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.

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    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…