for president. Our Principles PAC was led by Katie Packer, who was deputy campaign manager of M ...
, a PAC attempting to derail
Donald Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. Trump graduated from the Wharton School of the University of P ...
's election campaign. He also started the American Unity PAC. He supported Trump's inaugural committee with $1 million together with 25 other billionaires. Singer was a major contributor to George W. Bush's presidential campaigns. On March 14, 2008, Singer hosted a
Republican National Committee The Republican National Committee (RNC) is a U.S. political committee that assists the Republican Party of the United States. It is responsible for developing and promoting the Republican brand and political platform, as well as assisting in ...
luncheon in his home for 70 guests that raised $1.4 million for Bush. Bush appointed Singer to serve on the Honorary Delegation to accompany him to
Jerusalem Jerusalem (; he, יְרוּשָׁלַיִם ; ar, القُدس ) (combining the Biblical and common usage Arabic names); grc, Ἱερουσαλήμ/Ἰεροσόλυμα, Hierousalḗm/Hierosóluma; hy, Երուսաղեմ, Erusałēm. i ...
for the celebration of the 60th anniversary of the
State of Israel Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...
in May 2008. In 2007 Singer was one of
Rudolph Giuliani Rudolph William Louis Giuliani (, ; born May 28, 1944) is an American politician and lawyer who served as the 107th Mayor of New York City from 1994 to 2001. He previously served as the United States Associate Attorney General from 1981 to 198 ...
's most important fundraisers in Giuliani's bid for the Republican presidential nomination. In 2007, Singer led a financial industry fund-raising effort for Giuliani, first as regional finance chair and later as senior policy adviser. Singer lent Giuliani his private jet. That same year, Singer at $175,000 was the sole contributor to a campaign to support a petition drive for a proposed California initiative to apportion the state's 55 electoral votes by congressional district. At least 19 of the state's 53 congressional districts were expected to vote for a GOP presidential candidate, enough to change the national results in a close election. Singer was one of the largest donors of the 2010 midterm election cycle, contributing more than $4 million to support Republican candidates. In 2011 Singer donated $1 million to Restore Our Future, a Super PAC created to support
Mitt Romney Willard Mitt Romney (born March 12, 1947) is an American politician, businessman, and lawyer serving as the junior United States senator from Utah since January 2019, succeeding Orrin Hatch. He served as the 70th governor of Massachusetts ...
in the
2012 U.S. presidential election The 2012 United States presidential election was the 57th quadrennial presidential election, held on Tuesday, November 6, 2012. Incumbent Democratic President Barack Obama and his running mate, incumbent Vice President Joe Biden, were re-el ...
. In 2013, Singer gave $100,000 to the Club for Growth, a 501(c)4 organization that supports Tea Party candidates. He has also donated millions of dollars to organizations that advocate for a strong military and for supporting
Israel Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...
. In 2012 Singer founded the nonprofit Start-up Nation Central, an NGO aimed at developing collaboration between Israel's tech sector and outside investors. Singer has invested around $20 million into Start-Up Nation Central, which is based in
Tel Aviv Tel Aviv-Yafo ( he, תֵּל־אָבִיב-יָפוֹ, translit=Tēl-ʾĀvīv-Yāfō ; ar, تَلّ أَبِيب – يَافَا, translit=Tall ʾAbīb-Yāfā, links=no), often referred to as just Tel Aviv, is the most populous city in the G ...
. Singer is a member of the
Committee on Capital Markets Regulation The Committee on Capital Markets Regulation is an independent and nonpartisan 501(c)(3) research organization financed by contributions from individuals, foundations, and corporations. Background Thirty-six leaders from the financial sector, incl ...
, a non-governmental, nonpartisan research organization. He is chairman of the board of trustees for the Manhattan Institute for Policy Research, a
conservative Conservatism is a cultural, social, and political philosophy that seeks to promote and to preserve traditional institutions, practices, and values. The central tenets of conservatism may vary in relation to the culture and civilization in ...
think tank in New York City, and on the board of directors of the
Republican Jewish Coalition The Republican Jewish Coalition (RJC), formerly the National Jewish Coalition, founded in 1985, is a political group in the United States that supports Jewish Republicans. The organization has more than 47 chapters throughout the United States. ...
, a political lobbying group in the United States that promotes Jewish Republicans. He also served on the board of directors for the
Jewish Institute for National Security Affairs The Jewish Institute for National Security of America (JINSA), formerly named the Jewish Institute for National Security Affairs, is a Washington, D.C.-based, non-profit and pro-Israeli lobby and think tank. It was founded in 1976 focusing on ...
. In 2016 Singer invested $500,000 in a PAC supporting John Faso, a Congressional candidate in New York's 19th congressional district opposing progressive candidate and Wall Street critic Zephyr Teachout. Teachout responded to the donation by challenging Singer to come to the district and debate her. The same year, Singer supported Senator
Marco Rubio Marco Antonio Rubio (born May 28, 1971) is an American politician and lawyer serving as the Seniority in the United States Senate, senior United States Senate, United States senator from Florida, a seat he has held since 2011. A member of the ...
in the presidential primary. , Singer had not donated to Trump's reelection campaign.


