Posted on May 23rd, 2008 in Mr Mortgage's Personal Opinions/Research
12pm EST…It was just announced that David Einhorn will be on the closing bell with Maria Bartiromo at 3pm EST, therefore I am re-posting the story below from Friday so you have all of the hardcopy material at your disposal. This story is really getting traction. -Best Mr Mortgage
Story Below Originally Posted Friday, May 23rd.
Below is the transcript from David Einhorn’s speech at this week’s Ira W Sohn conference. Einhorn is the President of Greenlight Capital and has achieved returns over the past 12-years of 25% on average. Needless to say, he knows the game.
I can’t say enough about what this man is doing in shedding the light on such a murky and taboo subject that everyone, including the SEC, is ignoring.
After an in-depth and informative intro, he dives right into Lehman with research that is quite damning. David Einhorn exposes Lehman’s lies. The same lies that rallied the stock from $20 to near $50 within a few days after Bear Stearns went down. If this turns out to be on the mark, this could be big trouble for Lehman and perhaps a Groundhog Day scenario.
If you look at today’s options action, they were buying June puts down to $17.50, which is the lowest available. The put volume was reminiscent of the week prior to the ‘Bear Stearns weekend’.
This story maybe just getting started. Perhaps now that the facts are out, this time they won’t be able to blame their stock price crashing on short sellers. Regular sellers who just do not want to be part of the lies can drive a stock price down too, ya know.
Thanks for the insight David! -Best, Mr Mortgage
“ACCOUNTING INGENUITY”- 5/21 By David Einhorn, Greenlight Capital
Also, for your weekend reading pleasure, below is a copy of his speech last month, “Privite Profits and Socialized Risk”. (don’t miss the last paragraph)
FINALLY, for you die-hard Einhorn junkies like myself, here is the link to his book, ‘Fooling Some of the People All of the Time’. This is about the hell-storm that started with the SEC when at the very same Ira W Sohn conference on May 15th 2002, he spoke about his best investing idea at the time, which was shorting Allied Capital. You gotta read this.
RELATED MR MORTGAGE RESEARCH/STORIES