Wednesday, 26 October 2016
Last updated 6 hours ago
Jun 7 2012 | 11:26am ET
Elliott Management's Paul Singer isn't getting any help in his fight with Argentina from the White House, but his friends on Capitol Hill are lending a hand.
The House Financial Services Committee, run by the Republicans to whom Singer has been so generous, will hold a hearing today on whether President Barack Obama's administration has "intervened" against U.S. investors. The administration is backing Argentina in its fight with Elliott and others over its 2001 default, writing in an amicus curiae brief warning that if Elliott is successful, as it has been so far, it would be an impediment to future restructurings.
The hearing will also deal with two bailouts.
Singer has donated some $2 million to Republicans this election season. He's also a member of the American Task Force Argentina, which is trying to force Argentina to pay on its defaulted bonds in full. Later this month, the U.S. Circuit Court of Appeals in New York will rule on Argentina's appeal of five lower-court rulings.
Theordore Olson, who served as solicitor general under President George W. Bush, will testify today. Another Bush official, former Deputy Treasury Secretary Kenneth Dam filed an amicus curiae brief in Elliott's favor, blasting the Obama administration's.