Paul Singer
Businessman
1944-08-22
Books by Paul Singer
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Pursued by a Bear
How I Endured Years of Medical Treatment and Lived to Write About It
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The Natal Native Contingent in the Anglo-Zulu War, 1879
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Quotes by Paul Singer
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Derivatives trading should be standardized and as much as possible moved to clearinghouses.
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Governments need to be authorized to provide 'open bank assistance.' The convolutions of Dodd-Frank aimed at 'avoiding' this tactic are ludicrous and will prove to be extremely costly to the system.
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The Orderly Liquidation Authority prescribed by Dodd-Frank should be repealed and replaced by an amendment to the U.S. Bankruptcy Code which would operate to prevent cross-default provisions from impacting derivatives books so long as mark-to-market payments are being made in a timely fashion.
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What I think about derivatives is if every institution that owns or trades them is properly margined and marked to market, including end-users, including every institution, including sovereigns and multilateral institutions, then the system would be safe - if people were margined the way customers of investment banks are margined.
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Credit ratings and risk weightings must undergo a thorough process of review and revision. No security or instrument on the planet should have a zero risk weighting.
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While many of Mr. Obama's ideas warrant skepticism, conservative opposition to any expanded role for government is a mistake.
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A great deal of stupidity has chipped away at the massive advantages of Western civilization, which could terminally decline if it remains on the current path. But these problems can be solved - and swiftly - if the right leaders emerge.
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It is a very bad idea for governments to create arbitrary and unfair outcomes, or outcomes resulting from the passions and whims of the government rather than from the law, just because they have the power to do so.
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My concern as a citizen and as a money manager is, Oh my God, at what point does a 'whoa' moment happen to these people who own $30 trillion fixed income instruments?
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The Congo is very wealthy from oil money but is not paying its debts and at the same time is applying for special status at the World Bank. That's shocking and disingenuous.
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