Fooling Some of the People All of the Time Updated and Revised: A Long Short Story

Fooling Some of the People All of the Time Updated and Revised: A Long Short Story
by David Einhorn

Fooling Some of the People All of the Time Updated and Revised: A Long Short Story
List Price: $29.95
Category: Book
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Book Summary Information

Author: David Einhorn
Foreword: Joel Greenblatt
Edition: Hardcover
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2008-05-02
ISBN: 0470073942
Number of pages: 380
Publisher: Wiley
Product features:

Book Reviews of Fooling Some of the People All of the Time Updated and Revised: A Long Short Story

Book Review: The system sucks and we have no way out
Summary: 4 Stars

As the "too big to fail" financial institutions are trying outrageously to remove the compensation ceiling imposed by their messiah the US Government, this book makes anybody feel all the more hopeless against those greedy bastxxds, that we have no way out from the inevitable armageddon with the ongoing monetary easing. This book wont improve a reader's investment and trading capabilities, but for sure is a good story (sad it's true) and warning to the world at large. Recommended!

p.s. Below please find a summary of what this book is all about on page 356.

Six years ago, I told the SEC about Allied's aggressive, inappropriate, and illegal accounting. Five years ago, I told multiple government agencies about he fraud at BLX. Four years ago, I told the FBI that other Allied critics and I had our phone records stolen. Three years ago, I notified Allied's Board in detail about its management's misconduct and make a detailed presentation to the US attorney in Washington outlining a variety of illegal activities. Two years ago, the USDA was notified about BLX's pervasive fraud at that gency. One year ago, Allied admitted it had Greenlight's and my phone records. Neither Allied nor any regulator has commented on the matter since. It is hard to imagine that an investigation should take so long, if Allied is, in fact, co-operating. As of now, Allied continues its aggressive accounting. (as of 2008 when this book got published)

Summary of Fooling Some of the People All of the Time Updated and Revised: A Long Short Story

A rare look inside the world of activist hedge funds from one of this country's top investors

In 2002, David Einhorn, the President of Greenlight Capital, gave a speech at a charity investment conference and was asked to share his best investment idea. He described his reasons why Greenlight had sold short the shares of Allied Capital, a leader in the private finance industry.

What followed was a firestorm of controversy. Allied responded with a Washington, D.C. style spin-job-attacking Einhorn and disseminating half-truths and outright lies. Undeterred by the spin-job and lies, Greenlight continued its research after the speech and discovered Allied's behavior was far worse than Einhorn ever suspected. Fooling Some of the People All of the Time is the gripping chronicle of this saga, and this edition contains all new updates from the author. Page by page, it delves deep inside Wall Street, showing how the $6 billion hedge fund Greenlight Capital conducts its investment research and detailing the maneuvers of an unscrupulous company. Along the way, you'll witness feckless regulators, compromised politicians, and the barricades our capital markets have erected against exposing misconduct from important Wall Street customers.

  • Goes behind the scenes to detail the truth about investing, short selling, and the politics of business
  • Shows the failings of Wall Street: its investment banks, analysts, journalists, and especially our government regulators
  • Offers insights into the battles surrounding hedge funds
  • Reveals the immense difficulties that prevent the government from sanctioning politically connected companies

At its most basic level, Allied Capital is the story of Wall Street at its worst. But the story is much bigger than one little-known company. Fooling Some of the People All of the Time is an important call for effective law enforcement, free speech, and fair play.

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