ML-Implode News - Hedge Fund Managers Bet on Ryan

Some of the nation's top hedge fund billionaires, including many of the same financiers who are playing a major behind-the-scenes role bankrolling Republican presidential challenger Mitt Romney, helped finance Rep. Paul Ryan's rise to prominence over the past two years.
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The single largest contributor this year to Ryan's Prosperity PAC was Elliott Management's Paul Singer, whom a Fortune Magazine profile earlier this year called "a passionate defender of the 1 percent and a rising Republican power broker." Singer chairs the Manhattan Institute for Policy Research, a New York City-based conservative think tank.

Ryan has been an articulate spokesman for libertarian ideas and balanced budgets even as he frequently ignores those principles to curry favor with his southeast Wisconsin constituents (for instance, he was for the auto bailout before he was against it).

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Besides his interest in lower taxes, less regulation and repeal of portions of the Dodd-Frank law, Singer has been willing to challenge foreign policy stances that affect his bottom line. After taking stakes in the sovereign debt of Argentina and Peru, Elliott Management went to court to force those countries to pay their debts in full. One international law expert told Fortune that "some of the stuff Elliott does is not good for the international system, but they're incredibly smart players and they are winning."

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Hedge Fund Managers Bet on Ryan