As expected, Zephyr Teachout is using the ammunition supplied by her opponent when he announced that he was receiving PAC backing from two billionaires, one of whom is vulture fund manager Paul Singer. Singer’s PAC promised $500,000 for John Faso, Teachout’s Republican opponent. Teachout invited Singer to debate her and explain why he wants to buy a congressman.
She has changed focus from her opponent to her opponent’s financial backer who has a lot of explaining to do. Will he come to one of the small towns Upstate in his white limo or private jet and debate a liberal candidate for Congress? In view of his press coverage, he is unlikely to accept. Meanwhile, she is free to make public how Singer’s backing of Marc Rubio resulted in Rubio immediately reversing himself on whether Puerto Rico should be allowed to declare bankruptcy. Without that right, Puerto Rico will have to figure out how to pay the bonds that Singer bought at distressed prices. With that right, a bankruptcy trustee can right down the value of those bonds.
Singer’s vulture funds buys distressed bonds at low prices and then manipulates the political process by getting politicians elected who will pay those bonds at much higher prices. He did that recently in Argentina when he helped get a right-leaning president elected who paid him a $2 billion profit on his bond deals. He did not want Puerto Rico to go into bankruptcy and got Senator Rubio to vote against Puerto Rico that wanted an enabling act. Singer is the number one backer of Republican candidates. This information was gathered by Democracy Now.
Journalist Greg Palast has been following Singer for years. He writes in a blog:
Singer plays defense, but is best at offense: To collect on some of his claims against Argentina, his lobbyists have pushed a bill in Congress to put an economic choke-hold on trade with the South American nation. Obama and Secretary of State Hillary Clinton blocked this crazy attack on our ally. As a result, Singer is not a happy gaucho. There will be blood. Obama will have to pay. http://www.gregpalast.com/rubios-billionaire-vulturepaul-singer-the-gops...