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: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note