CONCORD - As she refuses to stand up for Wall Street reform, Republican senate candidate Kelly Ayotte's campaign took in over $150,000 last quarter from the US Senate Victory committee - a joint fundraising committee whose funds rely largely on Paul Singer, the billionaire Wall Street founder of the hedge fund Elliot Management, and his Elliot Associates [CQ, 4/19/10; FEC Report, accessed 4/19/10 ]. The money represents over 20 percent of total funds raised by Ayotte in the first quarter of 2010.
The Wall Street-based Elliot Management is the largest "vulture fund" in the world. Vulture funds are predatory investors that seek to profit off the debts of the world's poorest countries. They buy a nation's debt for pennies on the dollar and then sue the indebted country to win repayment of the initial debt's full value. [The Guardian, 3/10/2007; Associated Press, 5/22/07]. According to the firm's press releases and trade publications, two of the firm's main arms, Elliot International and Kensington International, are based in the "tax havens" of the Cayman Islands. [Elliot Associates release via BusinessWire, 6/4/2002; Banking Wire, 9/12/2006]
"With over $150,000 of her campaign's contributions this quarter coming from hedge fund managers on Wall Street busy making billions off the debts of the world's poorest countries, it's no wonder that Kelly Ayotte has refused to stand up for real financial reform," said Emily Browne, Press Secretary for the New Hampshire Democratic Party. "She's defending the reckless policies, lax regulations and tax loopholes that drove our economy into a ditch because the Wall Street firms that were in the driver's seat then are the very same ones bank-rolling her campaign now. It's why she won't stand up for serious reform and why she supports the corporate interests who want to ship jobs overseas."
"Wall Street bought and paid for Kelly Ayotte's campaign and now they're getting their dividends," added Browne