Remember that story a few months back in the Wall Street Journal, about the hedge fund “idea dinner” that insinuated a bunch of managers got together to break bread while plotting to take down the Euro? David Einhorn and the Greenlight team do! They’ve been discussing it amongst themselves for a while, and today it made their latest quarterly letter. What’d they think of the piece? Well, reporting the actual facts instead of pulling them out of the reporter’s ass would’ve improved things slightly. Apparently the Journal got a whole bunch of stuff wrong and now the responsible parties are going to pay. Sorry, kids. Sometimes the nicest hedge fund manager in the world just has to cut a bitch. Sayeth DE and Co:
yellow journalism
Two regional bank CEOs say they can’t find a failed bank they want to buy. The Wall Street Journal runs a story that makes it seem like the Federal Deposit Insurance Corp. is going to be stuck with “a growing pile of terminally ill U.S. banks.”
Well, that’s not exactly true: One of the banks did find a failed bank it wanted to buy, but another bank made a better offer. Oh yea, and the FDIC says it’s having no problem selling the banks it seizes.
You have to look hard for it, way down there in the 12th paragraph, after a quote from Stearns Financial Services CEO Norm Skalicky claiming that many of the seized banks “are of very poor quality” and something about “sluggish interest in doomed banks.” But it’s there:
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
