{ "docId": "019dd923-622b-71dc-a6da-d663f7d16bb8", "docSlug": "6b632aa627e3", "documentTitle": "Lehman Brothers (LEH)", "authorId": "04_Greenlight_Capital", "authorName": "David Einhorn", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2008-05-21 00:00:00", "orientation": "portrait", "aspectRatio": 0.7428985, "pageNumber": 2, "pageCount": 9, "prevPage": 1, "nextPage": 3, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "This appears to be a page from a formal presentation or document, likely a whistleblower or activist investor report, given the 'FOIA CONFIDENTIAL TREATMENT REQUESTED' footer.", "elementsJson": [ "paragraph" ], "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6da-d663f7d16bb8/2", "deckHref": "/decks/019dd923-622b-71dc-a6da-d663f7d16bb8", "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-d663f7d16bb8.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-d663f7d16bb8#slide-2", "components": [ { "bbox": null, "kind": "callout", "text": "The SEC seems more likely to bring a case against an individual investor over a small crime than it is to prosecute a large corporation that fudges its numbers for years on end.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-64d2-7657-bbf4-c6d24dd7bd43", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.6 }, "kind": "paragraph", "text": "Imagine if a hedge fund operated a unit that defrauded the SBA federal lending program... How long would that hedge fund be in business?", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "448e1e8c-06bc-4b06-bfcb-dbf5d0670115", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.25 }, "kind": "paragraph", "text": "The SEC seems much more interested in whether investors share analysis... than whether management teams made accurate public filings in the first place.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "559faeb7-d22f-44e4-9adb-60b6849d912f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.68 }, "kind": "paragraph", "text": "Imagine if a hedge fund hired a private investigator to impersonate the spouse of a CEO... How long would it be before someone was arrested?", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8758e6e8-1273-4d1d-822a-da0dbb5fc4e9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.77 }, "kind": "paragraph", "text": "Of course, I don't know of a hedge fund that has done these things. Everybody now knows that Allied Capital has. The Allied situation persists only because of lax regulatory enforcement...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8d342809-4002-4a2a-8894-328e4561ff3f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.72, "x": 0.14, "y": 0.41 }, "kind": "paragraph", "text": "Imagine what would happen if a whistle-blower made a detailed public presentation showing a hedge fund cooked its books... How likely is it that our most prestigious investment banks would line-up to introduce that hedge fund to new capital?", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "acce9a7f-fe5f-44d0-ae9f-50ea83d0b8d4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "When I speak of investors I am including hedge fund managers... In truth, hedge fund managers at their core are simply investors.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "beab56ec-ef3e-4753-b7f9-a9a059565093", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"lightly regulated, private investment funds that use unconventional investment strategies and tax shelters in an attempt to make extraordinary returns in any market...these factors have given them a secretive and shady aura in the financial community.\" — Investopedia; \"The Sleaziest Show on Earth.\" — Forbes; \"the largest fraud in SBA history.\" — SBA inspector general", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-64d2-7657-bbf4-cbf3d77f9a39", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.16, "x": 0.7, "y": 0.95 }, "kind": "source-note", "text": "LBHI_SEC07940_336847", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "33f64682-c636-44b8-a499-ace04c2c57ee", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.14, "y": 0.95 }, "kind": "source-note", "text": "FOIA CONFIDENTIAL TREATMENT REQUESTED BY LEHMAN BROTHERS HOLDINGS INC.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5056d1df-d1f9-4e95-bbfb-b5b619887fed", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "c534ab4a-9297-4c86-ba49-84a2254eeb0d", "evidence": "The slide systematically contrasts the treatment of hedge fund investors with the alleged criminal behavior of Allied Capital to expose regulatory failure.", "confidence": 0.85 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }