Friday, 28 April 2017
Last updated 3 min ago
May 29 2009 | 11:12am ET
Elliott Management chief Paul Singer is no fan of increased regulation, but there is one place where he’d be happy to see the heavy hand of government fall.
Singer, a prominent Republican donor and top backer of the failed presidential bid of former New York City Mayor Rudolph Giuliani, blasted the “anti-capitalist” mood on Capitol Hill, which he said would only prolong the financial crisis, Reuters reports. But he did tell the Ira Sohn Investment Research Conference on Wednesday that the government should place limits on leverage.
“There is one kind of regulation that will be useful and necessary and that is a global scheme of limitations on leverage,” Singer said.
“There is nothing that forced the major financial institutions to go ‘hog wild,’” he added. “Limits on leverage will prevent a recurrence of this debacle.”
And the head of $13 billion Elliott defended his industry, saying that hedge funds had nothing to do with the genesis of the financial crisis.
“The stark truth is it was not hedge funds that blew up the world; it was regulated entities or their affiliates,” Singer said.