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Billionaire GOP Power Broker Paul Singer Wants Marco Rubio In The White House

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Marco Rubio’s presidential campaign just got the biggest boost he could’ve hoped for: billionaire hedge fund manager and conservative powerbroker Paul Singer explicitly expressed his support for the Floridian. As the costs of sustaining a presidential campaign balloon past the billion-dollar mark, SuperPACs and mega-donors have become instrumental in any bid for the White House, giving Rubio a significant advantage over opponents like Jeb Bush and Chris Christie who also sought Singer’s support.

The link between the richest people in the country and Washington has never been as strong as it is today. Thus, Marco Rubio’s campaign must be rejoicing in the aftermath of a piece in the New York Times that hit the wire on Friday, making it clear that Paul Singer is putting his weight behind the young GOP contender. (Read The Koch Brothers Paradox: Dark Money, SuperPACs, And The Forbes 400).

Singer had already made his support for Rubio explicit in April, when he donated directly to the candidate, according to the Center for Responsive Politics. Singer is one of a handful of billionaires in the country that politicians court for their deep pockets, and almost as importantly, their vast networks of moneyed friends. Singer, like Charles and David Koch, Sheldon Adelson, and George Soros, have perfected the art of covert donations, making their public disclosures a signpost meant to advertise their support to other potential donors.

Dubbed a “bundler” by the Times, Singer has built his own brand as a GOP powerbroker. A billionaire hedge fund manager from New York, Singer is a self-proclaimed conservative libertarian who deplores government intervention. The founder of $27 billion hedge fund Elliott Management, Singer is a foreign policy hawk with close ties to Israel. With a net worth of $2.1 billion, he’s also a major backer of LGBT causes, having spent $1.7 million in 2012 to found the American Unity PAC, which encouraged GOP candidates to support same-sex marriage. According to the Times, he was the single-largest donor to Republican candidates and causes last year. Neither Singer nor Elliott Management’s spokespeople responded to requests for comment.

Singer’s profile has risen meteorically over the past few years. Intensely private, Singer saw his fund come out of the financial crisis in fairly good shape. As Elliott’s AUM ballooned from around $7.5 billion in 2006 to $14.7 billion by 2009, so did Singer’s following. His aggressive activism in sovereign debt circles (including a major standoff with Argentina that continues to this day), along with his scathing letters against CEOs and their boards (as he did with John Hess) came with stellar returns, making his quarterly investment letters a must-read for any money manager. After supporting Rudy Giuliani’s failed bid for the presidency in 2008, Singer embraced his public persona as he threw his weight behind the gay rights movement. His big year came in 2014, when he hosted a breakfast with fellow Wall Street billionaire Dan Loeb in Davos to raise the issue of gay rights.

For Rubio, Singer's support is like a glass of water in the desert. Beyond the scrutiny of his personal financial problems (we valued Rubio's net worth at $100,000, the second lowest of any presidential candidate), his campaign has struggled to raise funds. According to the Times, Rubio has relied on outside groups to pay for his TV ads, while fellow Floridian Jeb Bush managed to gain an initial lead by flexing his financial muscle. In a densely populated Republican field, Singer's support means more donors will begin to look at Rubio as a more serious candidate. It also has the potential to dry up funds for Christie and Bush, who are also said to have ties with Singer.