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Journalists Funded By ‘Vulture Capitalist’ Paul Singer Campaign To Smear Wall Street Protests
ThinkProgress / News Analysis
Published: Monday 10 October 2011
“Singer, manager of a $17 billion hedge fund, earned the moniker “vulture capitalist” for buying the debt of Third World countries for pennies on the dollar...”
The campaign to marginalize and destroy the growing 99 Percent Movement is in full swing, with many in the media attempting to smear the people participating in the “occupation” protests across the country. However, several of the so-called journalists deriding, and in some cases sabotaging the movement, have paychecks thanks to a billionaire whose business practices have been scorned as among the worst of the financial elite.
As the New York Times has documented, Paul Singer, a Republican activist and hedge fund manager worth over $900 million, has emerged as one of the most important power brokers within the GOP. Now, it appears that the reporters financed by Singer are at the forefront of efforts to tarnish the reputation of 99 Percent Movement demonstrators:
Journalist Who Admitted To Infiltrating Protests To ‘Mock And Undermine’ The Movement Works For A Singer-Supported Right-Wing Magazine. In a column posted last night, reporter Patrick Howley admitted that he had surreptitiously joined an anti-war spin-off group from the OccupyDC protests that planned to demonstrate at a military drone exhibit at the Smithsonian’s Air and Space museum. Howley wrote that he “infiltrated” the action and sprinted into the police along with a few protesters in order to “mock and undermine” the movement. Singer is a major donor to the Spectator, a right-wing magazine known for its role in the “Arkansas Project,” a well-funded effort to invent stories with the goal of eventually impeaching President Clinton.
Journalist Pushing To Discredit Occupy Wall Street Is Funded By Singer’s Think Tank. Josh Barro, a journalist who has attacked the 99 Percent Movement in the National Review and the New York Daily News, draws a salary from the Wriston Fellowship at the Manhattan Institute, a big business advocacy think tank in New York. Barro makes the same tired arguments, that anti-Wall Street protesters are too inarticulate and “extreme” to be taken seriously. Singer is the chairman of the Manhattan Institute, and even oversees the Wriston annual fundraiser.
As Singer-funded journalists make their best effort to diminish the Occupy Wall Street protesters as confused idiots unable to articulate a clear goal, it so happens that these journalists are funded by a man who epitomizes the crony capitalist behavior of the greedy one percent.
Singer, manager of a $17 billion hedge fund, earned the moniker “vulture capitalist” for buying the debt of Third World countries for pennies on the dollar, then using his political and legal connections to extract massive judgements to force collection — even from nations suffering from starvation and violent conflicts. Singer and his partners have used such tactics in Panama, Ecuador, Poland, Cote d’Ivoire, Turkmenistan, and the Democratic Republic of Congo. In addition to squeezing impoverished countries with sovereign debt schemes, Singer speculates in the oil markets, a practice which can lead to gasoline price hikes here in the United States. The revelation that Singer engages in oil speculation, and also funds Republican lawmakers opposed to oil speculation regulations, was exposed by ThinkProgress using leaked government documents.
Singer’s political philanthropy is tied to his business interests. As Greg Palast has reported, Singer purchased near-bankrupt asbestos companies before his allies in Congress changed an asbestoas-liability law to make his investment incredibly profitable (at the expense, critics allege, of sickened workers). More recently, Singer has forged close financial ties to Rep. Scott Garrett (R-NJ), a little-known lawmaker at the forefront of efforts to repeal Dodd-Frank financial regulations on hedge funds like Elliott Associates, Singer’s firm.
The rise of Singer’s political profile can be traced to his work as a top donor to pro-Bush character-assasination groups like the “Swift Boat Veterans.” In recent years, he has quietly worked with the right-wing billionaire industrialist Koch brothers and Republican strategist Karl Rove to finance a fleet of anti-Obama organizations, including the shady attack ad nonprofit, “Crossroads GPS.” Singer also led a controversial group of Republican moneymen in a bid to recruit Gov. Chris Christie (R-NJ) into the presidential race, but shifted to endorsing Mitt Romney. Singer and Romney are already close; Singer’s hedge fund actually manages at least $1 million of the former governor’s personal investments.
Singer’s influence even extends to the Supreme Court. As ThinkProgress reported, Singer hosted Justices Clarence Thomas and Samuel Alito to speak at his $5,000-$25,000 a plate dinners.
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ABOUT Lee Fang
Lee Fang is an investigative researcher and contributing author for NationofChange. A resident of Sacramento, CA, Lee has written for the Boston Globe, The Nation, and ThinkProgress.org.
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23 comments on "Journalists Funded By ‘Vulture Capitalist’ Paul Singer Campaign To Smear Wall Street Protests"
ouabnfly
mKnrqN teithgxwjena
Hey, good to find soemnoe who agrees with me. GMTA.
