Sunday, 23 April 2017
Last updated 1 day ago
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.