It's almost painful watching New Century slip slowly into the quicksand of bankruptcy. Almost. And when we say "painful" we mostly meant "fun." The latest news is that the manager of New Century's second biggest shareholder has bailed from it's board of directors.
David Einhorn, the manager of the $3 billion Greenlight Capital, resigned from the board of New Century Financial Corp., an Irvine, Calif.-based subprime lender that has become a symbol of the challenges dogging a sector that offers mortgages to borrowers with low credit scores.
Fund Exec Bolts [New York Post]