Paul Singer, founder of Eliott Management, has claimed to be able to complete “the hard work of the whole of Argentina” in a recent investor letter, buoying growth predictions for the US economy.
The US economy has returned to growth in the past few months on the back of an extraordinary statement from one of the countries biggest debt management companies.
Paul Singer, founder and CEO of Eliott Management, is well known for buying the debt of struggling nations at a heavily discounted price and going on to sue them for full payment of the original loan. While his detractors have labelled Singer a “vulture”, he has defended himself stating that the money he receives comes from “unlocking value” through his “creativity and hard work”.
Singer was recently successful in suing the Republic of Argentina, with a population of 41 million, for $1.3bn, causing the country to face default.
“People accuse me of being a vulture,” explains Singer, “but what I am actually doing is unlocking value within Argentina through my own creativity and hard work.”
“This lawsuit has dragged on for the last ten years, costing many millions of dollars. In the end the Argentinian people will thank me for showing them the potential value of their economy. They can rebuild, they can make it better, faster, stronger…in my image perhaps.”
All of this came as welcome news for President Obama who was fearing a year of slow growth. The news that Singer has the creativity and capacity for hard work as a nation of 41 million means that the US could reasonably expect to double their previous growth forecast.
“We must, however, remember that we are using Argentinians as a benchmark here,” warned Jeremy Clarkson, “and we all know that Argentinians are lazy, otherwise why would they be in so much debt?”