Book review: Fooling Some of the People All of the Time - BloggingStocks

Posted May 3rd 2008 5:40PM by Filed under: ,

Of the 50+ business-related books I read each year, maybe 15 were deserving reading, in retrospect. Then another five of those are memorable -- in a good year. Hedge monetary fund director Saint David Einhorn's book leapfrogs both of those categories, and set ups itself as a classic of concern writing.

The narrative behind the book is intriguing. It's actually astonishing that it ever got published, and enormous recognition should be given to Wiley for taking a opportunity with such as an unconventional tale. Here's the deal: In a 2002 address at a charity event, Greenlight Capital hedgerow monetary fund director at a charity event. Asked to speak about his favourite investing idea, he spent 15 proceedings explaining why he believe that (NASDAQ: ) was a fiscal law-breaking in progress, ripping off investors and taxpayers as a Small Business Administration lender. Einhorn presented compelling grounds of aggressive accounting and indeed fraud, and disclosed that he was short the stock.

The address made newspaper headlines and the stock tanked. Over the past six years, Einhorn have continued to beat out the beat against Allied Capital, presenting information to regulators, reporters, and investors.

But nil have been done. In his new book, Einhorn states his narrative of fraud, corporate spin, diversion, regulating incompetency and indifference, and attempts to smother free speech.

It's a absorbing tale, and it would be a much more than gratifying read if it weren't true.