NEWS FROM THE FLORIDA DEMOCRATIC PARTY
For Immediate Release: July 1, 2010
MARCO RUBIO RAKES IN THOUSANDS AT GLITZY NYC FUNDRAISER FROM BILLIONAIRE HEDGE FUND MANAGER AND OTHER WALL STREET EXECUTIVES
Hedge Fund Billionaire Paul Singer Rakes In Cash For Rubio On Same Day U.S. House Of Representatives Passes Historic Wall Street Reform
Rubio Still Refuses to Lend His Support To Wall Street Reform
Last night, former Miami lobbyist and ethically challenged politician Marco Rubio benefited from a glitzy fundraiser in Manhattan expected to raise his Senate campaign tens of thousands of dollars. The fundraiser was hosted by Paul Singer, a billionaire hedge fund manager, joined by other big shot Wall Street executives, who stand to be major contributors to Rubio. Yesterday’s fundraiser was held on the same day that the U.S. House of Representatives passed an historic, pro-consumer Wall Street reform package, which Marco Rubio refuses to lend his support to.
“Marco Rubio is now the Republican establishment’s candidate, but now it is clear he’s Wall Street’s candidate too,” said Eric Jotkoff, Florida Democratic Party spokesman. “Last night as the House of Representatives passed a historic, pro-consumer Wall Street reform package, Rubio benefited from a lavish Manhattan fundraiser hosted by a hedge fund billionaire. Florida voters are not going to let Rubio get away with supporting the Wall Street ‘Fat Cats’ that helped bring our financial system to the brink of collapse while refusing to give support to Wall Street reform efforts.”
Paul Singer’s Wall Street-based Elliot Management is one of 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]
Politico: Paul Singer raises for Fiorina, Rossi, Rubio, others
June 30, 2010
Paul Singer, who founded the hedge fun Elliott Associates and has become a major behind-the-scenes player in the the world of Republican fundraising, is hosting an event in Manhattan tonight for at least five U.S. Senate hopefuls, multiple sources said.
The candidates include California’s Carly Fiorina, Washington’s Dino Rossi, Florida’s Marco Rubio, Arkansas’ John Boozman, and Pennsylvania’s Pat Toomey, the sources said.
I couldn’t reach Singer to discuss the event, but it’s expected to be large and send tens of thousands of dollars to each campaign.