Paul Elliott Singer (born August 22, 1944) is an American billionaire hedge fund manager, activist investor, and philanthropist, with a net worth of $3.5 billion according to Forbes. Singer is also the founder and CEO of NML Capital Limited, a Cayman Islands company.
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 and opposes aspects of the Dodd-Frank Act. Singer is active in Republican Party politics and Singer and others affiliated with Elliott Management are collectively "the top source of contributions" to the National Republican Senatorial Committee.
Fortune 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", largely on account of his role at EMC, which has been called a vulture fund. He has been criticized for ruining the town of Sidney, Nebraska by forcing Cabela's to merge with Bass Pro Shops. The Independent 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 1996 Singer began using the strategy of purchasing sovereign debt from nations in or near default—such as Argentina, and Peru—through his NML Capital Limited and Republic of the Congo through Kensington International Inc. Singer's practice of purchasing distressed debt from companies and sovereign states and pursuing full payment through the courts has led to criticism. 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[s] keep kleptocratic governments in check."
