{"product_id":"fooling-some-of-the-people-all-of-the-time-a-long-short-and-now-complete-story-updated-with-new-epilogue-isbn-9780470481547","title":"Fooling Some of the People All of the Time, A Long Short (and Now Complete) Story, Updated with New Epilogue","description":"\u003cb\u003eA revealing look at Wall Street, the financial media, and financial regulators by David Einhorn, the President of Greenlight Capital\u003c\/b\u003e  \u003cp\u003eCould 2008's credit crisis have been minimized or even avoided? In 2002, David Einhorn-one of the country's top investors-was asked at a charity investment conference to share his best investment advice. Short sell Allied Capital. At the time, Allied was a leader in the private financing industry. Einhorn claimed Allied was using questionable accounting practices to prop itself up. Sound familiar? At the time of the original version of \u003ci\u003eFooling Some of the People All of the Time: A Long Short Story\u003c\/i\u003e the outcome of his advice was unknown. Now, the story is complete and we know Einhorn was right. In 2008, Einhorn advised the same conference to short sell Lehman Brothers. And had the market been more open to his warnings, yes, the market meltdown might have been avoided, or at least minimized.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eDetails the gripping battle between Allied Capital and Einhorn's Greenlight Capital\u003c\/li\u003e \u003cli\u003eIlluminates how questionable company practices are maintained and, at times, even protected by Wall Street\u003c\/li\u003e \u003cli\u003eDescribes the failings of investment banks, analysts, journalists, and government regulators\u003c\/li\u003e \u003cli\u003eDescribes how many parts of the Allied Capital story were replayed in the debate over Lehman Brothers\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003ci\u003eFooling Some of the People All of the Time\u003c\/i\u003e is an important call for effective government regulation, free speech, and fair play.\u003c\/p\u003e \u003cp\u003eForeword xi\u003c\/p\u003e \u003cp\u003eAllied Capital Stock Price Chart xiv\u003c\/p\u003e \u003cp\u003eWho’s Who xvii\u003c\/p\u003e \u003cp\u003eIntroduction to This Edition xxi\u003c\/p\u003e \u003cp\u003eIntroduction: The Spark of a Speech 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One: A Charity Case and Greenlight Capital\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 1 Before Greenlight 9\u003c\/p\u003e \u003cp\u003eChapter 2 Getting the “Greenlight” 13\u003c\/p\u003e \u003cp\u003eChapter 3 Greenlight’s Early Successes 23\u003c\/p\u003e \u003cp\u003eChapter 4 Value Investing through the Internet Bubble 33\u003c\/p\u003e \u003cp\u003eChapter 5 Dissecting Allied Capital 43\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two: Spinning So Fast Leaves Most People Dizzy\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 6 Allied Talks Back 55\u003c\/p\u003e \u003cp\u003eChapter 7 Wall Street Analysts 65\u003c\/p\u003e \u003cp\u003eChapter 8 The You-Have-Got-to-Be-Kidding-Me Method of Accounting 73\u003c\/p\u003e \u003cp\u003eChapter 9 Fact—or Maybe Not 81\u003c\/p\u003e \u003cp\u003eChapter 10 Business Loan Express 97\u003c\/p\u003e \u003cp\u003eChapter 11 Disengaging and Re-engaging 105\u003c\/p\u003e \u003cp\u003eChapter 12 Me or Your Lyin’ Eyes? 111\u003c\/p\u003e \u003cp\u003eChapter 13 Debates and Manipulations 121\u003c\/p\u003e \u003cp\u003eChapter 14 Rewarding Shareholders 127\u003c\/p\u003e \u003cp\u003eChapter 15 BLX Is Worth What, Exactly? 135\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three: Would Somebody, Anybody, Wake Up?\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 16 The Government Investigates 145\u003c\/p\u003e \u003cp\u003eChapter 17 A Tough Morning 157\u003c\/p\u003e \u003cp\u003eChapter 18 A Spinner, a Scribe, and a Scholar 165\u003c\/p\u003e \u003cp\u003eChapter 19 Kroll Digs Deeper 171\u003c\/p\u003e \u003cp\u003eChapter 20 Rousing the Authorities 179\u003c\/p\u003e \u003cp\u003eChapter 21 A $9 Million Game of Three-Card Monte 193\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four: How the System Works (and Doesn’t)\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 22 Hello, Who’s There? 