Lincoln: Boozman courts Wall Street | Arkansas Blog

Thursday, July 1, 2010

Lincoln: Boozman courts Wall Street

Posted By on Thu, Jul 1, 2010 at 1:47 PM

OK, then. the Blanche Lincoln re-election campaign gets to the point. Republican opponent John Boozman raked in big bucks courtesy of a hedge fund zillionaire right after voting against financial reform legislation that such hedge funders hate.

PS — Lincoln declined to note that her Arkansas Democratic colleagues, Marion Berry and Mike Ross, threw in with the Wall Street fat cats along with Boozman.

LINCOLN NEWS RELEASE

Congressman John Boozman collected tens of thousands of dollars for his campaign from a Manhattan fundraiser Wednesday night hosted by billionaire hedge fund founder Paul Singer and attended by Wall Street executives who stand to be major contributors. The fundraiser was held the same day that Boozman voted against pro-consumer reform legislation to hold Wall Street banks accountable.

"While Senator Blanche Lincoln is leading the fight to protect Arkansas consumers and small businesses by reining in the reckless investment practices of Wall Street banks that put our economy in the ditch, Congressman Boozman remains a guardian for the status quo," Lincoln campaign communications director Katie Laning Niebaum said. "This is a big difference between the top candidates for U.S. Senate. Senator Lincoln sees a problem and finds solutions that help Arkansas. Congressman Boozman sees a problem and blames Democrats. He has offered little response to the near-collapse of our financial system and it appears that his campaign is now being rewarded."

Paul Singer's Wall Street-based Elliott Management is one of the largest "vulture funds" 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, Elliott International and Kensington International, are based in the "tax havens" of the Cayman Islands. [Elliott Associates release via BusinessWire, 6/4/2002; Banking Wire, 9/12/2006]. Vulture funds register in the Cayman Islands and British Virgin Islands to maintain secrecy. [The Guardian (London) Final Edition, 3/10/2007].

Politico: Paul Singer raises for Fiorina, Rossi, Rubio, others
Maggie Haberman
June 30, 2010
http://www.politico.com/blogs/maggiehaberman/0610/Paul_Singer_raises_for_Fiorina_Rossi_Rubio_others_.html?showall#

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.

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