Monday, April 28, 2008

More from Einhorn - Speech at Grant's Interest Rate Observer Conference is Generating Buzz

Ben Stein had a column over the weekend in the NYTimes that asked the question: what is to blame for the meltdown of our financial system and our weakening economy? Stein answers that we may not have to look much further than David Einhorn's speech at a conference for Grant's Interest Rate Observer earlier this month. Einhorn lays out a pretty compelling argument for why many of the failing (or failed) firms were able to take on excessive amounts of leverage while hiding the riskiness of some of their investments from regulators.

Here is Einhorn's speech.

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