Via UK Media Watch:
Last Tuesday (9 February) the Daily Telegraph published an article about the role played by Elliott Management hedge fund, and its founder and President Paul Singer, in ongoing negotiations over debt relief for Argentina. The article was changed following a complaint by CST about its use of antisemitic cultural references from Shakespeare’s Merchant of Venice.
The article, written by Daily Telegraph assistant editor Jeremy Warner, was critical of Singer for refusing to join other creditors in accepting a deal on debt relief, arguing that “His case for more may be legally watertight, but it is also morally indefensible.”
In its original version, the article opened with this sentence:
“Latter day Shylocks at Elliott Management allowing, Argentina will soon have renewed access to international capital markets.”
Warner returned to this theme near the end of the article, writing:
“Debt restructuring provides a fourth option, yet as both Argentina and Greece have discovered, the trouble with borrowed money is that adjusting its value takes difficult negotiation, frequently obstructed by aggressively litigious hedgies such as Mr Singer demanding their pound of flesh.”
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