LGBTQ rights

As well as contributing to private initiatives, Singer also actively seeks to persuade other Republicans to support gay marriage. He has joined other Wall Street executives in support of
LGBT ' is an initialism that stands for lesbian, gay, bisexual, and transgender. In use since the 1990s, the initialism, as well as some of its common variants, functions as an umbrella term for sexuality and gender identity. The LGBT term ...
equality and stated that same-sex marriage promotes "family stability" and that in a time when "the institution of marriage in America has utterly collapsed," the fact that gay couples want to marry "is kind of a lovely thing and a cool thing and a wonderful thing." Singer, whose son Andrew married his husband Corey Morris in a same-sex marriage in
Massachusetts Massachusetts (Massachusett: ''Muhsachuweesut Massachusett_writing_systems.html" ;"title="nowiki/> məhswatʃəwiːsət.html" ;"title="Massachusett writing systems">məhswatʃəwiːsət">Massachusett writing systems">məhswatʃəwiːsət'' En ...
in 2009, has also financially supported the legalization of
gay marriage in New York Same-sex marriage has been legally recognized in the U.S. state of New York since July 24, 2011 under the '' Marriage Equality Act''. The Act does not have a residency restriction, as some similar laws in other states do. It allows religious org ...
and
Maryland Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean t ...
. In 2011 this advocacy included supporting legislation allowing same-sex marriage in the state of New York. In 2012 Singer provided $1 million to start a Political Action Committee named American Unity PAC. According to the ''New York Times'', the PAC's "sole mission will be to encourage Republican candidates to support same-sex marriage, in part by helping them to feel financially shielded from any blowback from well-funded groups that oppose it." In 2014 Singer urged Republicans to pass the Employment Non-Discrimination Act. This bill requires workplace protections to extend to the LGBT community. As of June 2014 Singer had donated an estimated $10 million to the gay rights movement. Singer also funded the American Unity Fund. In 2015 Singer,
Tim Gill Tim Gill (born October 18, 1953) is an American computer software programmer, entrepreneur, philanthropist, and LGBTQ rights activist. He was among the first openly gay people to be on the Forbes 400 list of America's richest people. He is the f ...
and
Daniel Loeb Daniel Seth Loeb (born December 18, 1961) is an American investor, hedge fund manager, and philanthropist. He is the founder and chief executive of Third Point, a New York-based hedge fund focused on event-driven, value-oriented investing with $ ...
helped fund Freedom For All Americans to promote LGBT issues in states and local communities in the United States.


''The Washington Free Beacon''

According to an October 27, 2017, article in ''The New York Times'', the initial sponsor of anti-Trump opposition research conducted by the controversial Washington D.C. firm
Fusion GPS Fusion GPS is a commercial research and strategic intelligence firm based in Washington, D.C. The company conducts open-source investigations and provides research and strategic advice for businesses, law firms and investors, as well as for ...
was ''The Washington Free Beacon'', a conservative political journalism website that is "funded in large part" by Singer.


