Informationen zum Autor DAVID EINHORN is the president of Greenlight Capital, which he cofounded in January 1996. Greenlight Capital is a value-oriented investment advisor whose goal is to achieve high absolute rates of return while minimizing the risk of capital loss. Einhorn is the Chairman of Board of Greenlight Capital RE and also serves on the boards of Hillel; The Michael J. Fox Foundation for Parkinson's Research; and of the Robin Hood Foundation. Klappentext Praise for FOOLING SOME OF THE PEOPLE ALL OF THE TIME "The culture of corporate greed that you depict is one that must be held to account if we are to prevent companies and bad actors from engaging in practices that are harmful, not only to investors, but also to our national economy." - Senator Olympia J. Snowe "What you will find within the pages of this book will blow you away. This is a tale of deceit, fraud, misrepresentation, cloak-and-dagger antics, millions and millions of wasted taxpayer dollars, and an unbelievable amount of effort expended by Einhorn and others to bring it all to light. . .This book may go down as one of the classic financial forensics books of our time." - Clyde Milton , Seeking Alpha "But the most troubling material concerns an issue that is bigger than Allied and Einhorn's battle: it's the way criticisms of corporate behavior are received in the marketplace. Many, including the SEC, appeared inclined to shoot the messenger." - Bethany McLean , Fortune In 2002, David Einhorn-one of the country's top investors-was asked at a charity investment conference to share his best investment advice. His response: short sell Allied Capital. At the time, Allied was a leader in the private financing industry with a reputation that had never been questioned. But Einhorn claimed Allied was using murky accounting practices to prop itself up. At the time of the original version of Fooling Some of the People All of the Time , the outcome of his advice was unknown. Now, the story is complete and we know Einhorn was right. He was right again when in 2008 Einhorn advised the same conference to short sell Lehman Brothers. With a new and substantial epilogue, the paperback edition of Fooling Some of the People All of the Time provides a detailed conclusion to the gripping battle between Allied Capital and Einhorn's Greenlight Capital and describes how many parts of the Allied Capital story were replayed in the debate over Lehman Brothers. Zusammenfassung Fooling Some of the People All of the Time is the gripping chronicle of the ongoing saga between author David Einhorn s hedg fund, Greenlight Capital, and Allied Capital, a leader in the private finance industry. Inhaltsverzeichnis Foreword xi Allied Capital Stock Price Chart xiv Who's Who xvii Introduction to This Edition xxi Introduction: The Spark of a Speech 1 Part One: A Charity Case and Greenlight Capital Chapter 1 Before Greenlight 9 Chapter 2 Getting the "Greenlight" 13 Chapter 3 Greenlight's Early Successes 23 Chapter 4 Value Investing through the Internet Bubble 33 Chapter 5 Dissecting Allied Capital 43 Part Two: Spinning So Fast Leaves Most People Dizzy Chapter 6 Allied Talks Back 55 Chapter 7 Wall Street Analysts 65 Chapter 8 The You-Have-Got-to-Be-Kidding-Me Method of Accounting 73 Chapter 9 Fact-or Maybe Not 81 Chapter 10 Business Loan Express 97 Chapter 11 Disengaging and Re-engaging 105 Chapter 12 Me or Your Lyin' Eyes? 111 Chapter 13 Debates and Manipulations 121 Chapter 14 Rewarding Shareholders 127 Chapter 15 BLX Is Worth What, Exactly? 135 Part Three: Would Somebody, Anybody, Wake Up? Chapter 16 The Government Investigates 145 Chapter 17 A Tough Morning 157"The culture of corporate greed that you depict is one that must be held to account if we are to prevent companies and bad actors from engaging in practices that are harmful, not only to investors, but also to our national economy."
-Senator Olympia J. Snowe

"What you will find within the pages of this book will blow you away. This is a tale of deceit, fraud, misrepresentation, cloak-and-dagger antics, millions and millions of wasted taxpayer dollars, and an unbelievable amount of effort expended by Einhorn and others to bring it all to light. . .This book may go down as one of the classic financial forensics books of our time."
-Clyde Milton, Seeking Alpha

