I will ask again. Why didn't LEH write down all bad junk and raise money when it was at $60. Why were they lying about the value of their book and proudly proclaimed they were adequately capitalized months ago? Why do they now write down assets while credit markets improved markedly after the March panic? The only ones willing to send thousands of people out of work are the LEH CEO & CFO themselves and their entire board of directors by being arrogant and naive.
Yea there always will be more little fish that nobody has ever heard of going to jail because there's always a bunch of little analyst morons trying to make an 'extra nickel' on the side next to their $55k salary. Does anyone care about these nobodies? Make sure you bump this thread when Loeb or Einhorn are arrested in handcuffs. Thanks.
You say nothing. You have no facts, no thesis. Your whole line is "gee, these guys are great." I take two steps back, and see devastation. I love ET.
Let me summarize your "facts": "Loeb, Ackman, Einhorn etc. have no talent managing money. Let's just throw them all in one big bucket. Their above average returns come solely from luck and illegal short selling schemes. They will all end up in jail very very 'soon'. The fact that $8 out of $10 they make comes from long positions doesn't matter." Let me ask you something flytiger, if you're all so smart and reading through the entire system like a book, why aren't you managing $5 bln for 2/20?
What I said was, backed up by facts, Loeb subscribed to Elgindy's network, that I proved used bribery, coercion, and illegal inside information. Actually, I didnt' prove it the "businessman" referred to in "Deepcapture.com" proved it. Magic words, backed up by facts. I inferred that, since he was paying, and bragging, he was using. What I also inferred was, it couldn't help but throw him over the top distancing himself from his peers who didn't do such activity. Why? How do real money managers compete with such tactics. they don't. They can't. But they are starting to help us help them by providing crucial events and information. Remember. Back on these threads, I showed you the SEC IG, only the second in the history of the agency, is collecting information of part of their internal investigation. I never said I was "so smart". I am diligent. I believe myself to be honest. I also believe in leaving something behind. There are, my misdirected friend, other people in this world besides you. I'll give you the first story 'the businessman' told me when I found him. Two guys go out in the morning to get the paper. One says to the other, "hey. Got a tip for you. XXXX. It's going to a nickel." The other fellow goes in the house, checks his quotes. the stock is 36. He calls the company. Asks what the hell is going on? The company says, 'what does your neighbor do?" The answer? Runs money for a big hedgefund. It went to a nickel. I 've seen this story more than once. Now you tell me Slappy, you think that type of action can get you to the top? Go see Ironman. You need a new hero. Now go away. You're really pretty boring at this point.
And now you tell me what the ethical difference is between saying a company that trades in the $30s will goto a nickel and saying that a company that trades at a nickel will goto $30. It's okay for Buffet to tout his long picks but morally wrong for Einhorn to say a company is lying about its balance sheet and short it? Guess what, equity hedge funds (and specifically short sellers) are managing minuscule amounts of money compared to long only mutual funds. If a hedge fund is dead wrong on a big bet they will get punished with redemptions immediately since their performance is much more closely scrutinized on a short-term basis by investors. If Einhorn is so stupid and way off with his trade against Lehman, why don't the Bill Millers of this world unite and load up on LEH common and go squeeze him out and teach this 'arrogant kid' a lesson?