Who Funds Bjorn Lomborg? Why, Billionaire GOP Donor& Vulture Capitalist Paul Singer.

[hatrack]

EDIT

The discovery of support from Paul Singer comes after a DeSmogBlog investigation last year found that CCC’s early funders included conservative think tanks with links to the network of organisations funded by the Koch brothers, who have pushed millions into organisations denying climate science and blocking action to cut fossil fuel emissions. In the 2014 US political spending cycle, data presented by OpenSecrets shows Singer spent $9.4 million influencing Republicans – the biggest disclosed individual spender on the conservative side of US politics.

Singer, whose Elliott Management hedge fund manages about $25 billion in assets, has been branded a “vulture capitalist” enterprise due to investment strategies employed by his firm that targets foreign economies in trouble. A 2011 summary of “vulture funds” in The Guardian said Elliott Management’s “principal investment strategy” was “buying distressed debt cheaply and selling it at a profit or suing for full payment”.

Greg Palast, the author of Vulture’s Picnic, documented in The Guardian how Singer’s firm had managed to pocket $1.29 billion from the US Treasury after a “brilliantly complex” financial manoeuvre in 2009 that saw Singer lead a consortium to buy the parts supplier of General Motors and Chrysler before claiming cash from a government bailout of the struggling auto industry.

Singer, who according to Forbes is personally worth $1.8 billion, remains in conflict with the Argentinian government over debt bought by an Elliott affiliate and other investors. As well as the generosity shown to Bjorn Lomborg’s think tank, Singer’s foundation gave $500,000 to the Manhattan Institute for Policy Research, where Singer is chairman of the board of trustees. The Manhattan Institute is also known for downplaying the impacts of climate change while promoting fossil fuels.

EDIT

http://www.desmogblog.com/2015/02/09/exclusive-bjorn-lomborg-think-tank-funder-revealed-billionaire-republican-vulture-capitalist-paul-singer

[leveymg]

1. Elliott Mgmt and Cerberus basically gutted GM and Chrysler, forcing the bailout, which they pocketed

Cerberus then went for another guaranteed bailout by restructuring GMAC Credit as Ally, a consumer bank without branches but with FDIC protection. These vulture capital firms were also deeply involved in the Wall Street ripoff fronted by Bernie Madoff. They also prey on distressed public bonds issuers and manipulate global sovereign debt markets - their incentive is to make the greatest profit from creating financial chaos, destruction of companies, gaming and leveraging government guarantees, and stripping assets worldwide. For instance: http://www.wsj.com/articles/SB123932036083306929

Secured lenders -- those whose loans are backed by the rights to Chrysler assets should the company default -- haven't made a counteroffer to the Treasury, but one is forthcoming, say these people.

The lenders have now added the hedge fund Elliott Management to their negotiating team, which also includes Chrysler's four largest bank debtholders: J.P. Morgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley .

Those four banks hold about $4.3 billion of the bank debt, said people familiar with the situation. Elliott Management is also a large holder of Chrysler bank debt, which it bought on the secondary market.

In a statement Thursday, a steering committee representing secured lenders, including the four big banks and Elliott Management, said: "We are engaged in ongoing discussions with the U.S. Treasury and Chrysler, and continue to work diligently toward achieving a thoughtful solution prior to the April 30th deadline."

The lenders' steering committee held a conference call with lenders on Monday to update them on the Treasury offer, which one Chrysler debtholder called "ugly, really a pretty low starting point."

Chrysler, which is controlled by Cerberus Capital Management LP, has estimated that if it liquidates, the amount its senior secured lenders would see is between 11 cents and 43 cents on the dollar, according to the viability plan it submitted to the government in February.

These people are the worst sort of fraudsters, and get away with murder because they have protection and confederates high in several governments. See, http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5273942

[Nihil]

2. As you say ...

> get away with murder because they have protection and confederates high in several governments

"It's a big club and you ain't in it."