The Real Roots of Hedge Fund Manager Rage

by Jesse Eisinger
ProPublica, Nov. 12, 2014, 12:10 p.m.

The anger of the investing class has curdled into paranoia.

Paul Singer, the head of the $25 billion hedge fund Elliott Management, had an Edvard Munch moment in his most recent letter to his investors. "Nobody can predict how long governments can get away with fake growth, fake money, fake jobs, fake financial stability, fake inflation numbers and fake income growth," he wrote. Some commenters think the economy is improving, but he wrote, "We do not think this optimism is warranted, and we think a lot of the data is cooked or misleading."