"But the most troubling material concerns an issue that is bigger than Allied and Einhorn's battle: it's the way criticisms of corporate behavior are received in the marketplace. Many, including the SEC, appeared inclined to shoot the messenger."
-Bethany McLean, Fortune

In 2002, David Einhorn-one of the country's top investors-was asked at a charity investment conference to share his best investment advice. His response: short sell Allied Capital. At the time, Allied was a leader in the private financing industry with a reputation that had never been questioned. But Einhorn claimed Allied was using murky accounting practices to prop itself up. At the time of the original version of Fooling Some of the People All of the Time, the outcome of his advice was unknown. Now, the story is complete and we know Einhorn was right. He was right again when in 2008 Einhorn advised the same conference to short sell Lehman Brothers. With a new and substantial epilogue, the paperback edition of Fooling Some of the People All of the Time provides a detailed conclusion to the gripping battle between Allied Capital and Einhorn's Greenlight Capital and describes how many parts of the Allied Capital story were replayed in the debate over Lehman Brothers.

Zusammenfassung
Fooling Some of the People All of the Time is the gripping chronicle of the ongoing saga between author David Einhorn s hedg fund, Greenlight Capital, and Allied Capital, a leader in the private finance industry.

Inhalt

Foreword xi

Allied Capital Stock Price Chart xiv

Who's Who xvii

Introduction to This Edition xxi

Introduction: The Spark of a Speech 1

Part One: A Charity Case and Greenlight Capital

Chapter 1 Before Greenlight 9

Chapter 2 Getting the "Greenlight" 13

Chapter 3 Greenlight's Early Successes 23

Chapter 4 Value Investing through the Internet Bubble 33

Chapter 5 Dissecting Allied Capital 43

Part Two: Spinning So Fast Leaves Most People Dizzy

Chapter 6 Allied Talks Back 55

Chapter 7 Wall Street Analysts 65

Chapter 8 The You-Have-Got-to-Be-Kidding-Me Method of Accounting 73

Chapter 9 Fact-or Maybe Not 81

Chapter 10 Business Loan Express 97

Chapter 11 Disengaging and Re-engaging 105

Chapter 12 Me or Your Lyin' Eyes? 111

Chapter 13 Debates and Manipulations 121

Chapter 14 Rewarding Shareholders 127

Chapter 15 BLX Is Worth What, Exactly? 135

Part Three: Would Somebody, Anybody, Wake Up?

Chapter 16 The Government Investigates 145

Chapter 17 A Tough Morning 157

Chapter 18 A Spinner, a Scribe, and a Scholar 165

Chapter 19 Kroll Digs Deeper 171

Chapter 20 Rousing the Authorities 179

Chapter 21 A $9 Million Game of Three-Card Monte 193

Part Four: How the System Works (and Doesn't)

Chapter 22 Hello, Who's There? 213

Chapter 23 Whistle-Blower 223

Chapter 24 A Naked Attack 237

Chapter 25 Another Loan Program, Another Fraud 245

Chapter 26 The Smell of Politics 255

Chapter 27 Insiders Getting the Money Out 265

Part Five: Greenlight Was Right ... Carry On

Chapter 28 Charges and Denials 275

Chapter 29 Charges and Admissions 283

Chapter 30 Late Innings 297

Chapter 31 The SEC Finds a Spot under the Rug 311

Chapter 32 A Garden of Weeds 319

Chapter 33 A Conviction, a Hearing, and a Dismissal 331

Chapter 34 Blind Men, Elephants, Möbius Strips, and Moral Hazards 351

Part Six: Epilogue

Chapter 35 Looking Back: As the Story Continued 359

Chapter 36 The Lehman Brothers Saga 361

Chapter 37 If They Asked Me, I Could Write a Book 367

Chapter 38 Just Put Your Lips Together and Blow 377

Chapter 39 Some …