Einhorn Comes Off No-Short List

While listed hedge funds and shadow hedge funds — not to name names, but GLG Partners (GLG), Och-Ziff (OZM), Fortress (FIG), Blackstone (BX) and General Electric (GE) spring to mind — shelter under the ban on short selling financial stocks, David Einhorn has pulled Greenlight Re (GLRE) off the SEC’s original list of protected species.

Meanwhile, add Man Group plc (MNGPF.PK), the world’s largest hedge fund manager, to the ranks of gutless hypocrites. 

Disclosure: NakedShorts is long GE (bangs head on table).

Comments

[BerkeleyBob:]

I am long GE and painfully acquired lessons teach me that I don't know or understand a lot. However, I really did not understand your blog. How would a private hedge fund manager (Einhorn) get a short target off of the protected financial list? From at least skimming his book and the interviews I saw, my impression is that Einhorn is fairly ethical and honest, and is very unhappy with SEC lack of enforcement. Of course, Mozillo made a good impression before he sold off Countrywide and the extent of his "favors" for his "friends of Angelo" became public. At least we are both banging our heads over GE; I added to my position a while ago, but don't think we will see $40 a share for a long, long time.

2008 Sep 24 04:36 PM

[casey00001:]

Einhorn is part of the problem. Maybe he wanted to be "off the list" because if he was on the list his firm could not continue to do naked short selling.

2008 Sep 25 09:21 AM