“Shorting” New York City’s Schools? | Edwize

“Shorting” New York City’s Schools? | Edwize:

Shorting” New York City’s Schools?

Jan. 27, 2012
1:25 pm
by Christina Collins
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Filed under:Charter Schools

Hedge fund manager David Einhorn was in the news this week after he and his firm were hit with an $11.2 million fine for insider trading. Based on an investigation by authorities in the UK, Einhorn was cited for selling millions of shares of a troubled business just minutes after an executive there quietly revealed to him that the company was in financial trouble:

“Einhorn is an experienced professional with a high profile in the industry,” said Tracey McDermott, the FSA’s acting enforcement chief. “We expect someone in his position to be able to identify inside information when he receives it and to act appropriately. His failure to do so is a serious breach.”

If the name sounds familiar to many New Yorkers, it may be because of his recent flirtation with becoming the white knight of the beleaguered Mets franchise; others may remember him for his fame as the financial analyst whose decision to bet on the collapse of Lehman Brothers made