NEWS FROM THE FLORIDA DEMOCRATIC PARTY
For Immediate Release: April 20, 2010
MARCO RUBIO TAKES OVER $182,421.91 FROM COMMITTEE BACKED BY BILLIONAIRE HEDGE FUND MANAGER AND OTHER WALL STREET EXECUTIVES
Standing with Wall Street and against Main Street, Republican/Tea Party Senate Candidate Marco Rubio’s campaign took over $182,421.91 last quarter from the US Senate Victory committee – a joint fundraising committee whose funds rely largely on Paul Singer, the billionaire Wall Street founder of the hedge fund Elliot Management, and his Elliot Associates according to Congressional Quarterly.
“Not only has he quickly become the Washington Republican establishment candidate, but now it is clear that Speaker Marco Rubio is Wall Street’s candidate too. While Rubio talks a good game, clearly he is simply a voice for the status quo who prefers continued mismanagement of our financial system over real reform,” said Eric Jotkoff, spokesman for the Florida Democratic Party. “Floridians are disappointed that Rubio continues supporting the industry that helped bring our financial system to the brink of collapse, as he tries to impose his extreme philosophy on Florida. Unfortunately, it isn’t surprising that as a former lobbyist, Speaker Rubio puts corporate interests first.”
The Wall Street-based Elliot Management is the largest “vulture fund” in the world. Vulture funds are predatory investors that seek to profit off the debts of the world’s poorest countries. They buy a nation’s debt for pennies on the dollar and then sue the indebted country to win repayment of the initial debt’s full value. [The Guardian, 3/10/2007; Associated Press, 5/22/07]. According to the firm’s press releases and trade publications, two of the firm’s main arms, Elliot International and Kensington International, are based in the “tax havens” of the Cayman Islands. [Elliot Associates release via BusinessWire, 6/4/2002; Banking Wire, 9/12/2006]