213\u003c\/p\u003e \u003cp\u003eChapter 23 Whistle-Blower 223\u003c\/p\u003e \u003cp\u003eChapter 24 A Naked Attack 237\u003c\/p\u003e \u003cp\u003eChapter 25 Another Loan Program, Another Fraud 245\u003c\/p\u003e \u003cp\u003eChapter 26 The Smell of Politics 255\u003c\/p\u003e \u003cp\u003eChapter 27 Insiders Getting the Money Out 265\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Five: Greenlight Was Right ... Carry On\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 28 Charges and Denials 275\u003c\/p\u003e \u003cp\u003eChapter 29 Charges and Admissions 283\u003c\/p\u003e \u003cp\u003eChapter 30 Late Innings 297\u003c\/p\u003e \u003cp\u003eChapter 31 The SEC Finds a Spot under the Rug 311\u003c\/p\u003e \u003cp\u003eChapter 32 A Garden of Weeds 319\u003c\/p\u003e \u003cp\u003eChapter 33 A Conviction, a Hearing, and a Dismissal 331\u003c\/p\u003e \u003cp\u003eChapter 34 Blind Men, Elephants, Möbius Strips, and Moral Hazards 351\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Six: Epilogue\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 35 Looking Back: As the Story Continued 359\u003c\/p\u003e \u003cp\u003eChapter 36 The Lehman Brothers Saga 361\u003c\/p\u003e \u003cp\u003eChapter 37 If They Asked Me, I Could Write a Book 367\u003c\/p\u003e \u003cp\u003eChapter 38 Just Put Your Lips Together and Blow 377\u003c\/p\u003e \u003cp\u003eChapter 39 Some Final Words to and from the SEC 387\u003c\/p\u003e \u003cp\u003eChapter 40 The Last Word 397\u003c\/p\u003e \u003cp\u003eGlossary 401\u003c\/p\u003e \u003cp\u003eAcknowledgments 407\u003c\/p\u003e \u003cp\u003eAbout the Author 409\u003c\/p\u003e \u003cp\u003eIndex 411\u003c\/p\u003e \u003cb\u003eDAVID EINHORN\u003c\/b\u003e is the president of Greenlight Capital, which he cofounded in January 1996. Greenlight Capital is a value-oriented investment advisor whose goal is to achieve high absolute rates of return while minimizing the risk of capital loss. Einhorn is the Chairman of Board of Greenlight Capital RE and also serves on the boards of Hillel; The Michael J. Fox Foundation for Parkinson's Research; and of the Robin Hood Foundation.  \u003cb\u003ePraise for FOOLING SOME OF THE PEOPLE ALL OF THE TIME\u003c\/b\u003e  \u003cp\u003e\"The culture of corporate greed that you depict is one that must be held to account if we are to prevent companies and bad actors from engaging in practices that are harmful, not only to investors, but also to our national economy.\"\u003cbr\u003e —\u003cb\u003eSenator Olympia J. Snowe\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"What you will find within the pages of this book will blow you away. This is a tale of deceit, fraud, misrepresentation, cloak-and-dagger antics, millions and millions of wasted taxpayer dollars, and an unbelievable amount of effort expended by Einhorn and others to bring it all to light. . .This book may go down as one of the classic financial forensics books of our time.\"\u003cbr\u003e —\u003cb\u003eClyde Milton\u003c\/b\u003e, Seeking Alpha\u003c\/p\u003e \u003cp\u003e\"But the most troubling material concerns an issue that is bigger than Allied and Einhorn's battle: it's the way criticisms of corporate behavior are received in the marketplace. Many, including the SEC, appeared inclined to shoot the messenger.\"\u003cbr\u003e —\u003cb\u003eBethany McLean\u003c\/b\u003e, \u003ci\u003eFortune\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIn 2002, David Einhorn—one of the country's top investors—was asked at a charity investment conference to share his best investment advice. His response: short sell Allied Capital. At the time, Allied was a leader in the private financing industry with a reputation that had never been questioned. But Einhorn claimed Allied was using murky accounting practices to prop itself up. At the time of the original version of \u003ci\u003eFooling Some of the People All of the Time\u003c\/i\u003e, the outcome of his advice was unknown. Now, the story is complete and we know Einhorn was right. He was right again when in 2008 Einhorn advised the same conference to short sell Lehman Brothers. With a new and substantial epilogue, the paperback edition of \u003ci\u003eFooling Some of the People All of the Time\u003c\/i\u003e provides a detailed conclusion to the gripping battle between Allied Capital and Einhorn's Greenlight Capital and describes how many parts of the Allied Capital story were replayed in the debate over Lehman Brothers.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989229355237,"sku":"NP9780470481547","price":20.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470481547.jpg?v=1761783293","url":"https:\/\/k12savings.com\/es\/products\/fooling-some-of-the-people-all-of-the-time-a-long-short-and-now-complete-story-updated-with-new-epilogue-isbn-9780470481547","provider":"K12savings","version":"1.0","type":"link"}