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Singer Says Derivatives He ‘Loves Trading’ Hurt Society

Billionaire hedge-fund manager Paul Singer said derivatives have been a “net negative” for society and that the touted hedging benefits have been overstated by financial companies.

“I love trading them,” Singer, whose Elliott Management Corp. manages $23.9 billion, said during a panel discussion at the World Economic Forum in Davos, Switzerland, today. “On balance, there’s been a net negative to society from this particular type of invention.”