October 12, 2011 1:59am
He is a neoconservative (neocon) and supporter of the New York City Police Foundation. See: http://en.wikipedia.org/wiki/Paul_Singer_(businessman)
October 11, 2011 11:00am
OK-- Everybody stop arguing among the 99%ers and figure out who the enemy is. The union worker didn't foreclose on the home of the Tea Party guy. Wall Street did that. The Republicans didn't layoff the Democratic worker. The corporation did that. No matter what political ideas you have otherwise, you can not think it's right for the rich to pay for political campaigns that elect people who will enact laws to make them richer so they can buy more politicians to pass laws to enable them to make more money and etc etc etc. Meanwhile, the rich get richer and the Middle Class is sinking into a lower class living standard. Look around you. If it hasn't happened to you, YET, it has to your neighbor, a friend, a relative. We have to stop fighting against each other, look into the voting records of the people we elect and choose the one who is least in the control of the rich- because none of them have not received corporate money- and vote for the person who is doing the most to help the Middle Class. Because if we don't do that, and do it soon, we are toast.”
October 11, 2011 4:52am
What businesses is Singer invested in? Can we boycott?
October 11, 2011 4:49am
We should all spread this information far and wide and never allow him to forget any of it.
October 11, 2011 4:38am
Attempting to censor the "Occupy Wall Street" movement is futile. Like many other Wall Street "Fat cats", Mr. Singer wrongly assumes that Americans are misled, and are too naive to understand the workings of big business. He is wrong. Americans are not misled and naive. We are QUITE aware of what is going on. It doesn't take someone with a Master's degree in business to recognize greed and oppression. So, "Keep talking, Mr. Singer. It will do no good."
October 10, 2011 11:03pm
http://www.youtube.com/watch?v=mGU2Z1WJwXs
October 10, 2011 10:47pm
Demonstrations eventually need to coalesce around a mission statement, however general it turns out to be. It should be inclusive of all the aggrieved citizens protesting. Certainly it is about the restoration of functional democracy; also about the overwhelming injustice of the Wall Street establishment; also about the literally enormous injury that establishment has irresponsibly done to the entire American society, not to the economy alone. And Wall street is really a generic term for the exploitative financial establishment nationwide and internationally. Above all, our country needs a statesman of vision and integrity who will give voice and purpose to the good citizens protesting injustice today all across this beloved republic. Can it be a Republican today? Obviously not. It can only be Barack Obama. Is he that statesman so acutely needed in this painful emergency? We can hope!
October 10, 2011 7:23pm
Keeping it honest: Remember the Movie: “Wall Street?” Isn’t Greed supposed to be NOT good? So many news articles stating that American protesters have “no clear “agenda? It seems crystal clear to the middle class America that they are frustrated by the lack of concern that exists for the people in this country who need jobs and hope to support themselves and families. Millions of unemployed people looking for work in this country are being ignored and slowly erased by mega-corporations including Big Oil, Banks, Computer Co., Drug Insurance Companies, whose only concern is for their obscene profits far exceed anyone’s understanding! The beauty and treasured tradition of America allows people the freedom to unite and speak out to draw attention to these huge social injustices. It’s about time that Americans did and said, “we are mad as hell and we are not going take it any longer!” Are you listening Mr. Cantor, you and your war on the Middle Class of America? For the record, “Greed is Not good”; it’s ugly, selfish, obscene and destructive for our society. After all, We are a still a democracy, not aristocracy, nor a Banana Republic! Just look around this great county! " It's no surprise that the Romney campaign and his republicans in the Congress are raising money from Wall Street by saying they want to repeal consumer protections sand allow Wall Street to write its own rules, AND the recipients of dollar tax payer bailout with no conditions and used it for non-performance bonuses!
October 10, 2011 5:29pm
Guess he picked up the money spigot after Paul Weyrich died. Whose karma caught up with him at the end of life with an injury that left him in constatnt pain.
October 10, 2011 4:08pm
Dear Lee,
Yes, Paul Singer is a supporter of the "Modern Piratical Capitalism" movement of which, Health Care is only one of the corrupted revenue streams.
THE NEW AMERICAN PIRATES, ARE KILLING AMERICANS.
This story is not about glamorized or fictional piracy. This is, “real piracy.”
Hundreds of our wealthiest leaders and most powerful corporations know that in the next few years, they will be able to siphon, skim, and steal, so much “NEW CASH,” that they and their progeny will be ultra-rich for generations to come.
No, this is not funny, or fiction, or a conspiracy, it is just simple greed and simple theft.
The new pirates of America have launched an all-out siege on us in order to capture, amass, and hold trillions of dollars for themselves.
All of the recent political power grabs and nonsensical debating is purely a slight-of-hand deflection. President Obama, Democrats, Republicans, the International Press, and even the Tea Party, are watching the tiny pea in the shell game…while the rich and powerful “Piratical Right” is stealing America right out from under us.
