Singer Slams Dodd-Frank As 'Nutty'

May 10 2011 | 12:22pm ET

Eliott Management's Paul Singer is no fan of the Dodd-Frank U.S. financial regulation overhaul.

The billionaire hedge fund manager called the measure "entirely nutty" during a conference in New York last week, criticizing the law for failing to address the need for derivatives disclosure on the parts of banks.

Those banks "have become effectively the biggest hedge funds on the planet," but "opacity on extreme levels is not addressed anywhere, including Dodd-Frank." And when moderator James Millstein, a former Treasury Department official, praised the "living will" liquidation procedures for systematically important firms, Singer dismissed it.

"Dodd-Frank goes through gymnastics to try to do it, but I don't think it's workable," he said. And the law will wind up making the financial system even "more brittle" than it was before the financial crisis.

Singer, a major Republican donor, added that Wall Street should speak up in favor of changes to the bill, which was championed and passed by Democrats.

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…