Friday, 28 April 2017
Last updated 3 hours ago
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.