Fooling some of the people all of the time : a long short story / David Einhorn ; foreword by Joel Greenblatt.

Format:

Book

Author/Creator:

Einhorn, David.

Contributor:

ebrary, Inc.

Language:

English

Subjects (All):

Allied Capital--Management--Evaluation.

Allied Capital.

Allied Capital--Accounting--Evaluation.

Small business investment companies--United States--Management--Evaluation.

Small business investment companies.

Management.

Evaluation.

Accounting.

United States.

Physical Description:

1 online resource (xx, 379 pages) : illustrations

polychrome

Place of Publication:

Hoboken, N.J. : J. Wiley, [2008]

System Details:

text file

Summary:

An unscrupulous company has cost the U.S. taxpayers hundreds of millions of dollars. As it has happened, our government regulators have been at best derelict and at worst complicit. The company is headquartered in the political power center of Washington, D.C., where it has established enormous influence that has protected it. It is a large customer of Wall Street, which predictably lends it strong support.

In Fooling Some of the People All of the Time, David Einhorn-founder of the successful hedge fund Greenlight Capital-takes you on a fascinating journey that begins with his discovery that Allied Capital's accounting appeared corrupt. This led to Einhorn describing his hedge fund's short position in the company at a charity speech (go to www.foolingsomepeople.com to watch), and what follows is a battle for the truth that continues to this very day. The story would make for a great forensic financial mystery novel-except it's all true.

If you think we're past the days of corporate corruption and financial fraud, think again. Fooling Some of the People All of the Time details the harsh reality of how the current environment on Wall Street not only allows for such behavior, but how it protects the companies that participate in such activities and attacks those who attempt to uncover them. This is a story about investing, business ethics, and how our government should-but often doesn't-protect investors and taxpayers.

Contents:

Allied Capital Stock Price Chart xiv

Who's Who xvii

Introduction: The Spark of a Speech 1

Part 1 A Charity Case and Greenlight Capital

Chapter 1 Before Greenlight 9

Chapter 2 Getting the "Greenlight" 13

Chapter 3 Greenlight's Early Success 23

Chapter 4 Value Investing through the Internet Bubble 33

Chapter 5 Dissecting Allied Capital 43

Part 2 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 3 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 4 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 5 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, Mobius Strips, and Moral Hazards 351.

Notes:

Includes index.

Electronic reproduction. Palo Alto, Calif. Available via World Wide Web.

Description based on print version record.

Other Format:

Print version: Einhorn, David. Fooling some of the people all of the time.

ISBN:

9780470371497

0470371498

Publisher Number:

9786611374280

99962930270

Access Restriction:

Restricted for use by site license.