Two Manhattan Hedge Funds Face Off in Cold War Over SoftwareCue “Goldfinger”! Manhattan-based hedge fund Elliott Management Corp and rival hedge fund Cedar Hill are embroiled in a drama with Bondian overtones. Elliott, which is helmed by longtime Giuliani moneyman Paul Singer, claims it “unearthed” a “secret conspiracy” within Cedar Hill, in which a rogue Elliott employee acted as “double agent,” their court filing says, and schemed with Cedar Hill to steal the microfilm! Or, you know, the proprietary trading software Elliott developed to help analyze loans, bonds, and related instruments for trading in collateralized debt obligations. “Cedar Hill’s illicit conduct is nothing short of an overt act of corporate espionage,” Elliott alleged. Secret conspiracies! Double agents! Espionage! Collateralized debt obligations? It’s just like a spy movie! Only more boring.
Elliott Management Sues Rival [Forbes]
white men with money
Bono Would Totally Hate Giuliani Bud Paul SingerOver the last week, we noticed what looked like a pretty well-organized effort to smear Hillary Clinton by getting at her advisers and donors. Guess what — it works both ways. The Democrats would like to direct your attention to one Mr. Paul Singer, who is both donor and adviser to Republican presidential front-runner Rudy Giuliani. Singer runs Elliott Associates, an investment firm that specializes in so-called “vulture funds” (i.e. buying up Third World debt at a discount, thus mucking up the global issue of debt forgiveness). How unsavory, if legal, is Singer? Let the DNC count the ways