Writings and commentary

Singer has written columns in the ''
Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
''. In 2009 he wrote "Free-Marketeers Should Welcome Some Regulation," a column in which he argued that "It's true that monetary policy was too lax for too long, and the government encouraged lending to people who were unlikely to repay their loans. But this crisis was primarily caused by managements and individuals throughout the financial system who exercised extremely poor judgement. The private sector, not the public sector, is where the biggest mistakes were made." Among other topics, he has written against raising taxes for the wealthiest taxpayers (" the 1%") and aspects of the Dodd-Frank Act. At a September 2006 financial conference in New York City, Singer delivered a speech called "Complexity Made Simple," advising that the purchase of collateralized debt obligations (CDOs) was a serious mistake, and anticipating the downturn of the housing market by nearly a year before the $770 billion taxpayer-funded bailout. Hedge fund manager Jim Chanos said in an August 2009 radio interview that he and Singer had met with G7 finance ministers in 2007 to warn them that the global financial system was increasingly unstable and approaching a catastrophe, with banks on the verge of sinking the global economy. The pair argued that decisive action was called for, but Chanos claims they were met with indifference.


Personal life

In 2020 Singer ranked 222 on the Forbes 400 list of the richest Americans, 538 among the world's billionaires, and the 19th highest earning hedge fund manager. He has two sons, Andrew and Gordon. After Andrew came out as gay, " reactedwith fear and nervousness, I worried about the health aspects ... grandfatherhood", Singer said. But he eventually became a steadfast supporter of gay rights. In 2012 he launched the American Unity PAC, which aims to persuade fellow conservatives to support same-sex marriage. He has actively supported same-sex marriage campaigns and makes large donations to LGBT groups. Singer lives on New York City's
Upper West Side The Upper West Side (UWS) is a neighborhood in the borough of Manhattan in New York City. It is bounded by Central Park on the east, the Hudson River on the west, West 59th Street to the south, and West 110th Street to the north. The Upper West ...
and has a house in Aspen, Colorado. He began studying classical piano at the age of 10, and forms part of a family band, together with "one of his sons on guitar, the other on drums", and "his son-in-law on
saxophone The saxophone (often referred to colloquially as the sax) is a type of Single-reed instrument, single-reed woodwind instrument with a conical body, usually made of brass. As with all single-reed instruments, sound is produced when a reed (mouthpi ...
." He enjoys
Led Zeppelin Led Zeppelin were an English rock band formed in London in 1968. The group comprised vocalist Robert Plant, guitarist Jimmy Page, bassist/keyboardist John Paul Jones, and drummer John Bonham. With a heavy, guitar-driven sound, they are ...
and has played onstage with Meat Loaf.


Honors

In 2017, Singer received an honorary doctorate from the
University of Rochester The University of Rochester (U of R, UR, or U of Rochester) is a private research university in Rochester, New York. The university grants undergraduate and graduate degrees, including doctoral and professional degrees. The University of ...
.


See also

* List of University of Rochester people *
List of Harvard Law School alumni This is a list of notable alumni of Harvard Law School. Law and politics United States government Executive branch = U.S. Presidents= *Rutherford B. Hayes, 19th President of the United States *Barack Obama, 44th President of the United States ...
* List of libertarians in the United States *
50 Most Influential (Bloomberg Markets ranking) The 50 Most Influential ranking has been published by Bloomberg Media since 2011, annually featuring 50 individuals or initiatives with "the ability to move markets or shape ideas and policies". Initially published in Bloomberg Markets until the ...


References


Further reading

*


External links

*
The Paul E. Singer Foundation
{{DEFAULTSORT:Singer, Paul 1944 births Living people 21st-century philanthropists Activists from New York (state) American billionaires American chief executives of financial services companies American columnists American financial commentators American financiers American hedge fund managers American investors American libertarians American money managers American political activists American political fundraisers American social activists American venture capitalists Businesspeople from New York City Corporate raiders Giving Pledgers Harvard Law School alumni Harvard Medical School people Jewish activists Jewish American attorneys Jewish American philanthropists Journalists from New York City LGBT rights activists from the United States Manhattan Institute for Policy Research New York (state) lawyers New York (state) Republicans People from the Upper West Side People from Teaneck, New Jersey People named in the Paradise Papers Philanthropists from New York (state) Shareholder-rights activists University of Rochester alumni 21st-century American Jews