Consider that their combined total plunder from corporate flipping, downsizing, offshore labor, speculation, price fixing of oil and energy plus, corruption in defense, health care, banking, student loans, foreclosures, etc., etc., is a trillion dollar treasure for these pirates.
Go ahead, put your own calculator to it.
Are they smarter than we are? Yes, and they are laughing at us. I, we, you, and all of us, have not been able see the big picture of what is happening to our own country and to our own people. The rape and theft of America, has been cleverly packaged, promoted, and sold under the guise of “cost-cutting,” “deregulation,” and “free enterprise.”
The “Piratical Right” is directly responsible for millions of people dying, getting sick, losing their jobs and homes, losing their ability to fight, their spirit, and even losing their will to live. The sick smell of this carnage now permeates the air across America.
To us, this is all unimaginable, because we look for some sense or the morality of things. These modern-day American pirates however, have no moral compass. They are devoid of any conscience, humanity or soul, and are feeding on the flesh of the American people.
Don’t look to the President, the Senate, Congress, the press, or any political party to help. Sadly, they just don’t see it, don’t care, or are part of it. “We the people” are on our own. Start asking questions. Demand answers. If we don’t fight back America…who will?
History has taught us how to stop piracy.
By Mr. S. Pimpernel 10/08/2011
Background: I have secretly worked inside of a famous Right Wing organization plus, have 30+ years working with the Fortune 100 and face-to-face with their Presidents. If anyone thinks my comments are over-the-top, then I suggest they put a couple of good researchers and accountants on it and crunch their own numbers.
October 10, 2011 4:06pm
no one should take anything coming out of C A P seriously
Mr. Saul Alinsky might be of some help.
October 10, 2011 3:19pm
Another villan that seems to be all too typical of the GOP and the right in general. These are the kind of people that the right keeps protecting and justifying in let the markets govern themselves retoric and remove all the regulations on business so they can create jobs.
October 10, 2011 3:07pm
. . Paul Singer, a Republican activist and hedge fund manager . . . People are waking up to the fact that the G.O.P. has been talking down to everyone "starting with George Bush's Treasury "SECRETary" the people are "too naive to understand the complexities of banking" The G.O.P. doesn't consider the people being abe to understand their thevery - their lies -.- WMD's -.- Foreclosures -.- Wall Street - the Bankers....I think we understand, and I think it is fear in their eyes . . . . . DIVERATIVES . . . . . CREDIT DEFAULT SWAPS . . . . . HEDGE FUNDS . . . . . FLIM-FLAM -.- AND HOW TO ACTUALLY REWARD THEIR DECEIT . . . .
. . . . According to the 2008 official Pentagon inventory of our military bases around the world, our empire consists of 865 facilities in more than 40 countries and overseas U.S. territories . . . . .
. . . . the total costs of the war in Iraq will reach $797.3 billion by the end of the current fiscal year on September 30, 2011. . . . .
. . . . First, it was to go after those responsible for 9/11
.
Then it was to remove Saddam Hussein from power and track down his weapons of mass destruction
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Then it was to bring stability to the region.
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Then it was to have free elections and bring he factions together.
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Then it was to allow Iraq to be a model state for the Middle East.
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Then it was to create a road to peace in Israel through Iraq.
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Then it was to give Iraqis "more time" to organize their government.
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..AND now it is to reduce the number of members of al Qaeda in Iraq (which was zero when it all started).
.
October 10, 2011 2:39pm
More and more of the likes of this guy are going to surface and have to be skimmed off as you would grease fat on hamburger. Something I'm sure he knows nothing about.
October 11, 2011 8:24am
The reveloution will not be televised, due to a conflict on the media's need to get payed.
October 10, 2011 1:52pm
It's not about being against money, millionaires, capitalism, or rich people in general. This whole thing is about standing up against stealing, exploitation, killing, harming in any way, lying, etc. All people are capable of these things, rich or poor, black or white, male or female. There are some very good people out there who have a lot of money and who are using it to benefit others. This needs to be specified if this movement is to be truly taken seriously. Unfortunately I have the feeling that a lot of the protestors are not really clear on what they are protesting, and this could have a detrimental effect. I read that 40% of the population simply has NO opinion about what is going on...even deadlier.
October 10, 2011 1:10pm
I do not know who was preventing some folks from reading this article, but it is a good article about a horrible person.
This Singer is deplorable. There ought to be legal laws against his behaviour - not just moral laws against it.
October 10, 2011 12:28pm
link to story mentioned in headline is here at the original source: (thinkprogress.org)http://thinkprogress.org/special/2011/10/10/339862/paul-singer-vulture-capitalist-journalists/
October 10, 2011 12:20pm
Singer is a waste of skin and water