Hedge Fund Manager Paul Singer Says Minimum Wage Increase Would 'Destroy Jobs'

Made the comment in letter to investors

Billionaire hedge fund manager Paul Singer feels for the poor but thinks increasing the minimum wage is a terrible idea.

"Put bluntly, these policies would destroy jobs and cause companies and even entire industries to move elsewhere.These movements are politically motivated–a way for politicians to fake compassion," Singer wrote in a letter to investors of his $23.3 billion Elliott Management on Jan. 27.