Tuesday, January 28, 2014

Billionaires in Politics: Paul Singer

A lot of life is simple timing. Meet the right girl at the right moment for both of you, and it can be 60 years. If wrong moment for either of you, sorry. Same with investing. Sell too soon, buy too late, it matters. Unless you can buy help, then timing matters less. Billionaires supply money to politicians for favors in return both direct and indirect and even pet causes like the environment or gay marriage. There is one billionaire hooked into the GOP donor list that has been instrumental in fundraising and will help the GOP make the slide over to pro-gay marriage. His name is Paul Singer. Political evolving will only occur when our politicians feel secure that they can do so and retain their positions. Singer is a security blanket. Our modern, democratic system has allowed a man like Singer to extract income for himself and impose his will on the social system all because of the almighty dollar.

Paul Singer has been in the news recently for a speech at the Davos conference, as well as his newsletter ripping on our baking and political system with a shot at Bitcoin and boost to gold thrown in for sport. Singer's sport is running an incredibly proficient hedge fund. The man's returns are incredible for eschewing massive leverage and chasing distressed debt. The DailyKos puts it in glorious 8th grade language of how this nice, old looking man is a vulture who is a hater of humankind. This was for buying Congolese debt for $10 million and then wringing over $100 mil from them in the courts. Singer has done this with other nations. He most likely will pick among the scraps when the time comes for municipalities, big cities and states when America's bill comes due.

Funding candidates is his game, and he has taken a new step to help shape the national boat for social issues. His pet cause is gay marriage because he has a gay son. Singer helped found a Super PAC to hold millions for GOP candidates to support gay marriage. As opposed to Tom Steyer, who I wrote about previously, he does not intend to punish opponents of his pet issue but instead provides a cushion of donations in case a socially conservative funding avenue dries up on a GOP candidate. Lose $100,000 from social conservatives? No worries, the American Unity PAC will make up the shortfall. This is exactly the same system that Robert Rubin and the DLC started for Democrats who were traditionally pro-union and populist of sorts to abandon the working man and vote the neoliberalism, deregulation line. No need to fear the loss of union money as FIRE economic interest money will make up the difference, and kick in some extra to whet your appetite for future legislation. Politicians desperately want to stay in office, but they need those dollars to get the vote out, run ads, pay off cronies, so weasels can use money to shape the system per their wants, needs and whims. Does Singer support this PAC without a gay son? Probably not, and who knows if the ship drifts left as quickly as it seems to be moving.

Singer is a symptom of the problem. He is also a reminder that the money interests have not bought just the left but also the right. Singer was a supporter of Mayor Giuliani and President George W. Bush. Per Greg palest, Bush was instrumental in the Singer-Congo shenanigans. Singer wants his way now with gay marriage, and our system encourages it. With Singer's cushion, the GOP will find it easier to support marriage equality, and some might even find excuses for trans* surgeries in the Bible. Spengler's view of democracy being the triumph of money and through the means of the media was a prescient view of the democratic system when democracy was ascending roughly one hundred years ago. His fears and words could not find clearer examples of this grotesque exercise in will than men like Tom Steyer and Paul Singer.


Rifleman said...

President George W. Bush appointed Singer to serve on the Honorary Delegation to accompany him to Jerusalem for the celebration of the 60th anniversary of the State of Israel in May 2008.[43]

I suspect Israel is more important to him than the gays. Whenever Jews are Republican I suspect Israel is their main concern.

Yeah, he's a gagillionaire but wiki says he gave - In 2012, Singer provided $1 million to start a PAC 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."[34]

Isn't that chicken feed? Can't anti gay marriage rich guys just counter it with more?

Son of Brock Landers said...

Yes, Israel 1st. C'mon he's been contributing to Pro-Israel PACs for years. Gay is new to him. It is chicken feed to him, especially when he doubled his wealth in roughly 7 years up into the billionaire level. It was seed money, and others pitched in as well. I doubt there are billionaires who would want to go on record as supporting anti-gay PAC to counter this PAC. It then creates SPLC-ChickFilA moments.