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Phone: (717) 920-8470 - Fax: (717) 901-7829
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CONTACT: Patrick McKenna
PHONE: (717) 920-8470
FOR IMMEDIATE RELEASE
July 1, 2010
Pat Toomey Rakes In Thousands At Glitzy NYC Fundraiser From Billionaire Hedge Fund Manager And Other Wall Street Executives
Hedge Fund Billionaire Paul Singer Rakes In Cash For Toomey On Same Day U.S. House Of Representatives Passes Historic Wall Street Reform
Former Wall Street Derivatives Trader Toomey Still Refuses to Lend His Support To Wall Street Reform
HARRISBURG, Pa: Last night, former Wall Street derivatives trader Pat Toomey benefited from a glitzy fundraiser in Manhattan expected to raise his Senate campaign tens of thousands of dollars. The fundraiser was hosted by Paul Singer, a billionaire hedge fund manager, joined by other big shot Wall Street executives, who stand to be major contributors to Toomey. Yesterday's fundraiser was held on the same day that the U.S. House of Representatives passed an historic, pro-consumer Wall Street reform package, which Pat Toomey refuses to lend his support to.
"Former Wall Street derivatives trader Pat Toomey is now the Republican establishment's candidate, but now it is clear he's Wall Street's candidate too," said Pennsylvania Democratic Party spokesman Patrick McKenna. "Last night as the House of Representatives passed a historic, pro-consumer Wall Street reform package, Toomey benefited from a lavish Manhattan fundraiser hosted by a hedge fund billionaire. Pennsylvania voters are not going to let Toomey get away with supporting the Big Banks that helped bring our financial system to the brink of collapse while refusing to give support to Wall Street reform efforts."
Paul Singer's Wall Street-based Elliot 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, Elliot International and Kensington International, are based in the "tax havens" of the Cayman Islands. [Elliot Associates release via BusinessWire, 6/4/2002; Banking Wire, 9/12/2006]
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Politico: Paul Singer raises for Fiorina, Rossi, Rubio, others
Maggie Haberman
June 30, 2010
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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