At a black-tie dinner in April, a politically influential hedge fund manager named Paul Singer offered a blistering critique of the “terrible path” he said Washington politicians were charting on economic issues.
Mr. Singer, professorial and soft-spoken, used a gathering of business and government leaders at the conservative Manhattan Institute to lash out at “indiscriminate attacks by political leaders against anything that moves in the world of finance.” Government efforts to “take over and run” the economy through more regulations, he warned, threatened to ruin the United States’ standing as the world leader in finance.
As the head of a $17 billion hedge fund, Mr. Singer, a self-described Barry Goldwater conservative who is 66, is using his financial might to try to change those policies. He has become one of the biggest bankrollers of Republican causes, giving more than $4 million of his money and raising millions more through fund-raisers he hosts for like-minded candidates who often share his distaste for what they view as governmental over-meddling in the financial industry.
The same day in June that the House gave final approval to the sweeping overhaul of financial regulations, Mr. Singer had a fund-raiser at his Central Park West apartment, netting more than $1 million for seven Republican Senate candidates who had opposed the bill. His hedge fund, Elliott Management, is the biggest source of money to the National Republican Senatorial Committee.
With economic problems weighing heavily as the November elections approach, the divide between Republicans and Democrats in their attitudes toward Wall Street and the economy promises to be a recurring point of attack for both parties, and Mr. Singer is using his money to push conservative causes.And thank to the Supreme Court, those donations are now unlimited. Welcome to the gilded age of the Golden Rule: he who has the gold, makes the rules.
We're about to end up with the best Congress money can buy.
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