Paul Singer’s gushing praise makes awkward reading for Argentina's Macri.

[forest444]

The government’s relationship with some of the most influential players in global finance drew attention yesterday, after a gushing profile written by vulture fund boss Paul Singer praising President Mauricio Macri was published.

Singer, who made billions of dollars thanks to the government’s recent deal with holdout funds, wrote a profile of Argentine President Mauricio Macri as part of Time magazine’s “100 Most Influential People” special edition, in which the Argentine president was named alongside such leaders as U.S. President Barack Obama and Chinese head of state Xi Jinping.

“Macri has removed Argentina’s currency controls, allowing more freedom for trade. He has pledged to reintegrate Argentina into the global economy, seeking private investment from abroad,” Singer wrote, hailing the president as “a champion of reform.”

On the same day other reports emerged indicating the government’s improved relations with credit rating agencies and the International Monetary Fund, Singer praised right-wing leader strongly. Singer also claimed the president “has taken action to end the 15-year default that has kept the country in economic exile since 2001.”

“Macri still has important tasks ahead of him... but if he lives up to his promise, Argentina may finally do the same,” Singer concluded.

The billionaire stands to benefit greatly today from some of those Macri decisions, as the country is expected to pay $2.4 billion to his Cayman Islands-based hedge fund NML Capital in order to settle a decade-long legal conflict that began when other holdout bondholders refused to accept Argentina’s 2005 debt restructuring and sued the country in New York courts. According to Columbia University School of Business Professor Martín Guzmán, those bonds were originally purchased by Singer in 2008 at around $117 million.

When other holdouts are added to the bill, Argentina’s payments today will amount to more than $9 billion.

At: http://buenosairesherald.com/article/213054/paul-singer%E2%80%99s-gushing-praise-makes-awkward-reading-for-president
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A $2.4 billion payout for a $117 million bad faith investment, and that's the thanks Macri gets? The political attack ad practically writes itself with this one.

[Judi Lynn]

1. It IS funny, potentially. Singer helped Macri by donating tons to his campaign,

now he may have accidently helped him get out earlier than he wants to go!

They should do the world a favor, and BOTH go. Life would be so much cleaner, freer, safer, democratic without either one.

[forest444]

2. Ah, if wishes were horses.

As Joseph Stiglitz pointed out this settlement does very little except endorse the vulture fund scam, such that it practically guarantees it will happen again - and more brazenly - to other countries and of course the corporate world (which as you know floats bonds all the time).

When the vulture funds' brand of bondholder hostage taking starts to bite the corporate world, then perhaps we'll see a little action from regulators - maybe.