This is smelling like Spitzer. Hedge Funds vs. Establishment. Greenberg wouldn't be playing if he didn't think he would win. and for him to win, Einhorn has to lose. AIG American Intl- Former CEO Greenberg asked if he wants current CEO Sullivan out- Greenberg states AIG needs to change its mgmt and Board -Update- Greenberg says he would like to see a special meeting of shareholders.
Wrong quote! This is the one I meant to post. INteresting. 16:51 LEH Lehman Brothers: Former AIG CEO/current C.V. Starr CEO Maurice Greenberg says he has taken a pretty good sized stake in LEH and is committed to it (29.48 -2.81) -Update- Greenberg gives interview on CNBC, says they're looking at financial services cos pretty hard, not only here but also internationally
Einhorn Responds to Lehman Raising Capital 6/9/2008 4:18 PM EDT "Lehman is raising $6 billion that they said they didn't need to replace losses that they said they didn't have," hedge fund manager David Einhorn said today. "Since the credit markets actually improved this quarter, such losses primarily reflect losses that might have been taken in prior quarters. A preliminary analysis of the pre-release and conference call suggests that there are still unrecognized losses on the balance sheet."
I don't understand why Einhorn is getting heat when it's Lehman's CEO Fuld & CFO Callan that should be scrutinized for destroying $30 bln in market cap in a matter of 12 months. Last time I looked Einhorn is simply doing what he's paid for and his fund is up in 2007 and 2008 YTD (http://seekingalpha.com/article/77044-greenlight-capital-re-ltd-q1-2008-earnings-call-transcript) while LEH is generating record losses and burning through freshly raised capital every other week like a broke crack addict. Had they raised capital when the stock was at $60 they wouldn't have to go through this today. Hubris prevailed unfortunately.
Speaking of hot, all they are talking about on dealbreaker today (as usual) is how hot Erin Callan is. Not, of course, the economics of LEH. lol
http://www.elitetrader.com/vb/showthread.php?s=&threadid=128489&perpage=6&pagenumber=5 Here's some Loeb stuff for you.
Depends on how you go about it. If you're going to send thousands of people out of work and eliminate millions in retirements I don't see why you encourage it. Especially if your spreading rumors about a bank. Draw the line somewhere man.
They won't do it. The line has to be drawn for them. This is from the Stockloan arrests. they'll be more. Many, many more. and they'll be like Lerach, from Milberg Weiss."I'm an alcoholic, and I can't go to jail. It's inhumane. " Guess what asshole. We'll lock you up, and you'll cold turkey with the rest of the low life. Except you were supposed to know better. You had an education. This is what you chose to do: <img src=http://elitetrader.com/vb/attachment.php?s=&postid=1952168/> Oh, and hold your heads high for the camera. Be proud.