| Paul Singer is absolutely notorious in the investment world. He has brought shame upon the entire industry with his pioneering work as the world's first and foremost "vulture fund" capitalist.
With his "vulture funds," Singer became a pioneer in the investment world much like Lee Atwater and Karl Rove established themselves as pioneers in American politics - they've stooped lower than anyone else was willing, abandoning all principles and not caring one bit whom they've hurt in the process.
Essentially, Singer has made his name and increased his fortune by buying third-world debt. He buys the debt cheap - offering guaranteed money - then assumes the role of loan shark suing these poverty-stricken countries for immediate payment. It can be a high-risk and costly game played out in courtrooms all over the world, but Singer has played it and played it well.
The true corruption of Singer's "vulture fund" scheming, though, goes much farther than that. In fact, Singer's capitalist fervor has driven him to commit literal crimes against humanity. You see, the real secret to the success of Singer's "vulture funds" is that the debt they buy shouldn't really have to be repaid. The political movement pressuring wealthier, industrial nations to forgive third world debt has often erased the final obligation, but Singer manipulates the system, forcing third world countries to pay up while reaping the benefits of loan forgiveness entirely for himself (and his investors).
Brilliant? Perhaps. Evil? If this doesn't qualify, I have a hard time seeing what would.
In the most notorious instance of Singer's "vulture fund" investing, he made almost $50 million in profit off the country of Peru on debt for which he paid less than $12 million. Right now, an off-shore arm of his company located in the Cayman Islands is attempting a similar scam on the Congo, seeking $400 million in repayment for a debt they bought for only $10 million.
I'll leave it for others to ponder the racist implications of making a fortune ripping off people in Central America and Africa, then using those proceeds to fund an effort that would erase opportunities for their American-born descendants, who often came to our country in chains.
Of course, the $50,000 Singer has so far spent in Nebraska is hardly more than a pittance for him - even if it is the only major contribution received by the Nebraska Civil Rights Initiative. That $50,000 is also just the tip of the iceberg for Singer's open checkbook funding the far right-wing's political agenda across the country.
Singer has been the Republican Party's biggest financial contributor in New York City, giving $1.7 million to the party and its candidates since George W. Bush's first presidential campaign. With deep ties to Rudy Giuliani's still-born campaign for the presidency in 2008, it's reported that Singer had pledged to raise $10 - 15 million on Giuliani's behalf.
Meanwhile, Singer's dirty money has been a good fit for some very dirty politics. Not only was Singer a contributor to the Swiftboat Vet's 2004 campaign against John Kerry, he was also the secret financial backer behind an effort to change how California apportions its votes in the Electoral College.
In 2007, Singer gave $175,000 supporting a California Constitutional amendment that would have converted California from a winner-take-all state to a system like Nebraska's that is decided by each Congressional district. Thankfully, that petition effort never really got off the ground because it was rightfully seen as nothing more than a back door effort to help the Republican Party hold onto the presidency.
The failure of that petition may explain why Singer has $50,000 just sitting around to send to Nebraska. Otherwise, Singer's jumping into Nebraska politics from his New York City high-rise might have something to do with the huge windfalls he's seeing manipulating the U.S. housing market during the current mortgage foreclosure crisis. Last month's Bloomberg News contained a report that showed Singer practically salivating at the mouth at all the money to be made off the misery of American families.
Once again, a very dark force has entered Nebraska politics, corrupting and making a mockery of our petition process. This Singer is a contemptible crook who shamelessly profits off third world countries while seeking every angle to get richer on the backs of Nebraska homeowners.
We now have a very good sense of the true powers behind ending affirmative action. It's time to stand up once and for all, making clear to the Howard Rich and Paul Singers of the world that we won't sell our democracy to the highest bidder. It's time to fight back by making sure this corrupt petition effort never succeeds at making the Nebraska ballot. |
As with the 2006 spending lid proposals, true power lies with those who are actually paying the bills. In 2006, that was 
