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15 September David Einhorn2008-9-15 ......
李晓曼
 David Einhorn 
David Einhorn is President of Greenlight Capital, a "long-short value-oriented hedge fund", which he began with $1 million in 1996. Greenlight has historically generated greater than a twenty-five percent annualized net return for partners and investors.[1][2] Einhorn is also the Chairman of Greenlight Capital RE, Ltd, a Cayman Islands-based reinsurance company and one of its major shareholders. Born in 1969, he lives in Westchester with his wife, 2 daughters and son. His name is most closely associated with short selling, namely borrowing a stock for a period of time and selling it, with the intention of buying new stock to give back to the lender later. His two most famous short positions are Allied Capital and Lehman Brothers. He is a critic of current investment-banking practices, saying they are incentivized to maximize employee compensation. He cites the statistic that investment banks pay out 50 percent of revenues as compensation, and higher leverage means more revenues, making this model inherently risky.[1] Einhorn is a major contributor and board member of The Michael J. Fox Foundation. He is also a contributor to several charities in the New York area, including the Ira Sohn Foundation. He pledged profits from his investments in Allied Capital to this organization.
Education David Einhorn graduated summa cum laude with distinction in all subjects from Cornell University, where he earned a BA in Government from the College of Arts and Sciences in 1991.
Allied Capital In May 2002, at the Ira W. Sohn Investment Research Conference, Einhorn made a speech about a mid-cap financial company called Allied Capital, and recommended shorting it. The stock opened down 20% the next day. Einhorn claimed that Allied was involved in lending practices that actively defrauded the Small Business Administration in the US, and therefore, indirectly, the US taxpayer. Allied said that Einhorn was engaged in market manipulation. To prove this, Allied fraudulently accessed his phone records using pretexting. The U.S. Securities and Exchange Commission (SEC) investigated Einhorn for market manipulation. Eliot Spitzer announced that he intended to start another investigation. Einhorn has published a book, Fooling Some of the People All of the Time[3] regarding his battle. FoolingSomePeople.com, the website to promote the book, has information on his angle of the dispute, including a press release from Allied in February 2007 admitting that an agent of the company obtained Einhorn's phone records fraudulently. His battle against Allied Capital lasted 6 years in all. In late 2008, the Office of the Inspector General of the Securities Exchange Commission announced that it is investigating some of the charges that Einhorn has made about the SEC's mishandling of this matter, including the possibility that "a former SEC attorney may have taken confidential investigative materials with him when he left the Commission and provided those materials to a company he went to work for as a lobbyist."
Lehman Brothers Starting July 2007, Einhorn became a short seller in Lehman stock. He believed that Lehman was under-capitalised, and had massive exposures to CDOs that were not written down properly. [4] He also claimed that they used dubious accounting practices in their financial filings.[1] When Bear Stearns had to be bailed out by the Federal Reserve in March 2008, Lehman was widely considered to be in a fragile state. Lehman's CFO was Erin Callan, hailed by the Wall Street Journal as "Lehman's Straight Shooter". But she had been on the job for just six months and her background was as a tax lawyer, not in finance.[1] In a speech at a conference in April, Einhorn started talking publicly about his Lehman short positions. Lehman called Greenlight and asked for a copy of the speech, which was sent over.[1] In May 2008, Lehman CFO Callan had a private call with Einhorn and his analysts.[5]. The conversation with Callan was to give her a chance to explain discrepancies he had uncovered between the firm’s latest financial filing and what had been discussed during its conference call about that filing. Ms. Callan is said to have fumbled some of her responses to questions on Lehman's asset valuations. When Einhorn later went public with the conversation, the declining Lehman share price took a further knock. Callan was fired a few weeks later, when Lehman reported a worse than expected $2.8bn second-quarter loss. Lehman went bankrupt in September 2008. 08 April 无题让青春吹动了你的长发让它牵引你的梦 不知不觉这城市的历史已记取了你的笑容 红红心中蓝蓝的天是个生命的开始 春雨不眠隔夜的你曾空独眠的日子 让青春娇艳的花朵绽开了深藏的红颜 飞去飞来的满天的飞絮是幻想你的笑脸 秋来春去红尘中谁在宿命里安排 冰雪不语寒夜的你那难隐藏的光采 看我看一眼吧 莫让红颜守空枕 青春无悔不死 永远的爱人 让流浪的足迹在荒漠里写下永久的回忆 飘去飘来的笔迹是深藏的激情你的心语 前尘红世轮回中谁在声音里徘徊 痴情笑我凡俗的人世终难解的关怀 看我看一眼吧 莫让红颜守空枕 青春无悔不死 永远的爱人 让青春吹动了你的长发让它牵引你的梦 不知不觉这城市的历史已记取了你的笑容 红红心中蓝蓝的天是个生命的开始 春雨不眠隔夜的你曾空独眠的日子 春雨不眠隔夜的你曾空独眠的日子 28 February David_X._Li传说中的大牛校友。他发明的公式让整个Wall Street, USA为之颤抖......
 David X. Li is a quantitative analyst and a qualified actuary who pioneered the use of Gaussian copula models for the pricing of collateralized debt obligations (CDOs).[1][2] Li grew up in rural China in the 1960s.[1] He received a master's degree in economics from Nankai University before leaving China to earn an MBA from Laval University in Quebec.[1] He then received a master's in actuarial science and a PhD in statistics from the University of Waterloo in Ontario.[1] His financial career began in 1997 at Canadian Imperial Bank of Commerce.[1] In 2004 he moved to Barclays Capital where he worked on rebuilding its quantitative analytics team.[1] In 2000, while working at JPMorgan Chase, Li published a paper in The Journal of Fixed Income titled "On Default Correlation: A Copula Function Approach."[2] This was the first appearance of the Gaussian copula which quickly became a tool for financial institutions to correlate associations between multiple securities.[1] This allowed for CDOs to be accurately priced for a wide range of investments that were previously too complex to price, such as mortgages. However in the aftermath of the Global financial crisis of 2008–2009 the model has been seen as fundamentally flawed and a "recipe for disaster".[1] Li himself said in 2005, "Very few people understand the essence of the model."[3] In 2008 Li moved to Bejing where he works for China International Capital Corporation as head of the risk-management department.[1]
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