David Einhorn on Credit Agencies

Apropos of our last post, a dozen of you (1st in: Scott Frew of Rockingham Partners) directed our attention to David Einhorn’s presentation at the Annual Graham & Dodd Breakfast.

The PDF text of the full  presentation is at Naked Shorts . . .

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  1. Barry Ritholtz commented on Nov 21

    That gave a nice sell signal early October, too . . .

  2. 12th percentile commented on Nov 21

    Thanks for the link. I’ll be buying that guy’s book.

  3. Moose commented on Nov 21

    That Einhorn speech is one of the most important pieces of analysis surrounding the credit bubble. A must read.

  4. Bonghiteric commented on Nov 21

    Great insight from Einhorn. I’m maddeningly disgusted by the comments made by corporate and government leaders, pundits and journalists laying blame for sub-prime squarely at the feet of borrowers.

    We all know the story of the migrant familie that bought a $750K house with little documentation-blah, blah, blah. Anecdotes like those made good copy and ruffled feathers but as we now know were only the tip of a very, very deep iceberg. Seems once Andy Fastow went to prison everyone turned their blind eye back to the dark side of securitization.

    Given the academic and professional credentials of the leaders of the Fed, Treasury, and SEC I don’t know what disgusts me more their ignorance or their arrogance.

    This Thanksgiving I’m thankful for my brand new bong and websites like these and others written by professionals that have been casting a long shadow of doubt on the supercilious cheerleaders of this economy.

  5. Northern Observer commented on Nov 21

    I had no idea the ratings agencies were so fundamentally compromised. Spooky.

  6. Jeremiah commented on Nov 21

    This was a giant eye-opener. Great post.

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