Elliott Management’s Paul Singer Speaks Aganst Dodd-Frank

Paul Singer, fund manager of Elliott Management Group and favorite of the Tiger21 club, recently spoke to members of the Federalist Society at a conference in Washington on Thursday reports MarketWatch.

Paul Singer Speaks Against the Dodd Frank Act

Paul Singer criticized the Dodd-Frank law. Singer argued that the law, which was implemented as part of efforts to prevent another financial collapse, enshrined banks that are “too big to fail” while, at the same, creating an environment in which regulators would be hard pressed to fulfill their new obligations. In his speech, Singer called the law’s ability to eject top executives from failing banks as “preposterous,” asking attendees, “Can you try to imagine the FDIC throwing out the entire management of the firm and having [former FDIC chief] Sheila Bair’s successor and others at the FDIC running these complex institutions?”

Paul Singer ELLIOTT MANAGEMENT

Dean Baker Seconded Paul Singer’s Concerns

Paul Singer was not the only speaker to raise objections about the Dodd-Frank laws. According to MarketWatch, “Other participants at the conference also raised concerns that the statute preserves the perception that the big U.S. banks are ‘too-big-to-fail’ and that they will be bailed out in the event of another crisis.” Amongst the neigh sayers was Dean Baker, co-director for the Center for Economic and Policy Research, who “argued that the biggest U.S. banks continue to have substantially lower costs of funds than the rest of the banking sector… that the largest institutions should be broken up and that large banks do not need $1 trillion in assets… to achieve economies of scale.”

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Most Expensive Specialty Crops in the World

Movies That Took Ages to Make

The Longest Hollywood Films Ever Made

Most Expensive Concert Stages

The Richest Bands of all Time

10 Most Corrupt Countries 2013 List

10 Countries with the Highest Quality of Life Index

Most Expensive Mattresses in the World

5 Smallest Countries by Land Area

The Ultimate Heartbreak Songs

Richest Teenagers in the World

10 Most Haunted Places in America

10 Best Places to Retire in Florida East Coast

Top 10 Places to See Before You Die

Top 8 Countries in the World Where Justice Prevails

10 Richest States in America

15 Wealthiest Countries in the World

Richest Singers in the World

Most Expensive Tasting Menu in New York City

Most Expensive Baby Items in the World

Most Expensive Hotel Suites in Vegas

Most Expensive Brunch in New York City

Most Expensive Beef Cuts in the World

25 Best Colleges to Get a Job

Top 10 US Supermarkets

The 25 Most Dangerous Cities in the World to Visit

Most Expensive Xbox Games

Top 11 Cities Where Billionaires Live

Top 10 Most Charitable Companies in America

Most Expensive Seafood in the World

The 10 Wildest Conspiracy Theories

The 10 Best Job Markets in the US

Top 10 Accounting Scandals of All Time

The 25 Biggest Cities in the World

Top 10 Best Paying Virtual Jobs

Most Expensive Leather Shoes in the World

Top 6 Things to Buy in March

The 10 Most Stressful Jobs in America – 2014 List

Top 10 Jobs for Introverted People

Top 10 Honeymoon Destinations in the World

Top 10 Highest Paying Jobs in the World

Most Expensive Day-Care in New York City

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!