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Funiciello Calls Stefanik's Silence on Paul Singer's Role in Argentina's Default Reprehensible

Press Release

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Date:
Location: Glens Falls, NY

Matt Funiciello, the Green Party's candidate for Congress, called Elise Stefanik's silence on the actions of Paul Singer and NML Capital, her largest campaign donor, against the government and people of Argentina a sign that she is completely beholden to the "vulture capitalist" and a dangerous sign for voters of the 21st district. Funiciello also noted Aaron Woolf's silence should come as no surprise as well, as he is heavily invested in Wall St. hedge funds.

"Singer and NML Capital's actions have brought the government of Argentina close to default. It is important to note the crisis is a manufactured one, based on debt that dates back to the military dictatorship of the 1970s and 80s and the oligarchic government of the 1990s. After the people's revolt of 2001 overthrew the neoliberal government and defaulted on the debt, NML snapped some of those bonds up at firesale prices ($48 million) and now wants to be paid back the accrued value ($1.5 billion). Although Argentina has agreed to restructuring the vast majority of its debt with the debtholders -- 93% -- NML and the vulture capitalists (only 7% of bondholders) took them to U.S. court and even had Ghana seize an Argentinian ship, all so they could be paid. Now Argentina is close to default again because of Paul Singer. Think about that -- the arrogance and greed of one man will make millions of working-class Argentines suffer, and that man is Elise Stefanik's primary donor."

"Stefanik's silence on the matter means she is likely to represent the interests of a very wealthy corporate investor if she is elected, and not the people of the 21st district. We know through decades of political science research that candidates are more likely to respond to the needs of large campaign donors when in Congress, and not their voting constituency. Stefanik is likely to pursue legislation that will further enrich the 1% and impoverish the working class of the United States and the 21st District. This is a real issue as cities like Detroit have been forced into bankruptcy by bondholders much like Singer: will she stand with working people or the creditors? How can anyone trust a corporate candidate like Stefanik whose silence and complicity have been bought by vulture capital?

"Let's not forget that it isn't just Elise Stefanik and the Republican Party that have been bought and paid for by Wall St. While she is receiving the majority of her funds from Paul Singer, Aaron Woolf is heavily invested in hedge funds and it was the Obama administration that looked the other way as a New York judge ruled in favor of the vulture funds. Isn't it interesting that Woolf and the Democrats are mysteriously silent on the Argentine's dilemma?

"I am the only candidate that does not take corporate money, isn't beholden to Wall St. and hedge funds, and who realizes that standing in solidarity with the Argentine people against Wall St. will benefit American workers too. It's time we built a pro-worker Congress and the only way to do that is to elect pro-worker candidates. I proudly stand as one, unlike my corporate opponents Elise Stefanik and Aaron Woolf," said Funiciello.


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