Greenlight’s Einhorn Blasts Ratings Agencies

May 27 2010 | 1:33pm ET

Greenlight Capital’s David Einhorn used the bully pulpit of the Ira Sohn Investment Research Conference to continue to bully his latest bêtes noir, the credit ratings agencies.

The hedge fund chief, who used the same platform to predict the demise of Lehman Brothers in 2008, said he is still shorting shares of Moody’s Corp., blasting the way it—and its fellow ratings agencies—do their job.

Moody’s and Standard & Poor’s make “five-year medium-term qualitative assessments for each country, but [do] not appear to do any long-term qualitative or critical work,” he told the 1,200 hedge fund managers assembled at the New York conference. Instead, the agencies base their long-term ratings on the short-term outlook of 12 to 18 months.

Separately, Greenlight revealed in a Securities and Exchange Commission filing that it had become the largest shareholder in automatic teller machine maker NCR Corp., with a 5.1% stake.


In Depth

Q&A: High Conviction, Low Correlation

Oct 30 2014 | 7:35am ET

Acadian Asset Management's numbers are big: over $70 billion in assets under management...

Lifestyle

Ex-Hedgie Steyer Gives $56M To Climate Action Super PAC

Oct 28 2014 | 9:23am ET

Retired Farallon Capital founder Tom Steyer has poured almost $56 million into his...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Demeter: Family affair

David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.